By Andy Sambidge
The Dubai Multi Commodities Centre overtakes Jebel Ali with more than 7,330 companies
The Dubai Multi Commodities Centre (DMCC) has become the UAE's largest free zone, overtaking Jebel Ali, its executive chairman announced on Saturday.
DMCC now has more than 7,330 active registrations, with an average of 200 companies joinging each month and a 94 percent retention rate, said Ahmed Bin Sulayem in a statement.
He said DMCC also remains the UAE's fastest growing free zone, adding that it was targeting 10,000 firms by 2015.
Bin Sulayem said: "We are now the UAE's largest and fastest growing free zone with over 7,330 active member companies - we remain committed to further growth in order to cement Dubai as the global hub for commodities trade and enterprise.
"We are well on our way to achieving our target of 10,000 companies by 2015, at which point we anticipate to be almost at capacity.
"Our expansion plans, including the DMCC business park and the world's tallest commercial tower, will cater to large corporations looking to access new markets and will be the next phase in DMCC's and Dubai's growth."
DMCC recently announced plans to build the world's tallest commercial tower to cater to continued demand.
The construction of the tower and 107,000 sq m business park will add an additional 50 percent of commercial space or 743,224 sq m to the existing 2.9 million sq m of built up area.
Bin Sulayem added: "We continue to innovate and complement key trading hubs across the globe to further support Dubai's ambitious economic development programme. Currently, we are concentrating on serving markets along the new Silk Route and have become a strong facilitator of trade for producing countries in African and consuming nations in Asia, Asean, Europe, South America and the US."
A third of DMCC member companies are from South Asia, a third from the Middle East (including the UAE), and a third from Western Europe and North America.
Gautam Sashittal, chief operating officer, DMCC, said: "This year, over 95 percent of the companies that have chosen to operate from the DMCC Free Zone are new to Dubai, which further demonstrates DMCC's and Dubai's continuous appeal as a business destination where SMEs and multi-nationals alike can utilise our full-service toolkit, trade with confidence and grow their business."
With 65 mixed-use commercial and residential towers and over 220 retail outlets in operation, there are currently more than 75,000 people working and living within Jumeirah Lakes Towers.
The transformation of one of its lakes into a 55,000 sq m community park and the road networks within the development are due to be completed by the end of this year.
This week, residents at Dubai’s Jumeirah Lakes Towers hit out at ongoing traffic chaos at the community, with some saying they may consider relocating if the issue is not resolved soon.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Now they need to increase their management staff please...
How can you compare DMCC to JAFZA? JAFZA has global names, powerhouses of manufacturing. DMCC has some wonderful tenants but there's no way you can compare the two. This is PR fluff. It looks as if Bin Sulayem is taken by his own picture in the media.
The traffic is is solved now.. the bridge is open. So, disregard "This week, residents at Dubaiâ€™s Jumeirah Lakes Towers hit out at ongoing traffic chaos at the community, with some saying they may consider relocating if the issue is not resolved soon."
CONGRATULATIONS to DMCC & its wise Leader Mr. Ahmed Bin Sulayem for this Great Achievement within a short period and Best Wishes to achieve more Records & Awards ...
Now? all of a sudden you are a the most renowned expert in running a management? By all means send us your thoughts to email@example.com or tweet to me at @ahmedbinsulayem with all your recommendations rather than posting here, that's if you are honest & serious about what you comment about & not commenting for the sake of just commenting with no value.
Ahmed Bin Sulayem
We have a lot of respect for JAFZA, it's the first FreeZone in Dubai, the rest are just spinoffs of JAFZA after seeing it's success, basically JAFZA paved the way. JAFZA was created during a difficult time & proved it's metal.
Today DMCC is a lot more successful than any free zone in Dubai, so grow up, live with it & get over it.
My mission is to more than double the size & influence of DMCC globally not just regionally. This feat of being the undisputed UAE largest & fastest growing free zone is not even the beginning wait for more to come.
Leave your jealousy & hate out of this 'This is PR fluff. It looks as if Bin Sulayem is taken by his own picture in the media' what a joker, I'm just an employee with DMCC in a management that knows this business better than any other management in Dubai, there is literally no comparison between DMCC & the rest in Dubai, DMCC focuses on international markets like Hong Kong & Singapore to learn from & compliment.
Ahmed Bin Sulayem
In terms of infrastructure, JLT is a mess. It has just taken me 20 min to queue to cover 1km to get into JLT today and this is too often a regular occurrence. I pity anyone who lives in JLT or the new villa developments they have built behind. The road planning for these developments and Discovery Gardens has been appalling and guess who the genius developer behind these "sell out" projects is?!
Can someone explain to me the correlation between DMCC and the JLT story in the last 3 paragraphs ?? Is this a mistake by the writer of this article as the last 3 paragraphs should have gove to another article /story ??
Management teams are lacking and they required to add more. Also IT infrastructure is lacking, they need a dedicated team to introduce an stable IT department.
Congratulation to DMCC. The only concern we have as foreign investors is the UAE law on Bounced cheques and equality between locals and expats. There are many would love to invest in the UAE but feels that the UAE is not ready in this 21st century.