By Andy Sambidge
Largest free zone in the UAE says it registered more than 1,000 new companies in first six months of 2014
DMCC, the largest free zone in the UAE, has announced that it registered 1,027 member companies in the first six months of 2014, bringing the total number of companies operating there to over 8,865, a 30 percent increase compared to the same period in 2013.
The increase comes after the free zone recently announced a major expansion with the building of the Burj 2020 District with the world's tallest commercial tower, Burj 2020 as its centrepiece.
Officials said in a statemment that The Burj 2020 District is now well underway with four global design firms currently vying for a contract. Ground-breaking of the project is planned next year.
In addition, the DMCC is also bringing to market a 14-floor 'glass box' style building, called One JLT, which is being constructed in the heart of the free zone and is due for completion in 2015.
"Both projects will cater to the increased demand of large multi-business and multi-national companies seeking to domicile their operations in an efficient, single-owner, commercial space," DMCC said in the statement.
Ahmed Bin Sulayem, executive chairman, DMCC, said:"DMCC continues to attract members at an unprecedented rate and we are proud of the ever increasing contribution to Dubai's overall economy.
"By driving foreign direct investment we will ensure Dubai remains the regional and international trade and tourism hub."
Gautam Sashittal, CEO, DMCC, added: "Everything we do has a longer term strategic view in order for DMCC to stay relevant now and in the future whether it is enhancing the customer experience, innovation, diversification of our business portfolio or strengthening trading ties internationally.
"We embrace change and thrive on strong international competition as this is what makes the organisation dynamic, driven and nimble in an exceedingly fast moving market".
The value of gold passing through Dubai in 2013 increased to $75 billion from $70 billion in 2012, making it the global bullion hub with 40 percent of the world's physical gold now passing through the emirate, the statement said.
It added that in the first five months of the year, trade volumes of rough diamonds increased by 13 percent to 63 million carats.
What about DIFC all the properties in this free zone have not regained any of the market especially Park Towers which remains at the 2008 price after the fall. why has the landscaping not done and finished before they start building in other areas... is this a sign of another bubble