Dubai: Dubai Multi Commodities Centre Authority (DMCC), a Dubai-based free zone that acts as an entry into global trade, said on Tuesday it registered 202 new companies in the month of October, its biggest monthly gain in about two years.
The majority of the new companies are based outside the United Arab Emirates (UAE), DMCC said in a statement. It was joined by Forbes Marketplace and Hanwha Harlow, in addition to other start-ups and SMEs from a variety of sectors.
“The sharp increase signals investor confidence in Dubai, and both the appeal of DMCC’s free zone model and diversity of the business ecosystem in Jumeirah Lakes Towers,” DMCC added.
DMCC Chief Executive Ahmed Bin Sulayem said the growth underscores the confidence the market has in Dubai’s economy.
DMCC, established in 2002 by the Government of Dubai to provide the physical, market and financial infrastructure required to establish a hub for global commodities trade, hosts over 16,000 businesses engaged in the trade of gold, diamonds, precious metals, food, tea and a range of other commodities.