The Dubai Multi Commodities Centre Authority (DMCC), the licensing authority for the Jumeirah Lakes Towers (JLT) free zone, announced today, that as of 21 April 2011, it has licensed its 3,000th company.
Since the start of 2011, DMCC has registered over 400 companies, averaging over 100 per month; a rise of 65% over the same period in 2010. This growth continues to make JLT the fastest growing free zone in the UAE.
Ahmed bin Sulayem, Executive Chairman, DMCC, commented: “This is a milestone moment for DMCC as we welcome our 3,000th company to the JLT free zone. We are registering record monthly numbers, which clearly highlights the attraction of Dubai and JLT. As well as driving company registrations, our focus for 2011 remains on introducing improved and new services together with the continued improvement of the JLT development.”
Malcolm Wall Morris, Chief Executive Office, DMCC, said: “JLT remains the fastest growing free zone in the UAE and we are pleased to see that the vast majority of company registrations are new to the region, with particular interest coming from Europe and India. DMCC is committed to adding value to the UAE economy and remains focused on attracting companies from outside the UAE in our chosen geographies and business sectors.”
DMCC continues to attract both international and regional companies to Dubai with over 93% of 2011 registrations being from companies and entrepreneurs new to the Emirate. The relevance of Dubai’s location between the East and West is underlined by the diverse nationalities of DMCC’s member companies where 25% come from Europe, 20% from MENA, 17.5% from India and Asia, and the remainder from the rest of the world. The many benefits DMCC offers to member companies have also attracted firms to JLT from a wide range of business sectors, including gold, oil, shipping and consulting services.
Jumeirah Lakes Towers Free Zone
The development of the JLT free zone continued with the completion of five more towers in the first three months of 2011, bringing the total to 58. Eight other towers are due to be delivered by December 2011. These include one residential and one mixed-use tower, two hotel and serviced apartment towers, and four office towers.
JLT has a residential population of over 15,000 and approximately 8,000 people work in the free zone today. Considerable progress has been made on the infrastructure around completed clusters, and landscaping is also taking shape around the promenade, with four playgrounds now open and accessible to residents and non-residents alike.
The JLT community enjoys an extensive array of cafes, restaurants and retail outlets opening at a steady pace. Today, there are over 100 outlets in JLT with the latest additions providing retail amenities such as Pizzame and Spaghetti Club; together with services such fitness centres, beauty salons and spas, pharmacies and dance studios.
DMCC continues to successfully facilitate commodity trade through Dubai and support the growth of the gold, diamond, pearl, tea and cotton trade. This is evidenced by the record 2010 trade numbers DMCC’s commodity subsidiaries have witnessed.
Diamond trading reached record volumes of 268.7 million carats in 2010 up 50% on 2009. The total value of diamonds traded in 2010 also doubled reaching $35.1 billion, making diamonds the second most valuable commodity imported in Dubai, according to the Federal Customs Authority.
In January this year, the Dubai Diamond Exchange hosted a three day auction where 34,000 carats of polished diamonds were sold for a total consideration of $7.2 million. In April, DMCC hosted the bi-annual World Federation of Diamond Bourses (‘WFDB’) Presidents Meeting. This was the first meeting of its kind in the region and incorporated the WFDB African Summit attended by Former African Presidents as well as Ministers of Mines from five African countries.
Gold also set a record, with $41.3 billion traded through Dubai in 2010 with India remaining Dubai’s leading partner, and Switzerland ranking second, highlighting the Emirate’s role as the gateway connecting the Indian sub-continent and Europe.
The Dubai Tea Trading Centre (DTTC) transacted a record 10.6million kilos and imported 116.5 million kilos of multi-origin tea in 2010, an increase of 41% and 15% respectively compared with 2009.
In January, the Dubai Pearl Exchange (DPE) hosted the world’s first commercial trade auctions outside Asia. The event, held over four days, featured Tahitian, Golden and South Sea pearls from Robert Wan, Jewelmer and Paspaley Pearling respectively. The auction attracted more than 100 pearl traders from 20 nations and netted sales of more than $13.5 million in wholesale value.
The International Cotton Association (ICA) held its annual meeting in Dubai for the first time in March. The Dubai Cotton Centre (DCC) was a key sponsor of the event which emphasised the importance of Dubai as a cotton trading hub connecting the consumer and producer markets.