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Tue 5 Nov 2019 02:14 PM

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Dubai's DMCC sees rush of new companies in October

Dubai Multi Commodities Centre says it registered 202 new companies during October, the highest monthly figure for nearly two years

Dubai's DMCC sees rush of new companies in October

In October, Financial Times’ fDi Magazine selected DMCC as the Global Free Zone of the Year 2019 for a record fifth consecutive year.

Dubai Multi Commodities Centre (DMCC) has announced that it registered 202 new companies during October, the highest figure in a single month for nearly two years.

The free zone said in a statement that the sharp increase signals investor confidence in Dubai.

Forbes Marketplace and Hanwha Harlow both joined DMCC in October, in addition to a range of entrepreneurs, start-ups, SMEs and a multinational firms from a variety of sectors including energy, financial services, technology, professional services, precious metals and stones, food and agro, shipping and logistics.

The vast majority of the new companies originate from outside the UAE, and are set to increase the 10 percent contribution DMCC’s existing 16,000 members make towards Dubai’s GDP, the statement added.

DMCC said its approach to attracting foreign direct investment to Dubai, and in particular from China, is in line with the eight principles of the Fifty-Year Charter announced earlier this year by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

In October, Financial Times’ fDi Magazine selected DMCC as the Global Free Zone of the Year 2019 for a record fifth consecutive year.

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