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DMCC wins Global Free Trade Zone of the Year award for the ninth consecutive year

DMCC, the world’s leading free zone and the Government of Dubai’s authority for commodity trade and businesses, has been named “Global Free Zone of the Year 2023” by the Financial Times’ FDI magazine for a record ninth consecutive year.

A total of 69 nominees were judged against a comprehensive set of criteria, updated this year to increase scope and difficulty, by the Financial Times editorial team and a panel of independent judges, making the award one of the most prestigious that a free zone can receive. You can win.

The core methodology of the evaluation focused on understanding the strength of the investment environments and the business expansion prospects enabled by the free zone.

Given its primary focus on increasing the ease of doing business and the fact that DMCC contributes 11% of Dubai’s foreign direct investment (FDI), DMCC scored particularly high in these two areas.

Further recognizing the leading commercial district and shopping center that DMCC has established, it also received:

• Free Zone of the Year – Middle East
• Large Tenant Free Zone of the Year – Global
• Large Tenant Free Zone of the Year: Middle East
• Highly praised SME Free Zone of the year – Middle East
• Award for Excellence in Governance – Global
• Excellence Award for Infrastructure Investment – ​​Global

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, saying:

“The success of the DMCC is a testament to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, who laid the foundation for a world-class commercial center and business district. world. Through the development of national infrastructure, particularly multi-modal transport links and logistics hubs, DMCC has exceeded expectations to become a global leader in various classes of commodities and now accounts for 11 per cent of Dubai’s FDI. As a result, DMCC continues to expand, with its fully leased Uptown Tower being the latest example of its continued demand. “DMCC’s greatest strength lies in providing exceptional value, a proposition we will continue to champion in today’s changing regulatory environment.”

Record performance and FDI attraction

2022 was the most successful year on record for DMCC, attracting 3,049 new businesses to its business district. This was followed by an almost identical six-month performance in the first half of 2023, in which DMCC registered 1,469 new companies to take its total membership to over 23,000. The large influx of foreign companies has also solidified the DMCC’s role as a central driver of FDI, contributing significantly to the economic development of the UAE.

Boosting trade

2023 also marks the year in which DMCC sought to activate its diamond expertise to support the global trade in laboratory-grown diamonds (LGD) and colored gemstones. It held the region’s first symposium dedicated to advancing the LGD industry and also hosted the annual congress of the International Colored Gemstone Association.

DMCC continued to facilitate trade in a wide range of vertical sectors, including strategically important products such as gold, diamonds, precious stones and metals, tea and coffee, supporting the advancement of the global commodities market and consolidating Dubai’s position as a hub leader for commodity trading.

Setting the benchmark for mixed-use communities

DMCC was recognized for its Jumeirah Lakes Towers (JLT) business district and the range of improvements and enhancements made to advance the community’s position as a world-class destination to live, work and visit. These include updating its solar umbrella project for parking lots, which will save 7,612 MWh of energy each year.

Attention was also focused on DMCC’s Uptown Tower, which recently welcomed its first phase of commercial tenants, the launch of the SO/ Uptown Dubai branded residences and the opening of the SO/ Uptown Dubai luxury city hotel. Details on the development of the next phase of DMCC’s Uptown Dubai district will be announced in due course, adding further capacity to the commercial district and significantly strengthening its food and beverage, retail, entertainment and cultural offerings.

Dedicated ecosystems

The Financial Times also highlighted DMCC for the strategic partnerships it forms with key local and global entities as part of its mandate to build specialized interconnected business ecosystems, such as the DMCC Crypto Center and the DMCC Gaming Center. These enable the sharing of knowledge and resources, incubation and acceleration, and the opening of new business corridors in support of the growth of DMCC members. Recent examples include deals with Bybit and TDeFi (Web3), Czech Mint (gold) and BSAF (agricultural commodities).

News source: Dubai Press Office

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