DMCC, the Government authority on trade, enterprise and commodities in Dubai, today released its annual report with strong results including a record-breaking 2,016 new member companies in 2016, an increase of 14 percent on the previous year, and an average annual growth rate of 33 percent over the last decade. DMCC is now home to 13,500 companies, making it the largest Free Zone in the world.
The figures, released today in DMCC’s 2016 annual report, cap an outstanding year for DMCC’s commodities, property and Free Zone portfolio, culminating in being named the world’s leading Free Zone for a second consecutive year by the Financial Times’ fDi magazine.
Other key achievements included record-breaking trading volumes of over 19.7m contracts worth $440bn on the Dubai Gold and Commodities Exchange (DGCX), an increase of 36 percent on 2015; DMCC Tradeflow recording 11,412 murabaha transactions with a total value of AED 58bn, a value increase of 405 percent compared to 2015; and the appointment of DMCC Executive Chairman Ahmed Bin Sulayem as global Kimberley Process Chair on behalf of the United Arab Emirates, a major honour and recognition of Dubai’s and UAE’s leadership status within the global diamond industry.
Commenting on DMCC’s performance in 2016, Executive Chairman, Ahmed Bin Sulayem, said: “Dubai and DMCC’s mandated goal of connecting new markets with well-established markets is clear, and in 2016 we achieved it by welcoming an average of 7 new companies every working day. This brings significant foreign direct investment to Dubai.”
“Dubai’s advantage of being located at the natural crossroads of the world’s major markets, both in terms of time zone and proximity, means we remain optimally positioned to facilitate global trade. But it is also the unrivalled quality of the infrastructure, the professional support and physical platforms for trade we offer that brings international business to DMCC.
“As a partner of choice in the Middle East for businesses throughout the world, we take our responsibility to act in the best interests of those companies very seriously. Everything we do, from introducing digital services, to providing a business friendly regulatory environment, is undertaken with the intention of ensuring our member companies have everything they need to thrive.”
Gateway to Trade:
DMCC’s commodities businesses continued to report strong growth and delivery of new products including:
- The Dubai Gold and Commodities Exchange (DGCX) historic launch of DGCX Shanghai Gold Futures (DSGC), following the signing of a landmark deal with the Shanghai Gold Exchange (SGE) last year. The yuan-denominated contract, DSGC, marks the first-ever usage of the Shanghai Gold Benchmark Price in international markets.
- DMCC Tradeflow bringing its Shariah-compliant Salam forward financing transaction to market, enabling a purchaser to pay in advance for buying specified assets which the seller will supply on a pre-agreed date.
- Announcing plans to develop a coffee centre. The DMCC Coffee Centre which is to offer storage and warehousing facilities, offices and co-location space within a 4,500 square meter temperature controlled facility.
- The DMCC Tea Centre handled 41.6 Million Kilos of tea in 2015 with a growth rate of 200+ percent over the past three years. It currently processes teas from 13 different countries including Kenya, India, Sri Lanka, Indonesia, Malawi, Rwanda, Tanzania, Mozambique, Vietnam, Japan, Uganda, and China. DMCC also announced it will launch its own tea brand, Shai Dubai, a signature, high-quality tea crafted in Dubai.
- The launch of the Food Trade Group, the first initiative in Dubai developed to bring banks and the food industry together.
- Dubai is also the leading physical gold market and in the top three diamond trading hubs in the world.
Further underpinning DMCC’s drive to connect markets and boosting commodities trade along the West to East corridor – connecting directly into China’s Belt and Road initiative, DMCC launched its international road show in China in October as part of Dubai Week in China. This year, DMCC’s international outreach programme launched in the UK in March, ‘Made for Trade Live’, will also see DMCC visit China’s Shanghai and Shenzhen in April.
DMCC also signed over 20 MoUs in 2016 with a strong focus on China and hosted 155 local and international events, including the Kimberley Process Intercessional and Plenary.
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