DMCC Welcomes Rise In Company Formations
Thursday, November 24, 2011
The Dubai Multi Commodities Centre (DMCC) Authority, the licensing body for the
Jumeirah Lakes Towers (JLT) Free Zone, has registered more than 1,000 new companies
in the past 10 months. This brings the total number of companies registered to
over 3,600, representing a 38% increase on the 725 companies that registered in
According to the DMCC, 90% of the new companies are first time entrants to
Dubai with registrations from both well established multinational businesses
such as Harley Davison and smaller enterprises and individual entrepreneurs.
Established in 2002 by Royal Decree, the DMCC is a strategic initiative of
the Government of Dubai, with a mandate to enhance commodity trade flows through
the Emirate by providing the appropriate physical and financial infrastructure.
The CEO of the DMCC, Malcolm Wall Morris stated that: "Our success lies
in our unique fit-for-purpose regulatory framework and diverse range of value-added
services combined with a modern infrastructure and both commercial and residential
free-hold property in an enviable location".
"Our growth has also been supported by the introduction of our new Client
Service Centre which is assisting us in registering over 100 companies a month,
whilst servicing existing customers," he added.
Although an impressive and seemingly satisfactory number of new clients, Ahmed
bin Sulayem, DMCC’s Executive Chairman, said that the Centre challenges
itself to set new registration records every year, and that the new numbers
act as a testament to the success of the DMCC's business strategies.
"Going forward, we will focus on driving company registrations, introducing
new and improved services and innovative products, as well as investing in JLT's
infrastructure and so pursuing our mission to enhance trade flows through Dubai,"
he explained, adding that current growth highlights Dubai’s position as
the leading business destination in the region.
The DMCC has also recently expanded its Commercial Property Sales and Leasing
division. This provides comprehensive solutions from licensing a business to
finding suitable property, something which helps to encourage companies to choose
the free zone as the new location for their offices.