Latest news with #DubaiMultiCommoditiesCentre
Hi Dubai
22-05-2025
- Business
- Hi Dubai
DMCC Records 13% Surge in Singaporean Businesses Joining its Dubai District
Dubai Multi Commodities Centre (DMCC) has reported a 13 percent rise in Singaporean companies joining its international business district over the past year, underscoring growing economic ties between the UAE and Singapore. The announcement came during DMCC's first-ever roadshow in Singapore, where executives engaged with more than 100 business leaders to promote Dubai as a global hub for expansion. DMCC now hosts over half of all Singaporean firms operating in the UAE, with nearly 400 companies based in its district. To further support this growth, DMCC signed a partnership with Hawksford, a global business services provider, aimed at streamlining the setup process for new entrants. Hawksford will offer advisory, registration, tax, and accounting services to facilitate a smooth transition for Singaporean firms entering the Dubai market. 'Singapore represents a key strategic market for us,' said Ahmed bin Sulayem, Executive Chairman and CEO of DMCC. 'Our first in-person Made For Trade Live event in Singapore reflects the accelerating cooperation between our nations.' Bilateral trade between the UAE and Singapore reached US$18.7 billion last year, highlighting the strength of their economic relationship. With growing demand from sectors like technology, commodities, and trade, Dubai is positioning itself as a preferred base for Southeast Asian businesses seeking international scale. Tommaso Barindelli, Head of Business Development at Hawksford Dubai, called the partnership 'a valuable opportunity' for clients looking to expand globally. DMCC is currently home to more than 25,000 companies from 180 countries and contributes 15 percent to Dubai's annual foreign direct investment inflows and 7 percent to its GDP. News Source: Emirates News Agency
Arabian Post
20-05-2025
- Business
- Arabian Post
Dubai Strengthens Global Diamond Trade with Over 1 Billion Carats Traded in Five Years
Dubai has solidified its position as a leading global diamond trading hub, with over 1.06 billion carats of rough and polished diamonds transacted through the city over the past five years. In 2024 alone, nearly 179 million carats were traded, underscoring the United Arab Emirates' pivotal role in the international diamond market. These figures were disclosed by Ahmed Bin Sulayem, Chair of the Kimberley Process and Executive Chairman of the Dubai Multi Commodities Centre , during the UN-mandated KP Intersessional Meeting held at Uptown Tower in Dubai. The event convened hundreds of representatives from governments, industry, and civil society, marking a significant milestone in the UAE's third tenure as KP Chair. Under the theme 'Year of Delivery,' the UAE's 2024 chairmanship focused on implementing substantial reforms within the KP framework. A notable achievement was the introduction of a blockchain-based digital certification system, transitioning from traditional paper certificates. This innovation aims to enhance the traceability and security of diamond transactions, ensuring greater transparency in the supply chain. Another significant development was the readmission of the Central African Republic into the KP. After a decade-long embargo due to internal conflicts, CAR's reinstatement followed a comprehensive review and improved security conditions. Ahmed Bin Sulayem's direct engagement with CAR authorities facilitated this process, reflecting the UAE's commitment to integrating diamond-producing nations into the global market responsibly. The KP also welcomed Uzbekistan as its 60th member, expanding the coalition's reach and reinforcing its mission to prevent conflict diamonds from entering the mainstream market. This inclusion signifies the KP's growing influence and the increasing global consensus on ethical diamond trading practices. In a move to institutionalize the KP's operations, a permanent secretariat was established in Gaborone, Botswana. This development aims to provide continuity and enhance the administrative efficiency of the KP, ensuring sustained efforts toward conflict-free diamond trade. The UAE's leadership also garnered international recognition through a resolution adopted by the United Nations General Assembly. Titled 'The Role of Diamonds in Fueling Conflict,' the resolution, co-sponsored by 37 countries, acknowledged the UAE's initiatives in promoting ethical practices within the diamond industry. Industry leaders and civil society representatives lauded the UAE's efforts. Feriel Zerouki, President of the World Diamond Council, emphasized the importance of innovation and transparency in maintaining the integrity of the diamond trade. Jaff Bamenjo, representing the Civil Society Coalition, highlighted the significance of engaging with diamond-affected communities to ensure equitable benefits from the industry.
