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Dubai Multi-Commodity Center (DMCC)-World Flagship Free Zone and Dubai Government Commodity Trade and Enterprise Authority-has been awarded Best Free Zone in the World in 2021 Depend on FDi Magazine of the Financial Times For the seventh consecutive year. The award is the most prestigious honor that a free zone can obtain, and it is a testament to DMCC’s outstanding performance throughout 2020 and its efforts to support and promote the success of its business community.
DMCC also won the annual best free zone in the world and the annual free zone in the Middle East-large tenants, the annual free zone in the Middle East, and won the Global and Middle East Excellence Award and COVID-19 response, infrastructure investment, small and medium enterprises, sustainability report and lead.
“Won the fDi Global Annual Free Zone Award for the seventh time in a row, which not only proves the value and opportunity of DMCC, but also proves its agility to adapt to global needs. In doing so, we have not only provided support to existing members in 2020, but also Due to our Business Support Package This provides many exemptions and sector benefits, while expanding our existing online services.Coupled with our international representative offices in Tel Aviv and Shenzhen, as well as our new DMCC encryption center and DMCC Cocoa Center, this means that businesses of all types have more and more opportunities to become part of our highly diverse community And benefit from our unparalleled global connectivity,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
The Leadership Excellence Award is based on the DMCC’s ability to quickly adapt to pandemic situations and provide relief, and its relevance to The future of tradeThis award-winning report examines the impact of geopolitics, technology, COVID-19, and global economic trends, with a focus on trade growth, supply chains, trade finance, infrastructure, and sustainability. In addition to providing analysis, the report also provides clear and practical trade policy recommendations for the government and enterprises. The report has been published every two years since 2016 and has been downloaded more than 500,000 times.
DMCC received the “Honor Award” for its adoption of an enhanced 5C sustainability framework and strengthening of its smart and sustainable regional infrastructure, digitization and transparency of sustainability reports.The award recognizes DMCC’s progress in achieving the UN’s Sustainable Development Goals and its commitment to the UN Global Compact, all of which are detailed in the DMCC’s annual sustainability report here. More than 70 free zones from all over the world have been evaluated according to a set of multidisciplinary standards. The award is judged jointly by the professional editorial team of the Financial Times and the independent jury panel of each region. The team scored each nominated category, including strategy, COVID-19 response, infrastructure development, and promotion of sustainability and ESG projects.
Record-breaking performance in 2020 and beyond
Although the pandemic has shaped the business environment, the DMCC registered a record 2,025 new companies in 2020, the highest number of registrations in five years. This is mainly driven by the business support package launched in March 2020, which is the largest incentive package ever released by DMCC, providing a wide range of incentives and value-added services for existing and new companies. More than 8,000 companies received more than 13,000 relief offers and incentives throughout the year, with interest from more than 149 countries. In view of the positive response from the market, the plan was expanded and extended to the end of 2020. DMCC also cooperates with financial institutions, namely UAE NBD and Mashreq Bank, to provide new and existing companies with flexible banking solutions to meet the needs of their response to the pandemic.
DMCC’s record-breaking performance will continue until 2021. The first three quarters of this year are the best nine-month number of new companies registered in DMCC’s history. This includes June, August, and September, the best months on record.
Support the community
In line with DMCC’s continuing commitment to provide a first-class working environment, a new employee protection insurance plan has been launched for all DMCC and member company employees. The plan provides more protection for employees in case employers are in arrears of wages, end-of-service benefits or repatriation costs. DMCC also brought a series of educational webinars to member companies. These conferences are provided in cooperation with industry experts and cover a variety of topics to help companies with daily operations and overall business strategies. A series of initiatives have also been launched to specifically support the catering industry throughout the region. DMCC has partnered with Careem Now and Talabat to provide discounts on orders from 188 different restaurants in the Jumeirah Lake Towers (JLT) community. The result is a 118% increase in customer acquisition for restaurants.
Ensure safety first
As the world struggles to deal with the impact of COVID-19, DMCC has taken the lead in responding to the various challenges posed by the pandemic and protecting the safety and well-being of its employees and the entire community. DMCC immediately introduced a remote working policy for employees without interruption in operations. At the Almas Tower, DMCC’s headquarters, all entrances to the building were quickly equipped with thermal screening equipment. The team has deployed and will continue to deploy twice a day to perform deep cleaning and disinfection of offices and public areas. With the relaxation of restrictions and the restoration of business activities, all employees facing DMCC customers are now provided with masks and gloves, and disinfectants are provided on office floors and service centers. In order to curb the spread of the virus, a public awareness campaign was launched throughout the business district to provide guidance and advice to residents and businesses. Send daily notices to member companies containing the latest information on the latest announcements and directives of the UAE government. According to the instructions of the health authorities, all tower owners/building management operators in the area have received guidance on communication and sanitation protocols.
Promote business convenience
The record-breaking performance is also the result of the significantly enhanced customer service of DMCC, its simplified and digital setup process and faster onboarding, all of which have further improved the convenience of doing business in the region.By providing customers with seamless digitization Set up a company in Dubai Based on experience, DMCC can respond well to changing consumer and business behaviors, which are now prioritized for online transactions. Today, 85% of companies registered with DMCC are registered digitally, compared with 40% in 2015.
Facilitate trade flows in Dubai
In order to continue to promote the flow of trade in and out of Dubai, DMCC Born for trade In 2020, it will perform on the line and hold 19 virtual conferences in major markets. DMCC has also set up representative offices in Tel Aviv, Israel and Shenzhen, China to better support seeking Setting up a company in DubaiIn addition, DMCC transfers all its network activities and learning seminars to the Internet. DMCC companies can participate in 83 webinars and online social events, on average twice a week. Overall, the DMCC has gathered almost 11,000 attendees in 2020.
Promote commodity trade
Following the visit by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to the DMCC Tea Center and DMCC Coffee Center in June 2020, DMCC announced the expansion of these two The facility’s plans and intentions triple the output, increase services, and enhance capacity. This is because commodity traders increasingly need to use these facilities to connect regional and international markets. In fact, the DMCC Coffee Center facilitated the transportation of 7 million kilograms of coffee, and 40 million kilograms of tea were traded through the DMCC Tea Center.
DMCC also announced plans to launch the most advanced DMCC Cocoa Center. The center will initially incubate a selection of cocoa services and transform the emirate into an international trade center for on-demand superfoods.
As far as the Dubai Diamond Exchange is concerned, it held the largest rough diamond tender in the history of the UAE in December 2020, with a total of 379,912 carats of rough diamonds sold worth US$87.47 million (Dh321.29 million).
In 2020, DMCC signed a memorandum of understanding with CVVC and CV Labs to launch an encryption center in Dubai, a unique ecosystem that provides innovators, entrepreneurs and pioneers with access to capital, resources and opportunities.With the support of the UAE Securities and Commodities Authority (SCA), it is now available DMCC Encryption Center It is a fast-growing encryption currency and blockchain technology development and application center. Behind it is the regulatory framework for companies that provide, issue, list, and trade encrypted assets in the DMCC.
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