18.06.2023
The Dubai Multi Commodities Center (DMCC) reported a 24% year-to-date increase in the number of Chinese companiei in its free trade zone, that is more than 770 such companies having set up business in DMCC – approximately 12% of UAE’s total Chinese businesses
The Dubai Multi Commodities Center has signed a memorandum of understanding with the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone (LGSAC) during a visit to Shanghai, Guangzhou and Chongqing in China. According to a press release, the memorandum will allow Shanghai and Dubai to streamline requirements and processes for companies looking to set up in either region, cooperation in innovation, commerce, logistics and trade.
DMCC has made it a priority to attract Chinese businesses to Dubai by creating a customised ecosystem, including the Yingtian Chinese Business Centre DMCC and a Mandarin version of its website. To further assist Chinese companies, DMCC opened a China Service Centre in Almas Tower with Mandarin onboarding support across all client touchpoints.
“We are delighted to be back in China at such a vibrant and exciting time for our countries where bilateral trade outside of oil last year grew to over $72 billion. This memorandum is the latest statement of intent as we aim to further the ease of doing business for greater trade flows and mutual economic prosperity,” said Ahmed Bin Sulayem, CEO of the DMCC. Sulayem explained that the Dubai free zone now hosts 770 Chinese companies.
In the last few years, over 6,000 Chinese companies set up operations in the Emirates.
In May, the UAE Central Bank pledged to expand cooperation with the Hong Kong Monetary Authority to form a joint working group on financial infrastructure, financial market connectivity and virtual assets regulation.
Also in May, Dubai’s state-owned DP World, the fourth-largest operator in container terminal activities, signed agreements with China’s Ningbo-Zhoushan port and Zhejiang Seaport to cooperate on automotive industry chain services and logistics.
