DMCC Receives ‘Global Free Zone of the Year’ Award by Financial Times magazine fDi for seventh consecutive year
DUBAI, United Arab Emirates, October 14, 2021 / PRNewswire / – The Dubai Multi Commodities Center (DMCC) – the flagship global free zone and the Dubai government’s authority on the commodities trade and enterprise – received the Global Free Zone of the Year 2021 reward by the The Financial Times fDi magazine for the seventh consecutive year. 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 exemptions and benefits, while expanding our online services. existing, combined with the opening of our international representative offices in Tel Aviv and Shenzhen, and our new DMCC Crypto Center and DMCC Cacao Center, have created a growing opportunity for businesses of all types to be part of our highly diverse community and benefit from our unparalleled global connectivity, ”said Ahmed Ben 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, and its flagship research on 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, all of which are detailed in DMCC’s Annual Sustainability Report available here. 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.
Record performances in 2020 and beyond
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. This is largely due to the Business Support Package deployed 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.
Support the community
In line with DMCC’s continued commitment to providing a first-class working environment, a new employee protection insurance program for all employees of DMCC and member companies has been implemented. The plan offers increased protection to employees in the event of non-payment by their employer of their salary, severance pay or repatriation costs. The DMCC also offered a variety of educational webinars to member companies. Presented in collaboration with industry experts, the sessions covered a variety of topics to help companies in their day-to-day operations as well as in their overall business strategy. A series of initiatives have also been launched to specifically support the F&B sector across the district. DMCC has partnered with Careem Now and Talabat to offer discounts on orders from 188 different restaurants within the Jumeirah Lakes Towers (JLT) community. The result was an 118% increase in the number of customer acquisitions for restaurants.
Ensuring safety first and foremost
As the world grappled with the impact of COVID-19, DMCC was ahead of its time to address the various challenges posed by the pandemic and protect the safety and well-being of its employees and the community in its area. together. DMCC immediately launched a remote work policy for employees while operations continued uninterrupted. At the Almas Tower, DMCC’s head office, thermal protective equipment was quickly made available at all entry points to the building. Teams have been and continue to be deployed twice a day to thoroughly clean and disinfect offices and common areas. With the relaxation of restrictions and the resumption of commercial activities, all DMCC employees in contact with customers are now provided with masks and gloves, and disinfectants are made available in offices and service centers. To curb the spread of the virus, a public communication campaign was launched in the business district to guide and advise residents and businesses. Daily circulars were sent to member companies with updates on the latest announcements and guidelines from the UAE government. All tour owners / building management operators in the district were advised on communication and hygiene protocols to be followed in accordance with guidelines from health authorities.
Facilitate the ease of doing business
The record-breaking performance is also the result of significant improvements in DMCC’s 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 seamless digital business training in Dubai experience, DMCC is well positioned to respond to the changing behavior of consumers and businesses, which now prioritize online transactions. Today, 85% of businesses that register with DMCC do so digitally, up from 40% in 2015.
Promote trade flows to Dubai
To continue to enable trade flows to and through Dubai, DMCC took its flagship Designed for direct trading online roadshow in 2020, hosting 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 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.
Enable commodity trade
Following the visit of His Highness Sheikh Mohammed ben Rachid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, at the DMCC Tea Center and DMCC Coffee Center in june 2020, DMCC has announced its intention to expand both facilities and its intention to triple production, increase services and increase capacity. This stemmed from the growing demand from commodity traders to use the facilities to connect to regional and international markets. In fact, the DMCC Coffee Center facilitated 7 million kilograms of coffee shipments while 40 million kilograms of tea were processed by the DMCC Tea Center.
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 ever rough diamond tender in the United Arab Emirates – selling a total of 379,912 carats of rough diamonds valued at $ 87.47 million (AED 321.29 million) in december 2020.
In 2020, DMCC signed a memorandum of understanding with CVVC and CV Labs to launch a Crypto Center in Dubai, a unique ecosystem that gives access to capital, resources and opportunities to innovators, entrepreneurs and pioneers. With the support of the United Arab Emirates (SCA) Securities and Commodities Authority (SCA), the now launched DMCC Crypto Center is a rapidly growing center for the development and application of crypto and blockchain technologies, supported by a regulatory framework for companies offering, issuing, listing and trading. crypto assets in DMCC.
Based at Dubai, DMCC is the most interconnected free zone in the world and the main trade and business hub for commodities. Whether it’s developing vibrant neighborhoods with world-class properties like Jumeirah Lakes Towers and the highly anticipated Uptown Dubai, or providing high-performance commercial services, DMCC provides everything its vibrant community needs to make a living. , work and prosper. Designed for commerce, DMCC is proud to support and grow that of Dubai benchmark position for world trade today and in the future. www.dmcc.ae
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