Seven new firms joined DMCC every day in 2015

The Dubai Multi Commodities Centre (DMCC) on Monday reported an 18 per cent growth in new member companies in 2015.

The number of companies registering to trade within the DMCC free zone last year increased to more than 11,500. Strong member company registration growth continued in 2016, with more than 12,000 signed up by the second quarter.

On average, the DMCC welcomed seven new member companies for each working day of the year. Its other key achievements included the launch of Middle East's first Google for Entrepreneurs Global Tech Hub with AstroLabs Dubai; record-breaking trading volumes of over 14.5 million contracts on the Dubai Gold & Commodities Exchange (DGCX); and ranking number one out of 76 free zones across the globe in Financial Times fDi's Global Free Zone of the Year Awards.

"We are extremely proud of our performance in 2015 and making DMCC a home for over 12,000 member companies," said Ahmed bin Sulayem, executive chairman of DMCC.

Today, DMCC is home to many global industry leaders including: Alcatel Lucent Middle East and North Africa, American Express, Bvlgari, Carrera Y Carrera, Colgate-Palmolive, Duracell, Dyson, Eurofin, Hakan Agro, John West Foods, Louis Dreyfus, Lukoil, LVMH, Nutricia Danone, Oddfjell, Olam International, Tata International, TAG Worldwide, Topaz Energy and Marine and Whirlpool.

Gautam Sashittal, chief executive officer, DMCC, said: "We are delighted that businesses around the world recognise DMCC as the destination of choice. Sitting at the epicentre of global commerce, we are passionate about delivering new and sustainable marketplaces for our over 12,000 free zone member companies whilst continuing to bring the physical, financial and digital infrastructure they need to operate efficiently and trade with confidence."

DMCC's commodities businesses continued to report strong growth and delivery of new products, including the launch of DGCX's Single Stock Futures enabling members to trade shares of Facebook, Apple, Google, Microsoft, Infosys and Tata Motors. DMCC Tradeflow, which provides a secure vehicle for owners and lenders to finance commodities, delivering a record one billion dirhams transaction with Deutsche Bank.

The DMCC Tea Centre handled 45 million kilos of tea in 2015, with a growth rate of 208 per cent over the past three years. It currently processes teas from 13 different countries, including Kenya, India, Sri Lanka, Indonesia, Malawi, Rwanda, Tanzania, Mozambique, Vietnam, Japan, Uganda, and China. Dubai is also the leading physical gold market and in the top three diamond trading hubs in the world.

Further underpinning DMCC's drive to boost commodities trade along the West to East corridor - connecting directly to China's One Belt One Road initiative, DMCC announced a memorandum of understanding with the China Silver Group, China's largest silver producer. Bank of China also announced it has become a settlement bank on the DGCX in the first quarter of 2016.

As for its property division, the DMCC free zone now stands at 66 completed mixed-use towers, including five hotels, 92 educational establishments and over 500 retail outlets, across Jumeirah Lakes Towers.

- abdulbasit@khaleejtimes.com