DMCC, the Government of Dubai Authority on commodities trade and enterprise, said that 805 new member companies joined the business district in the first half of 2020, highlighting the Free Zone’s continued appeal for ease of doing business.
Despite a softer business climate, the months of May and June saw a noticeable uptick in new company registrations on par with previous years. Specifically, DMCC noted a strong uptake of company registrations from China, ahead of plan.
To support businesses navigate the challenges posed by COVID-19, DMCC rolled out its largest ever commercial campaign, the Business Support Package, in March. The campaign, aimed at supporting new and existing businesses showcases that DMCC continues to be the chosen hub for businesses. In light of the strong appetite and positive reactions from the market, DMCC will extend and expand the package until the end of September.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The decisive, prompt and effective action taken by the UAE Leadership during this unprecedented period has paved the way for the nation's economic recovery. In the first half of 2020, DMCC continued to serve its member base of 17,000 and launch a range of initiatives to support enterprise across the board.
“Looking ahead, DMCC will accelerate its strategy to connect markets and attract the type of companies that boost the next wave of economic growth in the city. Despite the obvious challenges in 2020, the emirate has maintained its reputation as a resilient global business hub, and we have good cause to be optimistic for the remainder of the year.”
Strengthening ties with China and global tech
The first half of 2020 saw DMCC accelerate its China focus, and continue to forge ties with Chinese trade, industry and government bodies.
In June, DMCC signed a memorandum of understanding with Innoway. Established by the Beijing and Haidian government, Innoway is one of China’s most successful global incubators and science, tech and education ecosystems. To date, it has incubated over 3,400 start-ups and raised a total of $1.28 billion.
Earlier in the year, DMCC signed a similar agreement with Swiss Government-supported Crypto Valley in Davos, which will bring the world’s leading blockchain and cryptographic technologies’ ecosystem to Dubai.
With both Innoway and Crypto Valley set to open offices and work spaces in DMCC, the Free Zone will serve as a foothold in the Middle East, supporting start-ups, companies, incubators, accelerators, governments and university, while attracting Chinese and European business to Dubai.
“China and tech are both critically important to Dubai, and the impact of DMCC’s latest agreement with Beijing Government-backed Innoway marks a significant moment for UAE-China ties. Encouraging innovation and digital transformation is part of Dubai’s DNA, and DMCC is confident that its unique, additional partnership with Euro-based Crypto Valley will serve to expand the emirate’s blockchain potential and welcome and spawn the type of companies that will transform the future,” said Feryal Ahmadi, Chief Operating Officer, DMCC.
“What the last six months have shown us, is the resilience of Dubai’s economy, and we all play a part in ensuring that the UAE’s economic diversification strategy continues to move forward at pace. DMCC, with its unparalleled ecosystem, is perfectly positioned to contribute to the next wave of economic growth in Dubai, and we plan to do just that,” she added. – TradeArabia News Service