Sunday 10 January 2021
Dubai Multi Commodities Center (DMCC) registered a record breaking 2,025 new companies in 2020, the highest number of registrations in five years.
Despite an overall business environment shaped by the COVID-19 pandemic, the record-breaking registrations are a testament to Dubai’s continued appeal to investors and the trust they place in DMCC, the world’s leading free zone.
DMCC’s performance is primarily due to the 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 8,000 member companies availed over 13,000 offers and incentives granted throughout 2020.
The record-breaking registrations are also the result of significant enhancements to DMCC’s customer service, its simplified and fully digitalized set-up processes, and easier onboarding. By providing customers a seamless, digital company set-up experience, and significant focus on digital marketing, the free zone has seen more than a 50 percent increase in walk-ins and physical visits, with existing and new members preferring to conduct their transactions online. 95 percent of new companies in the free zone start their journey with DMCC digitally.
DMCC was named Global Free Zone of the Year by the Financial Times’ fDi Magazine for the sixth year in a row in October 2020.
In light of global travel restrictions, DMCC took its flagship Made for Trade live road show online, hosting 19 virtual sessions in key markets including China, Israel, Russia, Switzerland, Germany, Angola, South America, Spain, Turkey, Ukraine, and the UK. Attendees were familiarized with the benefits and opportunities of setting up in Dubai and DMCC’s unique and thriving business ecosystem.
DMCC’s Executive Chairman and Chief Executive Officer also hosted a series of virtual briefings with UAE ambassadors and representatives across key markets, including China, India, the UK, Germany, Canada, and Colombia. During the calls, ways to enhance bilateral trade ties with the respective countries were discussed, in a bid to boost commercial activity in Dubai.
DMCC also shifted all of its networking events and learning seminars online. Its member companies were provided access to 83 webinars, averaging two sessions per week. Overall, DMCC gathered 11,000 attendees virtually in 2020.
Through its Dubai Diamond Exchange (DDE), DMCC signed a collaboration agreement with the Israel Diamond Exchange (IDE) in September 2020 to promote bilateral trade opportunities and drive innovation in the diamond industry. Shortly after, DMCC inaugurated its representative office in Ramat Gan, Tel Aviv, Israel. The new office will support Israeli businesses, from all industries and sectors, interested in setting up a presence in Dubai.
China remains a key target market for DMCC, and saw a 20 percent increase year-on-year in Chinese companies joining the free zone in 2020. In November 2020, DMCC inaugurated a representative office in Shenzhen, China, which is expected to usher in a new wave of business opportunities to Dubai.