DMCC set a new record by welcoming 2025 new companies in 2020, the highest number of registrations in 5 years. Despite an overall business environment shaped by the COVID-19 pandemic, the record-breaking registrations are a testament to Dubai’s continued appeal to investors and the trust they place in the world’s leading Free Zone, DMCC said.
DMCC’s strong performance is primarily due to the Business Support Package launched in March 2020 that saw interest from companies in 149 countries. This was the business hub’s largest ever commercial offer, offering a wide range of incentives and value added services to both existing and new companies in the Free Zone.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “DMCC’s strong performance, which saw 2025 companies set up in our Free Zone during a global crisis, is a clear indication that the UAE and Dubai remain the chosen place to do business. We know that 2021 will not be without its obstacles, but we are optimistic about our growth trajectory and our continued ability to attract foreign direct investment to the Emirate.”
Through its Dubai Diamond Exchange (DDE), DMCC signed a collaboration agreement with the Israel Diamond Exchange (IDE) in September 2020 to promote bilateral trade opportunities and drive innovation in the diamond industry. Shortly after, DMCC inaugurated its representative office in Ramat Gan, Tel Aviv, Israel. The new office will support Israeli businesses, from all industries and sectors, interested in setting up a presence in Dubai and DMCC’s award-winning Free Zone.
China remains a key target market for DMCC, and saw a 20% increase year-on-year in Chinese companies joining the Free Zone in 2020. In November 2020, DMCC inaugurated a representative office in Shenzhen, China, which is expected to usher in a new wave of business opportunities to Dubai.
In November 2020, the DDE hosted the largest rough diamond tender ever to take place in the UAE. A total of 379,912 carats of rough diamonds were sold, valued at $87.47 million (AED 321.29 million) with 115 winning customers. Over 250 companies participated in the tender and 500 individuals flew into Dubai to take part in the event with delegates from India, Hong Kong, Russia, Israel, Belgium and Lebanon.