In its recently released 2016 annual report DMCC reported strong results. DMCC reported an average annual growth rate of 33% over the last decade.
The figures for 2016 annual “cap an outstanding year for DMCC’s commodities, property and Free Zone portfolio” the organisation said. This has resulted in it being named the world’s leading Free Zone for a second consecutive year by the Financial Times’ fDi magazine, DMCC noted.
Key achievements for 2016 included record-breaking trading volumes of over 19.7 m contracts worth US$ 440 billion on the Dubai Gold and Commodities Exchange (DGCX), an increase of 36% over 2015; DMCC Tradeflow recording 11,412 murabaha transactions with a total value of AED 58 billion, a value increase of 405% compared to 2015.
The organisation has also highlighted the appointment of DMCC Executive Chairman Ahmed Bin Sulayem as global Kimberley Process Chair on behalf of the United Arab Emirates, as a major honour and recognition of Dubai’s and UAE’s leadership status within the global diamond industry.
DMCC’s Free Zone also witnessed a new high of 2,016 companies becoming members in 2016 - an increase of 14% over the previous year. “DMCC is now home to 13,500 companies, making it the largest Free Zone in the world,” the organisation announced.
“Dubai and DMCC’s mandated goal of connecting new markets with well-established markets is clear, and in 2016 we achieved it by welcoming an average of 7 new companies every working day. This brings significant foreign direct investment to Dubai,” commented DMCC Executive Chairman, Ahmed Bin Sulayem. “Dubai’s advantage of being located at the natural crossroads of the world’s major markets, both in terms of time zone and proximity, means we remain optimally positioned to facilitate global trade. But it is also the unrivalled quality of the infrastructure, the professional support and physical platforms for trade we offer that brings international business to DMCC.”
DMCC not only reported strong growth, it also added new product offerings. These included the launch of DGCX Shanghai Gold Futures (DSGC), following the signing of a landmark deal with the Shanghai Gold Exchange (SGE) last year and DMCC Tradeflow bringing its Shariah-compliant Salam forward financing transaction to market, amongst others. “Dubai is also the leading physical gold market and in the top three diamond trading hubs in the world,” the organisation said.
DMCC noted that it had signed over 20 MoUs in 2016 “with a strong focus on China”; and had “hosted 155 local and international events, including the Kimberley Process Intercessional and Plenary”.
“In 2017 we will continue to expand our international reach, form new strategic partnerships; and further enhance collaboration with key industry, trade and government entities locally and internationally, as we continue our journey as the world’s leading Free Zone”, concluded DMCC’s Chief Executive Officer, Gautam Sashittal.