Dubai's DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has been named the ‘Global Free Zone of the Year 2018’ by the Financial Times’ fDi Magazine for a record fourth consecutive year.

Central to the national economic diversification strategy, DMCC’s latest set of awards reflects its ability to attract foreign direct investment, drive market-friendly reform and foster a commercial environment that removes barriers to trade, intrusive regulations and prohibitive bureaucracy.

Commenting on the award, Ahmed Bin Sulayem, executive chairman, DMCC, said: “To be ranked the Global Free Zone of the Year for a record fourth time in a row is a significant moment for everyone connected to DMCC. This accolade demonstrates that our long-term strategy to lead from the front is working, and we continue to deliver for the companies we host. Taken collectively, DMCC member companies contribute over 10 per cent to Dubai’s GDP and play a critical role in the UAE’s economic diversification plan. Looking ahead, we will continue to help the companies within our free zone to realise their ambitious commercial targets and together, shape the future of trade.”

A total of 60 free zones from around the world were assessed for the 2018 competition and were ranked across a comprehensive range of industry and performance criteria. DMCC was also the recipient of the ‘Middle East Free Zone of the Year’, ‘Global Free Zone of the Year for SMEs’ and ‘Middle East Free Zone of the Year for SMEs’ awards, and officially recognised for excellence in the following six categories: ‘China Strategy’; ‘Smart Strategies’; ‘Economic Impact’; ‘Red Tape Reduction’; ‘Facilities Upgrade’; and ‘Thought Leadership’.

DMCC added 1,980 new members in 2017 and almost 1,000 members in the first half of 2018, delivering an annual average growth rate of over 30 per cent in the last 10 years.

Gautam Sashittal, chief executive officer, DMCC, added: “To be the recipient this prestigious award once again is indeed satisfying and humbling. Being recognised as the number one free zone in the world for an unprecedented fourth year in a row indicates the strength of DMCC’s global reputation as a truly connected marketplace, and underscores our track record of enabling progressive companies to trade with confidence and grow. DMCC always aims to outperform and innovate. This success could not have been achieved without a world-class team, ambitious member companies and our stakeholders. We thank them all for their loyalty and support.”

Backed by world-class infrastructure, products and services, DMCC offers a seamless and simple route to setting up a business in Dubai with 100 per cent ownership. Central to DMCC’s appeal to international traders is its location in the heart of Dubai and within one of the UAE’s most desirable places to live, work and visit, Jumeirah Lakes Towers (JLT). DMCC is minutes away from the emirate’s major airports and seaports and affords ambitious companies easy access to the fastest-growing markets in Africa, the Middle East, Asia and beyond as well as the important cornerstone markets of the West. - TradeArabia News Service