DMCC is working on ways to expand its Chinese clientele, while more recently, Israel is the other big focus. Image Credit: Supplied

Dubai: Just over 2,000 new companies signed up for a license at DMCC (Dubai Multi Commodities Centre) last year – the highest in the last five years. The free zone entity clearly benefited from a series of new incentives it rolled out after the pandemic struck, including a fast-track virtual licensing offer.

“We surpassed 18,000 member companies, broke company registration records, while launching new initiatives and progressing on time with flagship projects,” said Ahmed Bin Sulayem, Executive Chairman and CEO. “Building on this momentum, we will maximise the progress in 2021.”

DMCC launched a ‘Business Support Package’ in March last - this was the hub’s “largest ever offer”. The incentives were available to existing and new companies. More than 8,000 companies availed over 13,000 offers and incentives throughout the year.

Diamonds and an emeral
DMCC's Dubai Diamond Exchange oversaw Dh91.8 billion worth of transactions in rough diamonds last year. The commodities cluster hosted 19 rough diamonds tenders... and its first one for emeralds.

Last last year, there was also the UAE’s largest ever rough diamond tender, which took place on the DDE floor, with 379,912 carats of rough diamonds sold, valued at Dh321.29 million.

Source markets

China: There was a 20 per cent year-on-year increase in Chinese companies joining. A China service centre opened in Almas Tower with Mandarin on-boarding support. A rep office was set up in Shenzhen.

Israel: The first move was a MoU with Israel Diamond Exchange, DMCC also moved in fast with a rep office in Tel Aviv.