DUBAI - DMCC - a Free Zone and Government of Dubai Authority on commodities trade and enterprise – has registered a record breaking 2,025 new companies in 2020, the highest number of registrations in five years.

Despite an overall business environment shaped by the pandemic, the record-breaking registrations are a testament to Dubai’s continued appeal to investors and the trust they place in the world’s leading Free Zone, DMCC said in a statement.

DMCC’s strong performance is primarily due to the Business Support Package launched in March 2020 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.

Supporting its member companies in the community, more than 8,000 member companies availed over 13,000 offers and incentives granted throughout 2020.

Commenting on the achievement, Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said, "Despite the countless challenges at our doorstep, the UAE’s visionary leadership and prompt and decisive actions meant that our economy remained resilient throughout. DMCC’s strong performance, which saw 2025 companies set up in our Free Zone during a global crisis, is a clear indication that the UAE and Dubai remain the chosen place to do business. We know that 2021 will not be without its obstacles, but we are optimistic about our growth trajectory and our continued ability to attract foreign direct investment to the Emirate."

The record-breaking number of new company registrations is also the result of significant enhancements to DMCC’s customer service, its simplified and fully digitalised set up processes and easier onboarding. By providing customers a seamless, digital company set-up experience, and significant focus on digital marketing, the Free Zone has seen more than a 50 percent drop in walk-ins and physical visits, with existing and new members preferring to conduct their transactions online.

Also, 95 percent of new companies in the Free Zone start their journey with DMCC digitally.

In light of global travel restrictions, DMCC hosted 19 virtual sessions in key markets including China, Israel, Russia, Switzerland, Germany, Angola, South America, Spain, Turkey, Ukraine and the UK. During these virtual roadshows, attendees were familiarised with the benefits and opportunities of setting up in Dubai and DMCC’s unique and thriving business ecosystem.

DMCC’s Executive Chairman and Chief Executive Officer also hosted a series of virtual briefings with UAE Ambassadors and representatives across key markets, including China, India, the UK, Germany, Canada and Colombia.

The Free Zone also shifted all of its networking events and learning seminars online. Its member companies were provided access to 83 webinars, averaging two sessions per week. Overall, DMCC gathered 11,000 attendees virtually in 2020.

Through its Dubai Diamond Exchange, DMCC signed a collaboration agreement with the Israel Diamond Exchange in September 2020 to promote bilateral trade opportunities and drive innovation in the diamond industry. Shortly after, DMCC inaugurated its representative office in Ramat Gan, Tel Aviv, Israel.

China remains a key target market for DMCC, and saw a 20 percent increase year-on-year in Chinese companies joining the Free Zone in 2020. In November 2020, DMCC inaugurated a representative office in Shenzhen, China, which is expected to usher in a new wave of business opportunities to Dubai.

 

© Copyright Emirates News Agency (WAM) 2021.