Dubai Multi-Commodities Centre (DMCC) has announced record-breaking performance in 2020 despite the impact of the Covid-19 pandemic.
More than 2,000 new companies joined DMCC last year, the highest number of registrations in five years while retention rates remained at an all time high, the Dubai-based free zone said in a statement.
It said this was primarily due to the Business Support Package launched in March that saw interest from companies in 149 countries.
This was the business hub’s largest ever commercial offer, offering a wide range of incentives and value-added services to both existing and new companies in the free zone.
More than 8,000 member companies availed over 13,000 offers and incentives throughout the year, DMCC revealed.
Ahmed Bin Sulayem, executive chairman and CEO, DMCC, said: “A year like no other, 2020 was shaped by market uncertainty, geopolitical tension and a global pandemic. Despite the difficult context, the UAE’s visionary leadership and prompt and decisive actions meant that our economy remained resilient.
“As for DMCC, we continued to attract, facilitate and promote global trade flows to and through Dubai. We surpassed 18,000 member companies, broke company registration records, while launching new initiatives and progressing on time with flagship projects. Building on this momentum, we will maximise the progress made to reach new heights in 2021.”
Ahmed Bin Sulayem, executive chairman and CEO, DMCC
2020 saw a 20 percent year-on-year increase in Chinese companies joining in DMCC while the free zone also inaugurated its representative office in Ramat Gan, Tel Aviv, Israel following the normalisation of relations with the UAE.
In 2020, a total of AED91.8 billion ($24.99 billion) worth of rough diamonds were traded through the Dubai Diamond Exchange (DDE), the world’s largest diamond tender facility while the DMCC Coffee Centre processed and handled 7 million kilogrammes of coffee and facilitated coffee shipments – from 25 countries across Africa, Asia and Latin America – worth over AED250 million, and the DMCC Tea Centre transacted 40,000 metric tonnes of tea.
Dubai Gold and Commodities Exchange (DGCX) also traded 12.73 million contracts valued at AED1,177.73 billion.
DMCC also said construction of Uptown Tower, in the upcoming Uptown Dubai District, surpassed the 40 percent mark following the completion of design works.
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