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The Dubai Multi-Commodity Center (DMCC)-the world’s flagship free zone and the Dubai Government Merchandise Trade and Enterprise Authority-won the 2021 Global Free Zone Award from the Financial Times’ fDi magazine 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 Global Free Zone and the annual Middle East Free Zone-Large Tenants, the annual Middle East Free Zone, and received the Global and Middle East Excellence Award and COVID-19 response, infrastructure investment, small and medium enterprises, sustainability reporting and leadership.
“Won the fDi Global Annual Free Zone Award for the seventh consecutive time, which not only proves the value and opportunity of DMCC, but also proves its agility to adapt to global needs. By doing so, we have not only provided support to existing members in 2020, And because our business support package provides a large number of exemptions and departmental benefits, while expanding our existing online services, we have obtained a record-breaking company registration. Coupled with our international representative offices in Tel Aviv and Shenzhen, and our The new DMCC Encryption Center and DMCC Cocoa Center mean 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 DMCC Executive Chairman and CEO Ahmed Bin Sulayem said.
The Leadership Excellence Award is based on the DMCC’s ability to quickly adapt to pandemic situations and provide relief, and its flagship research on the future of trade. This 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 aims to recognize DMCC’s progress in achieving the United Nations Sustainable Development Goals and its commitment to the United Nations Global Compact. More than 70 free zones from all over the world were 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.
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.
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 a seamless digital company formation experience in Dubai, DMCC is well-positioned to respond to changing consumer and business behaviors, which now prioritize online transactions. Today, 85% of companies registered with DMCC are registered digitally, compared with 40% in 2015.
In order to continue to promote the flow of trade in and out of Dubai, DMCC held the flagship road show “Made for Trade” online in 2020, and held 19 virtual conferences in major markets. DMCC has also set up representative offices in Tel Aviv, Israel and Shenzhen, China to better support companies wishing to do business in Dubai. In 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.
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, in December 2020 it held the largest rough diamond tender in the history of the UAE, selling a total of 379,912 carats of rough diamonds worth US$87.47 million (Dh321.29 million).
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