DUBAI, UAE, October 8, 2018 /PRNewswire/ --
- DMCC awarded 'Global Free Zone of the Year' by the Financial Times' fDi Magazine for an unprecedented fourth time
- Receiving four awards in total, DMCC also recognised for excellence across six additional categories
- Around 2000 companies joined DMCC in 2017 across a range of industries and sectors
DMCC, the world's flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has been named the 'Global Free Zone of the Year 2018' by the Financial Times' fDi Magazine for a record fourth consecutive year.
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Central to the UAE economic diversification strategy, DMCC's latest set of awards reflect its ability to attract foreign direct investment, drive market-friendly reform and foster a commercial environment that removes barriers to trade, intrusive regulations and prohibitive bureaucracy.
DMCC offers a unique regulatory environment for companies wishing to setup a business in Dubai, providing products, services, physical and financial infrastructure needed to trade with confidence.
Commenting on the award, Ahmed Bin Sulayem, Executive Chairman, DMCC, said:
"To be ranked the Global Free Zone of the Year for a record fourth time in a row is a significant moment for everyone connected to DMCC. This accolade demonstrates that our long-term strategy to lead from the front is working, and we continue to deliver for the companies we host. Taken collectively, DMCC member companies contribute over 10 percent to Dubai's GDP, and play a critical role in the UAE's economic diversification plan. Looking ahead, we will continue to help the companies within our free zone to realise their ambitious commercial targets and together, shape the future of trade."
60 free zones from around the world were assessed for the 2018 competition and were ranked across a compressive range of industry and performance criteria. DMCC was also the recipient of the 'Middle East Free Zone of the Year', 'Global Free Zone of the Year for SMEs' and 'Middle East Free Zone of the Year for SMEs' awards, and officially recognised for excellence in the following six categories: 'China Strategy', 'Smart Strategies', 'Economic Impact', 'Red Tape Reduction', 'Facilities Upgrade' and 'Thought Leadership'.
DMCC added 1,980 new members in 2017, delivering an annual average growth rate of over 30% in the last ten years. Businesses wishing to open a company in Dubai can do so in as little as 11 days if they choose to make DMCC their destination of choice.
Gautam Sashittal, Chief Executive Officer, DMCC, added:
"To be the recipient this prestigious award once again is indeed satisfying and humbling. Being recognised as the number one free zone in the world for an unprecedented fourth year in a row indicates the strength of DMCC's global reputation as a truly connected marketplace, and underscores our track record of enabling progressive companies to trade with confidence and grow. DMCC always aims to outperform and innovate. This success could not have been achieved without a world-class team, ambitious member companies and our stakeholders. We thank them all for their loyalty and support."
Backed by world-class infrastructure, products and services, DMCC offers a seamless and simple route to setting up a business in Dubai with 100 percent ownership. Central to DMCC's appeal to international traders is its location in the heart of Dubai and within one of the UAE's most desirable places to live, work and visit, Jumeirah Lakes Towers (JLT). DMCC is minutes away from the emirate's major airports and seaports and affords ambitious companies easy access to the fastest-growing markets in Africa, the Middle East, Asia and beyond as well as the important cornerstone markets of the West.
DMCC, a Dubai Free Trade Zone, offers legislative as well as investment incentives making it the leading choice for investors looking to set up a business in Dubai.
Headquartered in Dubai, DMCC is the world's most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai's position as the place to be for global trade today and long into the future. http://www.dmcc.ae
fDi Magazine Competition Methodology
The methodology used by fDi Magazine was extensive with just over 60 applicants from free zones, government and investment promotion bodies submitting a short survey detailing their offer. The independent judges and FT specialist editorial team used a weighting scorecard system to adjudicate, with an emphasis placed on the core growth of free zones over the last 12 months, both in terms of tenants and increase in square footage.