JLT firms to benefit from ‘joint passport’ initiative
DMCC members operating under the special licence to have access to warehouse facilities and a logistics centre in DWC
Dubai Multi Commodities Centre (DMCC) has struck a deal with Dubai Aviation City Corporation, in a move to enhance the benefits of DMCC members doing business at Dubai World Central (DWC).
Under the terms of the agreement, DMCC and DWC will explore ways for members to have access to products and services provided by both parties under one licence, also referred to as a “joint passport” initiative. Members operating under such a licence would also benefit from access to warehouse facilities in addition to a logistics centre for, but not limited to, perishable goods.
Businesses operating at the DMCC free zone at Jumeirah Lakes Towers (JLT) are expected to take advantage of the new initiative. The free zone, which is recognised as one of the largest and fastest-growing in the UAE, will further benefit from its proximity to the new Al Maktoum International Airport in DWC.
Mövenpick Hotels and Resorts, the first international hotel company to open in JLT, believes the free zone will continue to attract more international investors.
“JLT is located just minutes from the city’s most important business districts, commercial free zones and airports, including the DWC Al Maktoum International Airport,” said Toufic Tamim, Mövenpick’s regional Vice-President for Sales and Marketing.
“Many major global corporations are relocating to JLT and this is creating a diverse, exciting neighbourhood. We expect to thrive as a major hospitality and social hub at the heart of this energetic environment.”
DMCC members could also benefit from DMCC Tradeflow, the online exchange for physical commodities in the UAE. The platform offers a formal warehouse inspection and ratings programme to mitigate risk for financiers and commodity owners.
“Part of being the largest and fastest-growing free zone in the UAE is to continue innovating and improving efficiencies for the DMCC Free Zone members to enable them to operate at the fast pace required today,” Ahmed Bin Sulayem, Executive Chairman, DMCC, said at the signing of the deal.
“Signing an agreement with DWC marks the next natural step in mutual cooperation between free zones in the region, creating an optimum environment for the trade of commodities in Dubai, for the benefit of economic growth across the emirates.”
