The Dubai Multi Commodities Centre (DMCC) – the world’s flagship Free Zone, business hub and Government of Dubai Authority on commodities trade and enterprise – announced record-breaking performance in 2020, despite the COVID-19 pandemic.
Two thousand and twenty-five new companies joined DMCC in 2020, the highest number of registrations in five years. The DMCC says the retention rate remained at an all-time high, primarily due to a Business Support Package launched in March 2020 that saw interest from companies in 149 countries.
This was the business hub’s largest ever commercial offer, offering a wide range of incentives and value-added services to both existing and new companies in the Free Zone. More than 8000 member companies availed over 13,000 offers and incentives throughout the year.
In recognition of its continued efforts to enhance its ecosystem, DMCC claimed Global Free Zone of the Year by the Financial Times’ fDi Magazine for a record sixth consecutive year in October 2020.
For its efforts in supporting business and residents in the JLT-community in terms of COVID-19 relief efforts, DMCC is shortlisted for Best Communications During COVID-19 and Best Integrated Campaign by PRCA, the world’s largest professional PR body, in its MENA regional awards.
“A year like no other, 2020 was shaped by market uncertainty, geopolitical tension and a global pandemic. Despite the difficult context, the UAE’s visionary leadership and prompt and decisive actions meant that our economy remained resilient,” says Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
“As for DMCC, we continued to attract, facilitate and promote global trade flows to and through Dubai. We surpassed 18,000 member companies, broke company registration records, while launching new initiatives and progressing on time with flagship projects. Building on this momentum, we will maximise the progress made to reach new heights in 2021.”
A big part of DMCC’s success in 2020 was due to attracting foreign direct investment to Dubai.
China – 2020 saw a 20 per cent year-on-year increase in Chinese companies joining in DMCC. A China Service Centre opened its doors in Almas Tower with Mandarin onboarding support while a representative office in Shenzhen was inaugurated all with the aim of promoting the ease of doing business through the business hub.
Israel – Following a Memorandum of Understanding with the Israel Diamond Exchange, DMCC inaugurated its representative office in Ramat Gan, Tel Aviv, Israel in 2020. The new office is supporting Israeli businesses, from all industries and sectors, to set up an office in DMCC.
Engagement – DMCC hosted 19 virtual Made for Trade Live roadshow webinars to engage with key international markets across including China, Israel, Russia, Switzerland, Germany, Angola, South America, Spain, Turkey, Ukraine, and the United Kingdom. Overall, DMCC gathered 11,000 attendees virtually in 2020.
The DMCC Coffee Centre processed and handled 7 million kilograms of coffee and facilitated coffee shipments – from 25 countries across Africa, Asia and Latin America – worth over DH$250 million (US$68 million) throughout the year.
In October 2020, DMCC launched the third edition of its flagship thought leadership report The Future of Trade. The report examines the impact of geopolitics, technology, COVID-19, and global economic trends on the future of trade. In addition to deep research, the report provides tangible recommendations to government and business on trade and policy to grow trade in the decade ahead. To date, the 2020 report has generated over 13.1 million impressions and over 250,000 downloads.
For more information and to download the DMCC Annual Report 2020, visit dmcc.ae/annual-report-2020
