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Dubai Commodities Centre Promotes Its Benefits

Monday, March 14, 2011

The Dubai Multi Commodities Centre Authority (DMCC), the free zone authority for the Jumeirah Lakes Towers (JLT), recently hosted an exclusive networking event for members from 10 international Business Councils in its landmark building, Almas Tower.

The event was co-organized by DMCC and the Italian Business Council, hosting the Business Councils of Spain, Greece, Switzerland, Finland, the Netherlands, Denmark, Lebanon, Syria, India, and Japan. In addition, it was also attended by the Dubai Chamber, more than 120 of Dubai's senior private and public sector representatives, as well as leading members of the banking community and commodities trade.

During the event, DMCC presented an overview of its achievements to date, highlighting the strong growth JLT witnessed in 2010 with more than 725 new company registrations, making it one of the fastest growing mixed use free zones in the UAE. DMCC also detailed the benefits member companies enjoy including 100% business ownership and capital repatriation, a 50-year holiday on personal and corporate tax, freehold offices available for sale or lease as well as serviced and virtual office options, with sole shareholders permissible and a full range of business activities licensed.

JLT is home to over 2,800 companies from around the world and has registered over 200 new member companies since the start of 2011. DMCC actively supports Business Councils located in UAE and is an active member of many of them including both the Italian Business Council and the British Business Group.

Malcolm Wall Morris, Chief Executive Officer of DMCC, said: "Today, we had the opportunity to present to the Business Councils and showcase JLT's compelling and competitive proposition which attracted an average of 60 companies per month in 2010, with 85% of those being new to Dubai. As a government entity that was primarily established to promote trade through the Emirate, we are honoured to have a role in further enhancing Dubai's position as the business gateway to the vast opportunities in the region. We look forward to exploring new ways of cooperation with the different Councils which will in turn contribute towards Dubai's goal of sustained economic growth."

Dr Ottavia Molinari, the President of the Italian Business Council, commented: "The Italian Business Council is delighted to form part of this event, which supports our goal to provide a networking platform for our members to exchange ideas, experiences and information. There is no doubt that Italian companies interested in setting up in JLT, will enjoy the many benefits that the JLT free zone can offer its members. Companies like Pacorini DMCC have already discovered the advantages JLT offers and we are eager to promote the business opportunities available in the UAE for other Italian businesses."