Dubai puts a huge leap forward in advocating the cryptocurrency and blockchain technology. Dubai’s flagship free zone Dubai Multi Commodities Centre (DMCC) has launched its crypto center for ushering the growth of businesses operating in cryptographic and blockchain technology.
DMCC (Dubai Multi Commodities Centre), one of the leading free zones in UAE witnessed 2,025 new companies registration in the past year, which is the highest in five years amongst all the mayhem the pandemic caused.
The DMCC states that, the increase in the intake of companies was a result of the “Business Support Package” they introduced to help businesses to cope up with the situation at hand. DMCC added, “The ‘Business Support Package’ is the largest commercial offer to the business hub, with a wide range of incentives and value-added services to both new and existing companies in the free zone.”
There were a number of initiatives taken by the government to support the businesses and as per records, more than 8000 member companies took up 13,000 offers and incentives granted in 2020. Executive Chairman and CEO, Ahmed Bin Suleyam said, “2020 was a year like no other, as the pandemic impacted every society and business in the country, 2021 will have its obstacles but we are positive about the growth trajectory and our continued effort to bring in more foreign direct investment.”
The DMCC had introduced a limited period offer of allowing virtual licenses and issued them in five working days with zero advance fees during the end of 2020. With its association with Israel and Tel Aviv diamond exchange, the free zone is rated as the likely gainer.
The company’s free zone witnessed a 50% decline in the walk-ins and physical visits as the new and existing members prefer to do their transactions online. Feryal Ahmadi, Chief Operating Officer at DMCC said, “Beyond successfully reaching our targets, we made sure that both the new and existing members in the free zone received their reliefs and support during the past year.”
“By offering our largest business support package in history and by ensuring a fully digitalised set up process, we remained the business hub of choice, attracting companies of all sizes, sectors and origins”, said Ahmad Hamza, Executive Director of the free zone. Almost 95% of the new companies set up their business in the free zone digitally.
The incentives have had a positive effect on the Chinese investors as well, as there was a 20% hike in the number of Chinese companies joining in; the DMCC inaugurated a representative office in Shenzhen, in November 2020.
DMCC, ranked as the number one free zone in UAE, has the ideal location with its excellent sea, road and air links. There are more than 18,000 companies functioning in DMCC and has almost 170 companies joining in every month, 95% among them are new to Dubai. DMCC remains the most preferred work place considering its vibrant community and property, not to mention the incentives and support they provide to their member companies. Businesses of all size and status long to be a part of DMCC.