DUBAI, (UrduPoint / Pakistan Point News / WAM – October 17, 2021) The Dubai Multi Commodities Center (DMCC) – the world’s flagship free zone and the Dubai government’s authority on the commodities trade and enterprise – has received the Global Free Zone of the Year 2021 Award from Financial Times fDi magazine for the seventh year in a row. The award, which is the most prestigious credit a free zone can obtain, is a testament to DMCC’s exceptional performance throughout 2020 and the efforts it has made to support and enable the success of its business community.
DMCC also won the Global Free Zone of the Year and Middle East Free Zone of the Year awards – Large Tenants, Middle East Free Zone of the Year and received awards of excellence Global and Middle East and Honorable Mentions for COVID-19 Response, Infrastructure Investment, SMEs, Sustainable Reporting and Leadership.
“Achieving the fDi Global Free Zone of the Year award for the seventh consecutive time is a testament not only to the value and opportunities available with DMCC, but also to its agility to evolve with global demand. In doing so, we not only supported our existing members during 2020, but achieved record business records through our business support packages which provided numerous industry waivers and benefits, while expanding our online services. This, combined with the opening of our international representative offices in Tel Aviv and Shenzhen, and our new DMCC Crypto Center and DMCC Cacao Center, provide businesses of all types with a growing opportunity to be part of our highly diverse community and to benefit from our unparalleled global connectivity, ”said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
The Excellence in Leadership Awards were rooted in DMCC’s ability to quickly adapt to the pandemic landscape and bring relief, as well as its flagship research into the future of commerce. The 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 durability. In addition to providing analysis, the report provides clear and tangible trade policy recommendations to government and business. The report, published twice a year since 2016, has been downloaded more than 500,000 times.
DMCC received ‘Honorable Mentions’ for its sustainability reporting based on adopting an enhanced 5C sustainability framework and improving its smart and sustainable neighborhood infrastructure, digitization and transparency. The award recognizes DMCC’s progress against the United Nations Sustainable Development Goals and its commitment to the United Nations Global Compact. More than 70 free zones around the world have been assessed against a set of multidisciplinary criteria. The awards were presented by both the Financial Times’ specialist editorial team and a panel of independent judges for each region.
The team rated each nomination in categories such as strategy, COVID-19 response, infrastructure development, and promoting sustainability and ESG projects.
Despite a business environment shaped by the pandemic, DMCC recorded a record 2,025 new businesses in 2020, the highest number of registrations in five years. Much of this is due to the Business Support Package rolled out in March 2020, the largest incentive ever launched by DMCC, offering a wide range of incentives and value-added services to existing and new businesses. More than 8,000 companies took advantage of more than 13,000 relief and incentive offers throughout the year, with interest from more than 149 countries. Given the positive response from the market, the package has been extended and extended until the end of 2020. DMCC has also partnered with financial institutions, namely Emirates NBD and Mashreq Bank, to supply new and existing businesses flexible banking solutions tailored to their needs as and when they impact. of the pandemic.
DMCC’s record performance continued into 2021. The first three quarters of this year represented the best nine-month period DMCC has ever recorded for the number of new businesses registered. This included the best months of June, August and September on record.
The record breaking performance is also the result of significant improvements in DMCC customer service, its streamlined and digitized setup processes, and faster integration, all of which have made doing business in the neighborhood easier. By providing clients with a seamless digital business training experience in Dubai, DMCC is well positioned to respond to changing consumer and business behaviors, which are now prioritizing online transactions. Today, 85% of businesses that register with DMCC do so digitally, up from 40% in 2015.
To continue enabling trade flows to and through Dubai, DMCC launched its flagship Made for Trade Live roadshow in 2020, organizing 19 virtual sessions in key markets. DMCC also inaugurated representative offices in Tel Aviv, Israel, and Shenzhen, China, to better support companies wishing to set up a business in Dubai. In addition, DMCC has posted all of its networking events and learning seminars online. DMCC companies had access to 83 webinars and online networking events, averaging two sessions per week. In total, DMCC brought together 11,000 participants virtually in 2020.
The DMCC also announced its intention to launch a state-of-the-art DMCC Cocoa Center. The center would initially incubate a select range of cocoa services and transform the emirate into an international trade hub for in-demand superfoods.
For its part, the Dubai Diamond Exchange hosted the largest rough diamond tender ever in the UAE – selling a total of 379,912 carats of rough diamonds worth US $ 87.47 million ( 321.29 million AED) in December 2020.