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Mon 9 Oct 2017 03:24 PM

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Dubai's DMCC named the world's top free zone for third year

Dubai Multi Commodities Centre tops annual list of 60 free zones around the world

Dubai's DMCC named the world's top free zone for third year

Dubai Multi Commodities Centre (DMCC) has been named the world’s best free zone by the Financial Times’ fDi Magazine for the third successive year.

DMCC, which contributes nearly 10 percent to Dubai's gross domestic product (GDP), was ranked number one in the annual list which evaluated a total of 60 free zones around the world.

Ahmed Bin Sulayem, executive chairman, DMCC, said: “Shaping the future of trade, DMCC and its member companies have emerged as a major contributor to Dubai’s economy with a GDP contribution of 9.6 percent.

"Winning ‘Global Free Zone of the Year’ for the third year in a row is an honour and a tribute to the over 13,700 companies which make up the DMCC Free Zone and contribute to our success every day, driving the next wave of growth and innovation."

He said DMCC has grown exponentially since its formation in 2002 and today has more than 13,700 member companies with 92,500 people from over 170 countries who live and work in its Jumeirah Lakes Towers district.

Gautam Sashittal, CEO, DMCC, added: “To be ranked number 1 out of 60 free zones around the world is a significant achievement and affirms that the DMCC Free Zone provides a truly connected marketplace enabling progressive companies to trade with confidence and grow their businesses.”

With seven new companies setting up a business every working day, DMCC is home to many of the world’s leading corporations including Alcatel Lucent Middle East and North Africa, Carrera Y Carrera, Colgate-Palmolive, Duracell, Eurofin, John West Foods, Lukoil, LVMH, Nutricia Danone, Oddfjell, Rio Tinto-Dimexon and TAG Worldwide.

Courtney Fingar, Editor-in-chief of fDi Magazine, said: "Despite ever-tougher competition, DMCC continues to stand out from the crowd and is our choice as the world's top Free Zone for the third year running.

"Not content to rest on its laurels, DMCC is keeping at the forefront of technology and pioneering the use of electronic signatures and other services that save member companies time and hassle."

DMCC added 2,016 new members in 2016 and over 600 in the first half of 2017. It has delivered an annual average growth rate of 33 percent in the last 10 years.