The Dubai Multi Commodities Centre Authority (‘DMCC’), the free zone authority for the Jumeirah Lakes Towers (‘JLT’), today announced that 2010 saw strong growth with over 725 new company registrations; an average of 60 new companies per month. The DMCC expects to see continued growth in 2011 supported by the implementation of new streamlined registration and licensing initiatives and targeted business development plans.
As of the 31 December 2010, the DMCC had issued over 2,642 licenses with over 85% of registrations coming from companies that are new to Dubai including multi-nationals, major regional industry participants as well as small/medium sized businesses and entrepreneurs.
JLT, one of the few mixed-use free zone and freehold communities, has continued to move ahead strongly. Today 53 towers have been completed, with a further 13 in the final stages of completion.
Commenting on the development of the free zone, Ahmed bin Sulayem, Executive Chairman, DMCC, said: “JLT is one of the fastest growing free zones in the UAE and is moving into a more established phase of its development. DMCC has always been focused on delivery and remains committed to the continued growth strategy of the project.”
The DMCC has significantly improved the process and systems for registration and licensing, without compromising on compliance and regulation. Key to this improvement has been the launch of a number of value added services including; a personalised ‘one on one’ service supporting clients from initial enquiry through to licence issue; a simplified e-application process; a reduced share capital requirement for many trade and service companies and a ‘virtual office’ option for small or start-up businesses.
Malcolm Wall Morris, Chief Executive Officer, DMCC, commenting on the strong growth in registrations and proximity to the Dubai Logistics Corridor said: “In 2010 we ensured that we were fit for business through the roll out of improved registration and licensing processes, therefore offering companies an attractive and competitive proposition. Much of our strong growth is coming from companies that are new to Dubai. These companies recognise the benefits of our mixed-use free zone freehold community and excellent location with close proximity to the Dubai Logistics Corridor.”
The DMCC saw strong growth in the value of commodities traded through Dubai in 2010. Two of the strongest were Diamonds, which recorded an increase in the value of trade to US$16.3bn from US$7.6bn in the first half of the year and tea, which transacted a record 10.6m kg in the year as a whole. The DMCC continues to offer premium services to support the development of trade through purpose built infrastructure, including the Diamond and Pearl Exchange; innovative trade finance solutions; as well as hosting industry events including, for example, the successful recent Pearl Auction, held at Almas Tower which showcased pearls with a retail value of between US$35m and US$40m.
Infrastructure across the JLT, including the estate landscaping, is progressing as scheduled and both metro stations are now open and fully operational. Retail and leisure facilities, including the outlets of well known brands such as Carrefour, Park n Shop, and Café Nero are open. In addition, JLT now boasts two hotels; the Bonnington and Liwa, with two further hotels operated by Movenpick and Pullman due to launch in 2011/2.