DMCC CLAIMS GLOBAL FREE ZONE AWARD FOR RECORD FOURTH CONSECUTIVE YEAR
- DMCC awarded ‘Global Free Zone of the Year’ by the Financial Times’ fDi Magazine for an unprecedented fourth time
- Receiving four awards in total, DMCC also recognised for excellence across six additional categories
- Around 2000 companies joined DMCC in 2017 across a range of industries and sectors
Dubai, UAE; 8 October 2018: DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has been named the ‘Global Free Zone of the Year 2018’ by the Financial Times’ fDi Magazine for a record fourth consecutive year.
Central to the UAE economic diversification strategy, DMCC’s latest set of awards reflect its ability to attract foreign direct investment, drive market-friendly reform and foster a commercial environment that removes barriers to trade, intrusive regulations and prohibitive bureaucracy.
DMCC offers a unique regulatory environment for companies wishing to setup a business in Dubai, providing products, services, physical and financial infrastructure needed to trade with confidence.
Commenting on the award, Ahmed Bin Sulayem, Executive Chairman, DMCC, said:
“To be ranked the Global Free Zone of the Year for a record fourth time in a row is a significant moment for everyone connected to DMCC. This accolade demonstrates that our long-term strategy to lead from the front is working, and we continue to deliver for the companies we host. Taken collectively, DMCC member companies contribute over 10 percent to Dubai’s GDP, and play a critical role in the UAE’s economic diversification plan. Looking ahead, we will continue to help the companies within our free zone to realise their ambitious commercial targets and together, shape the future of trade.”
60 free zones from around the world were assessed for the 2018 competition and were ranked across a compressive range of industry and performance criteria. DMCC was also the recipient of the ‘Middle East Free Zone of the Year’, ‘Global Free Zone of the Year for SMEs’ and ‘Middle East Free Zone of the Year for SMEs’ awards, and officially recognised for excellence in the following six categories: ‘China Strategy’; ‘Smart Strategies’; ‘Economic Impact’; ‘Red Tape Reduction’; ‘Facilities Upgrade’; and ‘Thought Leadership’.
DMCC added 1,980 new members in 2017, delivering an annual average growth rate of over 30% in the last ten years. Businesses wishing to open a company in Dubai can do so in as little as 11 days if they choose to make DMCC their destination of choice.
Gautam Sashittal, Chief Executive Officer, DMCC, added:
“To be the recipient this prestigious award once again is indeed satisfying and humbling. Being recognised as the number one free zone in the world for an unprecedented fourth year in a row indicates the strength of DMCC’s global reputation as a truly connected marketplace, and underscores our track record of enabling progressive companies to trade with confidence and grow. DMCC always aims to outperform and innovate. This success could not have been achieved without a world-class team, ambitious member companies and our stakeholders. We thank them all for their loyalty and support.”
Backed by world-class infrastructure, products and services, DMCC offers a seamless and simple route to setting up a business in Dubai with 100 percent ownership. Central to DMCC’s appeal to international traders is its location in the heart of Dubai and within one of the UAE’s most desirable places to live, work and visit, Jumeirah Lakes Towers (JLT). DMCC is minutes away from the emirate’s major airports and seaports and affords ambitious companies easy access to the fastest-growing markets in Africa, the Middle East, Asia and beyond as well as the important cornerstone markets of the West.
DMCC, a Dubai Free Trade Zone, offers legislative as well as investment incentives making it the leading choice for investors looking to set up a business in Dubai.
Notes to Editors
Major achievements in 2017
- Concluded the year with 14,805 companies employing over 61,700
- Contributed some 9.6% to Dubai’s GDP in 2017
- Welcomed 20 international delegations representing business participants and government representatives from every continent
- Signed 12 MoUs with leading trade partners across the globe, with a strong focus on China
- Hosted 155 local and international events
- Reduced the turn-around time for license renewal from 9 days to 4 days and issuance of new licenses from 3 days to 2 days on average making the total time taken to setup a company 11 days down from 17 days in 2016.
- Became the first ever Free Zone globally to implement electronic signatures for its member services enabling businesses to officially complete company requests online
- Appointed 8 international service providers from 15 countries across the globe to make it easier for startups, SMEs and MNCs to setup their company at DMCC
- Successful rollout international marketing strategy, including well attended roadshows in the UK, India, Germany and China
- Finalised Jumeirah Lakes Towers Smart District strategy
- Added a total of 33,994 sq/ft of serviced offices and desks across various business centre locations within DMCC Free Zone, taking the total area to 228,921 sq/ft of co-working space for Start-ups and SMEs
- First Free Zone in the UAE to join the United Nations Global Compact – the world’s largest sustainability initiative
- DMCC and Nemesis International inaugurated the UAE’s first state-of-the-art diamond polishing facility
- Launched a new multi-lingual website in 5 languages with a comprehensive digital strategy
- DMCC Tea Centre broke all records by handling over 52.4 million kilos of tea
- Broke ground on the DMCC Coffee Centre due to open in late 2018
- DMCC Tradeflow recorded 13,793 Murabaha transactions with a total value of AED 80bn, a value increase of 33 per cent compared to 2016
- The Dubai Gold and Commodities Exchange (DGCX) recorded trading volumes of over 17.4m contracts worth $404.7bn, an annual growth rate of 15 per cent in the last five years
- DMCC hosted the Dubai Diamond conference, attended by a record number of delegates, representing 17 countries, with former British prime minister David Cameron and Sir Mark Moody Stuart of UNGC as key note speakers
- Broke ground on the new premium district Uptown Dubai, a 10 million sq/ft premium development
- DMCC appointed Rockwell Group, a New York based firm, as the Interior Designer for the supertall tower in Uptown Dubai.
- DMCC partnered with Accor Hotels’ to bring their spirited luxury lifestyle hotel brand, SO/, to the supertall tower in Uptown Dubai – a first in the Middle East.
- Attracted new world class hotels and serviced apartments to the Free Zone including Banyan Tree; Seven Tides and Accor Group’s So | by Sofitel.
Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future. www.dmcc.ae
fDi Magazine Competition Methodology
The methodology used by fDi Magazine was extensive with just over 60 applicants from free zones, government and investment promotion bodies submitting a short survey detailing their offer. The independent judges and FT specialist editorial team used a weighting scorecard system to adjudicate, with an emphasis placed on the core growth of free zones over the last 12 months, both in terms of tenants and increase in square footage. In addition, the team looked at key initiatives available within the free zones and implementation of new initiatives which are on offer to tenants.
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