12,000th company joins DMCC

Dubai Multi Commodities Centre (DMCC), the free zone for trading everything from diamonds to derivatives, pulled in its 12,000th member last month. The number of companies registering to trade within the free zone based in Jumeirah Lakes Towers (JLT) in Dubai increased by 18 per cent last year from 2014 to more than 11,500, according […]

Dubai Multi Commodities Centre (DMCC), the free zone for trading everything from diamonds to derivatives, pulled in its 12,000th member last month.

The number of companies registering to trade within the free zone based in Jumeirah Lakes Towers (JLT) in Dubai increased by 18 per cent last year from 2014 to more than 11,500, according to the DMCC’s annual report, published on Monday.

The growth equates to an average of seven new companies registering with DMCC each working day, making it the largest and fastest growing free zone in the UAE, the body said.

By comparison, more than 1,445 companies operate from the Dubai International Financial Centre, where more than 19,000 people are employed. More than 7,100 manufacturers, logistics companies and trading groups are based in the Jebel Ali Free Zone.

Companies registered with DMCC include Alcatel Lucent, American Express, Bulgari, Carrera Y Carrera, Colgate-Palmolive, Duracell, Dyson, Eurofin, Hakan Agro, John West Foods, Louis Dreyfus, Lukoil, LVMH, Nutricia Danone, Oddfjell, Olam International, Tata International, Topaz Energy and Marine, TAG Worldwide and Whirlpool.

“We are extremely proud of our performance in 2015 and making DMCC a home for over 12,000 member companies,” said Ahmed bin Sulayem, the DMCC’s executive chairman. “We celebrate this achievement, as the largest free zone in the UAE and global free zone of the year.”

Set up in 2002 to enable Dubai to become a trading hub in commodities, precious metals and gems, the DMCC free zone now encompasses 66 towers, five hotels, 92 schools and colleges and more than 500 shops in its 200-hectare JLT base.

lbarnard@thenational.ae

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Source: Business

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