The Dubai Multi Commodities Centre (DMCC) has become the UAE’s largest free zone, overtaking Jebel Ali, its executive chairman announced on Saturday.
DMCC now has more than 7,330 active registrations, with an average of 200 companies joinging each month and a 94 percent retention rate, said Ahmed Bin Sulayem in a statement.
He said DMCC also remains the UAE’s fastest growing free zone, adding that it was targeting 10,000 firms by 2015.
Bin Sulayem said: “We are now the UAE’s largest and fastest growing free zone with over 7,330 active member companies – we remain committed to further growth in order to cement Dubai as the global hub for commodities trade and enterprise.
“We are well on our way to achieving our target of 10,000 companies by 2015, at which point we anticipate to be almost at capacity.
“Our expansion plans, including the DMCC business park and the world’s tallest commercial tower, will cater to large corporations looking to access new markets and will be the next phase in DMCC’s and Dubai’s growth.”
DMCC recently announced plans to build the world’s tallest commercial tower to cater to continued demand.
The construction of the tower and 107,000 sq m business park will add an additional 50 percent of commercial space or 743,224 sq m to the existing 2.9 million sq m of built up area.
Bin Sulayem added: “We continue to innovate and complement key trading hubs across the globe to further support Dubai’s ambitious economic development programme. Currently, we are concentrating on serving markets along the new Silk Route and have become a strong facilitator of trade for producing countries in African and consuming nations in Asia, Asean, Europe, South America and the US.”
A third of DMCC member companies are from South Asia, a third from the Middle East (including the UAE), and a third from Western Europe and North America.
Gautam Sashittal, chief operating officer, DMCC, said: “This year, over 95 percent of the companies that have chosen to operate from the DMCC Free Zone are new to Dubai, which further demonstrates DMCC’s and Dubai’s continuous appeal as a business destination where SMEs and multi-nationals alike can utilise our full-service toolkit, trade with confidence and grow their business.”
With 65 mixed-use commercial and residential towers and over 220 retail outlets in operation, there are currently more than 75,000 people working and living within Jumeirah Lakes Towers.
The transformation of one of its lakes into a 55,000 sq m community park and the road networks within the development are due to be completed by the end of this year.
This week, residents at Dubai’s Jumeirah Lakes Towers hit out at ongoing traffic chaos at the community, with some saying they may consider relocating if the issue is not resolved soon.