By Courtesy of Lorys Charalambous.
The Dubai Multi-Commodities Center Authority is set to become the largest free zone in the United Arab Emirates, having registered 1,270 new member companies in the first six months of 2013, bringing the total to more than 6,890.
About 95 percent of the newly registered companies in the first half of 2013 were newcomers to Dubai,indicating that the free zone is highly attractive to foreign investors. About one-third of those companies were from other parts of the Middle East, while South Asia, the Americas and the UK accounted for 28 percent, 14 percent and 14 percent respectively.
DMCC's executive chairman, Ahmad Bin Sulayem, said:"The first six months of 2013 further demonstrate DMCC's strength and commitment to establishing Dubai as the global hub for commodities trade and enterprise.
With an average of 200 new companies joining DMCC every single month, 95 per cent of which are new to Dubai, DMCC will be largest Free Zone in the UAE before the year end. Our new expansion plans, including the DMCC business park and the world's tallest commercial tower, are the next natural steps to ensure we continue to welcome companies to the free zone as demand grows - particularly from large regional corporations and multi-nationals - as we remain focused on making a material contribution to Dubai's economy."
The benefits of setting up a company in one of Dubai's free zones include tax exemptions and 100 percent foreign ownership.
According to a recent report from the Economist Intelligence Unit, Dubai is expected to jump six rankings to become the most competitive city in the Middle East and North Africa by 2025.
