Dubai Multi Commodities Centre (DMCC), the world’s leading free zone for trade and enterprise in Dubai, has been named Global and Middle East Free Zone of the Year 2017 by Financial Times’ fDi Magazine.

This is the third year in a row it has earned the award, said a statement from DMCC.

DMCC has established world-class infrastructure, products and services to anchor Dubai’s position as a leader within the global commodities sector and international trade. This award recognises the free zone for its sustainable growth, strong customer service, innovation and global thought leadership drive, it said.

Ahmed Bin Sulayem, executive chairman, DMCC, said: “Shaping the future of trade, the centre has emerged as a major contributor to Dubai’s economy over a 15 year period. Our growth will continue with several new strategic initiatives on the way, including our new district, Uptown Dubai.”

“Winning ‘Global Free Zone of the Year’ for the third year in a row is an honour and a tribute to the over 13,700 companies which make up the DMCC Free Zone and contribute to our success every day, driving the next wave of growth and innovation,” he said.

DMCC was also presented with Global and Middle East Free Zone of the Year for SMEs as well as a range of awards for facilities upgrades, legal support, smart city strategy, red tape reduction and thought leadership.
 
Courtney Fingar, editor-in-chief of fDi Magazine on behalf of the judging panel, said: “Despite ever-tougher competition, DMCC continues to stand out from the crowd and is our choice as the world's top free zone for the third year running.”

“DMCC's state-of-the art facilities, which are being added to all the time, combined with its location at the heart of the world's most dynamic investment destinations, Dubai, and the vast array of services offered to its fast growing list of member companies continues to make it an enviable site for investors to locate,” she said.

“But not content to rest on its laurels, DMCC is keeping at the forefront of technology and pioneering the use of electronic signatures and other services that save member companies time and hassle,” she added.

“We believe the already strong DMCC offer is becoming even more compelling through such developments and applaud the free zone's management for success in our awards,” she concluded.

Gautam Sashittal, chief executive officer, DMCC, said: “To be ranked number one out of 60 free zones around the world is a significant achievement and affirms that the DMCC Free Zone provides a truly connected marketplace enabling progressive companies to trade with confidence and grow their businesses.”

The DMCC Free Zone added 2,016 new members in 2016 and over 600 in the first half of 2017. It has delivered an annual average growth rate of 33 per cent in the last 10 years, said a statement.

In Dubai, more multinational companies were moving to the DMCC Free Zone than ever before. The development is strategically located in the heart of new Dubai, has a choice of 66 commercial and residential towers with over 600 retailers, all in close proximity to international airports and ports.

As for its customer service and smart technology drive, DMCC launched a Business Apps Manager, a first of a kind suite of connected apps in the region developed for its member companies. This was completed in conjunction with AstroLabs Dubai, the only Google tech hub in the Mena region, which is in the DMCC Free Zone.

It also expanded the DMCC Disputes Centre, added training courses for legal and tax laws, introduced the Energy Club and Food Trade Group and became a founding member of Dubai’s Global Blockchain Council.

DMCC has begun to roll out its Smart District project. Centred on four strategic themes: mobility, community, sustainability and productivity; it launched a host of physical and digital initiatives to enable its community of over 92,500 individuals and 13,700 companies to connect, trade and flourish.

The free zone is now as paperless as possible, with company formation and licensing fully digital including ePay and eSignature capabilities. This is a global first amongst free zones, said a statement.

Additionally, fDi also hailed DMCC for its flagship report on ‘The Future of Trade’ which generated over 8,500 downloads by providing a view of how ‘The Future of Trade’ will unfold over the next ten years by building on insights shared by 150 experts across five continents over a twelve month period, it said.

DMCC also unveiled its Thought Leadership programme, Connected Thinking at the start of 2017 designed to connect people and industries across the globe through monthly thought provoking reports that explore themes such as Brexit, Blockchain, VAT introduction, Gold Trade and Food Sustainability.

Most recently DMCC also announced that construction works have commenced on its new premium district, ‘Uptown Dubai’, and that phase 1 with more than 2 million sq/ft of LEED Gold certified development will be underway by year’s end, it stated. – TradeArabia News Service