DMCC has been named ‘Global Free Zone of the Year 2023’ by the Financial Times’ FDI Magazine for a record ninth consecutive year. A total of 69 nominees were assessed against a comprehensive set of criteria, updated this year to increase scope and difficulty, by the Financial Times’ editorial team and a panel of independent judges, making the award one of the most prestigious accolades that a free zone can earn.
The central methodology of the assessment focused on understanding the strength of the investment environments and the company expansion prospects that the free zone enables. Given its core focus on increasing the ease of doing business and the fact that DMCC contributes towards 11% of Dubai’s foreign direct investment (FDI), DMCC scored particularly highly in these two areas.
Further recognising the leading business district and trade hub that DMCC has established, it was also awarded:
- Free Zone of the Year – Middle East
- Large Tenant Free Zone of the Year – Global
- Large Tenant Free Zone of the Year – Middle East
- Highly Commended SME Free Zone of the Year – Middle East
- Excellence Award for Governance – Global
- Excellence Award for Infrastructure Investment – Global
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “DMCC’s success is a testament to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who laid the foundation for a world-class trade centre and business district. Through the development of national infrastructure, particularly multimodal transportation links and logistics hubs, DMCC has exceeded expectations to become a global leader in several classes of commodities, and is now accountable for 11% of Dubai’s FDI.
Bin Sulayem continued, “DMCC’s greatest strength is based on providing exceptional value, a proposition we will continue to champion in today’s evolving regulatory environment.”
2022 saw DMCC’s most successful year on record, attracting 3,049 new businesses to its business district. This was followed by a near identical six-month performance in H1 2023 in which DMCC registered 1,469 new companies to take its total member count to over 23,000.
2023 also marks the year that DMCC sought to activate its diamond expertise to support global trade within lab-grown diamonds (LGD) and coloured gemstones. It held the region’s first symposium dedicated to advancing the LGD industry and also hosted the International Coloured Gemstone Association annual congress.
DMCC continued to facilitate trade across a wide range of verticals, including strategically important commodities such as gold, diamonds, precious metals and stones, tea and coffee, supporting the advancement of the global commodities market and cementing the position of Dubai as a leading hub for commodities trade.