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DMCC, the leading free zone in the world and the Dubai government authority responsible for commodity trade and enterprise, received the “Best Free Zone in the World for the Year 2023” award from the “FDI” magazine, published by the “Financial Times” newspaper, for the ninth year. Successively, achieving a record number of times winning this prestigious award.
A total of 69 nominees were assessed by the Financial Times editorial team and a panel of independent judges against a comprehensive set of criteria, updated this year to increase its scope and difficulty, making the award one of the most prestigious awards any free zone in the world can receive.
The candidate evaluation process followed a centralized methodology centered around understanding the strengths of the free zone investment environments and the expansion prospects they offer to companies. Given DMCC's main focus on increasing the ease of doing business and its significant 11% contribution to foreign direct investment in Dubai, the Center received particularly high ratings in these two areas.
In recognition of the pioneering free zone that DMCC provides and an ideal destination for trade, business and investment, the center has won several other awards, including:
• Best Free Zone of the Year - in the Middle East
• Best Free Zone of the Year for major commercial companies - worldwide
• Best Free Zone of the Year for major commercial companies - in the Middle East
• Best Free Zone of the Year for SMEs - in the Middle East
• Excellence Award in Governance Practices - globally
• Excellence Award in Infrastructure Development - globally
On this occasion, Ahmed bin Sulayem, CEO and CEO of DMCC, said: “The continued success of DMCC is a testament to the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. May God protect him, and thanks to his guidance and support, the Center has established its position as a leading global region for trade, business and investment. This success and strong reputation did not come from nowhere, as the Center has developed over the years a modern national infrastructure, especially multi-modal transport lines and logistics centers, exceeding expectations to become a global destination. A leader in several categories of goods, in addition to currently contributing 11% of foreign direct investment in Dubai. In continuation of this success, the center continues its expansion process in line with the strong demand it is witnessing, the best example of which is the leasing of all available spaces in its Uptown Tower. The greatest strength of the DMCC is the exceptional value it provides, and this is a strong competitive advantage for us that we will maintain and enhance in light of the continuous change that we are witnessing today in the regulatory environment of the business world.”
Record performance and exceptional success in attracting foreign direct investment
2022 was DMCC's most successful year ever, attracting 3,049 new companies to its free zone. This was followed by an almost identical performance for the first six months of 2023, as the center registered 1,469 new companies, bringing the total number of registered companies to more than 23,000. The large influx of foreign companies has also strengthened the role of the DMCC as a major driver of foreign direct investment and thus a major contributor to the comprehensive economic development process in the United Arab Emirates.
Stimulating trade movement
During the current year, the DMCC continued to employ its long experience in the diamond sector with the aim of enhancing and facilitating the global trade movement of industrial diamonds and colored stones. In line with these efforts, the Center hosted the first specialized symposium in the region dealing with the development of the synthetic diamond industry, and it also hosted the annual conference of the International Colored Gemstone Society.
In addition, the Dubai Multi Commodities Center continued its efforts in facilitating the movement of trade across a wide range of specialized sectors, including strategic commodities such as gold, diamonds, precious metals, precious stones, tea and coffee, thus enhancing its pioneering role in supporting the growth and prosperity of the global commodity market and consolidating Dubai’s position as a leading center for commodity trade. .
Establishing new standards of excellence in developing mixed-use communities
DMCC has received praise for its leading business district, the Jumeirah Lakes Towers community, and the modernization and improvement it has made in this distinguished project, strengthening its position as a world-class destination to live, work and visit. This included installing parking canopies equipped with solar panels, which will achieve energy savings of up to 7,612 megawatt-hours annually.
The centre's Uptown Tower recently welcomed office and commercial tenants in its first phase, and also witnessed the launch of the SO/Uptown Dubai Residences project and the opening of the luxury SO/Uptown Dubai hotel. More details will be announced later about the developments of the next phase of the Dubai Multi Commodities Center’s Uptown Dubai development project, which represents a major addition to the center’s business district and will expand the range of options it provides in terms of restaurants, cafes, and entertainment and cultural experiences.
Specialized business environments
The Financial Times praised the efforts of the DMCC in concluding strategic partnerships with prominent local and international institutions and bodies within the framework of its vision aimed at building interconnected and specialized business environments, such as the Crypto Center and the Gaming Centre. Such partnerships contribute to facilitating the exchange of experiences, knowledge and resources, supporting innovative projects and accelerating the pace of their implementation and growth, which opens new business paths that support the growth of the community.
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