DUBAI, UAE, October 18, 2023 /PRNewswire/ -- DMCC – DMCC – the world's largest free zone and Dubai Government Authority for commodity trade and businesses, has been named 'Global Free Zone of the Year 2023' ' by FDI Magazine of the Financial Times for the ninth consecutive year, this being a new record.
A total of 69 nominees were evaluated against a comprehensive set of criteria, updated this year to increase scope and difficulty, by the Financial Times editorial team and a panel of independent judges, making the award one of the most prestigious awards. prestigious benefits that a free zone can earn.
The core evaluation methodology focused on understanding how the free zone facilitates strong investment environments and business expansion prospects. Given its primary focus on increasing the ease of doing business and the fact that DMCC contributes 11% of Dubai's Foreign Direct Investment (FDI), DMCC scored particularly high on these two areas.
Also recognizing the leading business center and trade Hub created by DMCC, it also received:
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: "The success of DMCC is testament to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who laid the foundation for a world-class trade and business hub. Through the development of national infrastructure, particularly multi-modal transport links and logistics centres, DMCC has exceeded expectations to become a global leader in various classes of commodities and now represents 11 percent of Dubai's FDI. As a result, DMCC continues to expand, with its fully leased Uptown Tower being the latest example of its continued demand. DMCC's greatest strength lies in providing exceptional value, a proposition we will continue to champion in today's changing regulatory environment."
Record performance and FDI attraction
2022 was the most successful year on record for DMCC, attracting 3,049 new businesses to its trading district. This was followed by an almost identical six-month performance in the first half of 2023, in which DMCC registered 1,469 new companies to take its total membership to over 23,000. The large influx of foreign companies has also solidified DMCC's role as a central driver of FDI, contributing significantly to the economic development of the UAE.
Boosting trade2023 also marks the year in which DMCC sought to activate its diamond expertise to support the global trade in laboratory-grown diamonds (''lab-grown diamonds'' hereinafter LGD) and colored gemstones. It held the region's first symposium dedicated to advancing the LGD industry and also hosted the annual congress of the International Colored Gemstone Association.
DMCC continued to facilitate trade in a wide range of vertical sectors, including strategically important products such as gold, diamonds, precious stones and metals, tea and coffee, supporting the advancement of the global commodities market and consolidating Dubai's position as a leading hub for commodity trading.
Setting the benchmark for mixed-use communities
DMCC was recognized for its Jumeirah Lakes Towers (JLT) business district and the variety of improvements and upgrades made to advance the community's position as a world-class destination to live, work and visit. These include updating its solar umbrella project for parking lots, which will save 7,612 MWh of energy each year.
Attention was also focused on DMCC's Uptown Tower, which recently welcomed its first phase of commercial tenants, the launch of the SO/ Uptown Dubai branded residences and the opening of the SO/ Uptown Dubai luxury city hotel. Details regarding the development of the next phase of DMCC's Uptown Dubai district will be announced in due course, adding further capacity to the business district and significantly strengthening its food and beverage, retail, entertainment and cultural offering.
Dedicated ecosystems
The Financial Times also highlighted DMCC for the strategic partnerships it forms with key local and global entities as part of its mandate to build specialized interconnected business ecosystems, such as the DMCC Crypto Center and the DMCC Gaming Center. These enable the sharing of knowledge and resources, as well as incubation and acceleration, opening new business corridors in support of the growth of DMCC members. Recent examples include deals with Bybit and TDeFi (Web3), Czech Mint (gold) and BSAF (agricultural products).
About DMCC
Headquartered in Dubai, DMCC is the world's most interconnected free zone and leading commodity trading and business hub. Whether developing vibrant neighborhoods with world-class properties such as Jumeirah Lakes Towers and the long-awaited Uptown Dubai, or providing high-performing commercial services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for trade, DMCC is proud to sustain and grow Dubai's position as the ideal location for global trade today and into the future. www.dmcc.ae
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