News Column

Dubai Multi Commodities Centre at new highs

July 8, 2014

Record numbers across trade, FZ and financial services units

The Dubai Multi Commodities Centre, or DMCC, the largest free zone in the UAE and one of the world's leading commodity hubs, on Monday announced that it registered 1,027 member companies in the first six months of 2014, bringing the total number of companies operating at the DMCC Free Zone to over 8,865, a 30 per cent increase compared to the same period in 2013.

Ahmed bin Sulayem, executive chairman of the DMCC, said: "The DMCC continues to attract members at an unprecedented rate and we are proud of the ever increasing contribution to Dubai's overall economy. By driving foreign direct investment, we will ensure Dubai remains the regional and international trade and tourism hub."

"The strength of the leadership of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is inspiring and we will continue to do everything we can to support His Highness in fulfilling his vision for Dubai supporting, in particular, the three pillars of Smart Government, the development of SMEs and helping Dubai to become the global centre of the Islamic Economy."

Gautam Sashittal, chief executive officer of the DMCC, said: "At the DMCC, we are passionate about creating a sustainable and optimal international environment for trade and enterprise. Everything we do has a longer-term strategic view in order for the DMCC to stay relevant now and in the future whether it is enhancing the customer experience, innovation, diversification of our business portfolio or strengthening trading ties internationally. We embrace change and thrive on strong international competition as this is what makes the organisation dynamic, driven and nimble in an exceedingly fast-moving market."

Free Zone

The DMCC recently announced a major expansion with the building of the Burj 2020 District with the world's tallest commercial tower, Burj 2020, as its centrepiece. The Burj 2020 District is well underway with four global design firms currently participating in a masterplan design competition with ground-breaking planned in 2015.

In addition, the DMCC is also bringing to market a 14-floor "glass box"-style building, One JLT, which is being constructed in the heart of the free zone and is due for completion in 2015. Both projects will cater to the increased demand of large multi-business and multi-national companies seeking to domicile their operations in an efficient, single-owner, commercial space.

In June, the DMCC was also named by the Financial Times' global fDi Magazine as Best Free Zone of the Year for SMEs Middle East & Africa, and Best Free Zone of the Year for SMEs UAE, in their Middle East Free Zones of the Year rankings and awards for 2014-15.

Commodities, financial services

Continued strong commodity trading in Dubai has further cemented the emirate's position as a major global trading hub.

The value of gold passing through Dubai in 2013 increased to $75 billion from $70 billion in 2012, making it the global bullion hub with 40 per cent of the world's physical gold now passing through the emirate.

In the first five months of the year, trade volumes of rough diamonds increased by 13 per cent to 63 million carats.

The Dubai Diamond Exchange, or DDE, a DMCC platform, hosted the first tender of Zimbabwe rough diamonds held in Dubai in March, demonstrating a trend of commodities reaching buyers directly from mines via tender and auction processes. DDE hosted a further 11 diamond tenders featuring polished and rough diamonds to date (June 30).

In the DMCC Tea Centre, a record quantity of throughput, facilitation and value-addition services in the first half of 2014 (20 million kg) compared to the first half of 2013 (7.5 million kg), was perfectly paired with new innovative solutions and product lines.

Brand Update

The exponential growth seen during the first half of 2014 across the the DMCC business is underpinned by its "One Brand Strategy", which launched in February 2014 with the tagline "DMCC Made for Trade". This has helped create greater clarity for its customers and members. The DMCC has since transitioned away from its previous JLT sub-brands with all platforms now represented under one DMCC brand umbrella including entities such as the DMCC Free Zone and the DMCC Tea Centre.

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Source: Khaleej Times (United Arab Emirates)

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