DMCC in Dubai Awarded ‘Global Free Zone of the Year’ for a Sixth Year in a Row by Financial Times’ Fdi Magazine
DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has been awarded Global Free Zone of the Year 2020 by Financial Times’ fDi Magazine for a record sixth consecutive year. DMCC also received the award for Middle East Free Zone of The Year.
100 free zones entered the competition, including a high concentration of peers in the Middle East region. Candidates were assessed against a range of criteria including growth rate, services, products and facilities available and importantly, the launch of new key initiatives supporting companies in the free zone. The awards were judged by the Financial Times’ specialist editorial team and a panel of independent judges for each region. With increased competition year-on-year, the accolade is testament to DMCC’s continued commercial appeal and ability to attract businesses of all sizes to its Jumeirah Lakes Towers (JLT) community.
In celebration of the award, support of the Dubai business community and recognition of the trust placed in the Free Zone by its 18,000 members, DMCC has also announced that it will extend its Business Support Package for existing and new members until 31 December 2020. As the largest commercial package ever released by DMCC, the Business Support Package offers a range of discounts to support business, reduce cost and safeguard operations against the impact of COVID-19. DMCC is set to announce further promotions in due course.
“In 2002, DMCC set out to create an innovative business hub like no other in the heart of Dubai. Subsequently, we developed a commercial ecosystem for trade that welcomed forward thinkers from around the world and provided the support and services required to take their enterprises to the next level. I am proud of all those who have contributed towards our success over the past 20 years, and grateful to the 18,000 companies now based in our Jumeirah Lakes Towers community for placing their trust in our vision,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
“Receiving this prestigious award for a sixth time is a special moment for everyone connected to DMCC. 2020 has placed immense pressure on us all, but this award reassures us that we are on the right track. By working together and constantly striving for higher standards, we have come to embody Dubai’s hard work and ambition as a global centre for trade that embraces all businesses that share our vision,” he added.
DMCC provides world-class infrastructure, products and services to a community of 100,000 people. In 2019, the DMCC expanded its offering by launching the DMCC Coffee Centre, refurbishing its Dubai Diamond Exchange (DDE), now the largest tender facility in the world, and inaugurating the Dubai Design Academy (DDA).
With a dedicated Chinese Business Centre, and a highly focused marketing outreach programme in Mandarin, DMCC’s track record of attracting Chinese businesses to Dubai was key to its successful submission. Judges also cited DMCC’s supportive approach to entrepreneurs and small and medium sized enterprises (SMEs).
Together with its 18,000 member companies 1,969 registering in 2019 alone, and a record 210 in September 2020, DMCC contributes roughly 10 per cent to Dubai’s GDP. By enabling the trade of various commodities, including gold, diamonds, tea and coffee, DMCC also plays a major role in the UAE’s diversification strategy.
Ahmad Hamza, Executive Director – Free Zone, DMCC, said: “We strive to provide our member companies with the best environment for them to operate their business and thrive. Our focus has always been to increase the ease of doing business and provide a seamless customer experience, and this has once again been recognised by the Financial Times’ fDi Magazine. I am immensely proud of the hard work and dedication of all those at DMCC, which has solidified our world-leading Free Zone status for six consecutive years. DMCC is far more than just a Free Zone, it is a genuine trade and enterprise hub in the heart of Dubai and our success in this competition over the years reflects this.”
Dubai Multi Commodities Centre Authority
DMCC is a government entity established in 2002 to enhance commodity trade flows through Dubai. We perform a range of roles which continue to position Dubai as the preferred destination for global commodities trade and DMCC as the world’s No.1 Free Zone.