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Tue 7 Aug 2012 04:32 PM

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Dubai's DMCC sees 60% growth in H1

Dubai Multi Commodities Centre Authority says 975 new companies registered in H1

Dubai's DMCC sees 60% growth in H1
A sign advertises offices to lease at Jumeirah Lakes Towers in Dubai. (Getty Images)

The Dubai Multi Commodities Centre Authority, the licensing authority for the Jumeirah Lakes Towers Free Zone, has seen a 60 percent growth in new companies in the first half of 2012 compared to the same period last year.

In the first six months of the year, DMCC registered 975 new companies, bringing the total number of businesses operating in the JLT Free Zone to over 4,600.

DMCC said in a statement that 2012 is set to outpace 2011's record-setting number of 1,357 new registrations.

Ahmed Bin Sulayem, executive chairman, DMCC, said: "During DMCC's ten years of operations we have seen unprecedented growth by developing the JLT Free Zone into a dynamic business and residential community whilst attracting over 4,600 businesses from across the globe.

"This year a record 975 companies joined the JLT Free Zone in the first six months, a 60 percent growth from the same period last year.

"Our strategy is to continue enhancing commodity trade flows through Dubai by enabling businesses to access new markets as they shift from West to East and North to South."

He said commodity trading in Dubai continued to record strong growth, led by the precious metals and precious stones sector.

The Dubai Diamond Exchange underscored Dubai's position as one of the world's largest diamond trading hubs with 255 million carats of diamonds worth $39bn traded in 2011, a value increase of 11.5 percent over 2010.

The value of gold traded also broke new records, increasing by 35 percent to a record $56bn, the statement added.

It said the JLT Free Zone was continuing to expand with 61 towers now completed and five more are expected to be completed by the end of 2012.

There are now more than 120 retail outlets servicing the 50,000 individuals working and living in the JLT Free Zone.

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