DMCC records 5-year high new company registrations

Dubai - Creates new record for Dubai business hub in the past five years.

DMCC, a leading free zone hub for commodities trade, said on Monday that it recorded the highest number of new company registrations in five years in 2020 despite the impact of the pandemic.

The free zone said the retention rate also remained at an all-time high, primarily due to the “business support package” launched in March 2020 that positively impacted companies in 149 countries. More than 8,000 member companies availed over 13,000 offers and incentives throughout the year, DMCC said in a statement.

Ahmed bin Sulayem, executive chairman and CEO, DMCC, said despite the difficult context, the free zone 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.”

In 2020, rough diamonds worth Dh91.8 billion were traded through the Dubai Diamond Exchange (DDE), the world’s largest diamond tender facility in the zone. The zone’s Coffee Centre recorded seven million kilos of coffee while its Tea Centre saw the transaction of 40,000 metric tonnes of tea.