Arabian Post
08-05-2025
- Business
- Arabian Post
UAE Blockchain Market Poised for Rapid Expansion by 2030
The UAE's blockchain market is expected to experience robust growth, with a compound annual growth rate of approximately 42% from 2025 to 2030. This surge is being driven by strategic government initiatives aimed at harnessing the potential of blockchain technology, positioning the UAE as a global leader in the sector. The Emirates Blockchain Strategy 2021, alongside the Dubai Blockchain Strategy, has been a key factor in propelling the country's blockchain ambitions. The UAE government aims to transform Dubai into the first city fully powered by blockchain technology, establishing the city as a central hub for digital innovation. The National Blockchain Strategy, launched to cover the period from 2021 to 2031, outlines a bold vision for the country, with a target to convert 50% of government transactions into blockchain-based systems. This initiative is set to fundamentally reshape the public sector, enhancing transparency, efficiency, and security in governmental operations. At the heart of this growth is a clear government-driven commitment to blockchain, which has fostered a conducive environment for both local and foreign investors. By encouraging blockchain adoption across various sectors, the UAE has attracted substantial interest from international businesses seeking to tap into this emerging market. Blockchain's applications in sectors beyond government administration, such as finance, healthcare, and logistics, are seeing increased adoption across the UAE. The integration of blockchain into these industries promises to revolutionise processes, particularly in terms of data security and automation. The rise in interest surrounding digital assets, especially cryptocurrencies such as Bitcoin and Ethereum, has further bolstered blockchain's relevance in the UAE. As a growing hub for cryptocurrency, the UAE's regulatory bodies have facilitated the establishment of secure environments where blockchain-powered digital assets can thrive. The Abu Dhabi Global Market and Dubai Multi Commodities Centre have set high standards for crypto businesses, ensuring that these ventures operate within a structured, regulated framework. This regulatory clarity has positioned the UAE as a safe and attractive destination for cryptocurrency investors and entrepreneurs. See also Telegram Bond Fund to Tokenise $500m Bonds on TON Network The surge in blockchain-related developments has also had a ripple effect on startup ecosystems in the UAE. Many tech startups are focusing on blockchain innovations, tapping into the opportunities offered by a market eager for cutting-edge technology solutions. The government has offered various incentives to these startups, making it easier for entrepreneurs to develop and launch blockchain solutions across different industries. This includes support for research and development, tax incentives, and access to venture capital funding. International investors have also shown significant interest in the UAE's blockchain market. The country's stable regulatory environment, coupled with its proactive stance on blockchain integration, makes it an attractive destination for global investors seeking exposure to the digital economy. The UAE's financial and regulatory bodies, such as the UAE Central Bank, have been instrumental in ensuring that blockchain technologies are seamlessly integrated into existing financial infrastructure, laying the groundwork for future innovations in digital banking and transactions. The UAE's focus on blockchain adoption has resulted in collaborations with global technology giants. International companies, especially those from the fintech and tech sectors, are increasingly establishing a presence in the UAE, taking advantage of the region's favourable business environment. These collaborations are not only elevating the UAE's technological landscape but also contributing to the global development of blockchain technology. One of the UAE's strategic advantages is its ability to position itself as a gateway for the Middle East, Africa, and Asia in terms of blockchain technology. The country's well-established infrastructure, highly developed financial services industry, and strong governmental support provide an ideal backdrop for the scaling of blockchain-related businesses and projects. In addition, the UAE is committed to building a strong talent pool in blockchain technology. With the rapid rise of blockchain across industries, there has been a growing demand for professionals with expertise in blockchain development, smart contracts, and digital asset management. The UAE has introduced various educational initiatives to address this demand, including partnerships with international universities and the establishment of blockchain-focused training programmes. Despite the promising outlook, the UAE's blockchain market faces challenges, including the need for continuous technological innovation and regulatory adaptation to keep pace with the rapidly evolving sector. The country will need to ensure that its legal and financial infrastructure remains flexible and dynamic, catering to the needs of blockchain developers, crypto investors, and businesses seeking to integrate blockchain into their operations. The adoption of blockchain technology across various sectors will require overcoming cultural and institutional resistance. Although the government has made significant strides in promoting blockchain, further education and awareness campaigns may be needed to ensure that blockchain's potential is fully realised across all industries. Arabian Post – Crypto News Network
Arabian Post
06-05-2025
- Business
- Arabian Post
DMCC Launches New Licences to Enhance Business Flexibility
Dubai Multi Commodities Centre has unveiled two new business licence categories designed to offer greater flexibility and efficiency for companies operating in the UAE. The newly introduced Special Purpose Vehicle and Holding Company licences are aimed at providing businesses with enhanced options for structuring investments, managing assets, and overseeing operations across the region. The initiative reflects DMCC's continued efforts to adapt to the evolving needs of the business community in a dynamic economic environment. These new licences enable companies to set up their operations without the traditional need for physical office space or extensive operational infrastructure, which can often add significant costs and complexity. DMCC, a global hub for commodities trade and enterprise, has established itself as a leader in supporting businesses with innovative solutions. The introduction of these licence categories offers companies more agile ways to organise their assets and operations, a feature particularly valuable for international businesses looking to establish a regional presence with minimal overhead. The SPV licence is specifically designed for companies that need to establish a separate legal entity for a specific investment or project. This licence structure allows businesses to segregate financial risk and protect assets, which is particularly useful for investment managers, private equity firms, and venture capitalists. The SPV structure has become a popular tool in international business due to its ability to provide greater clarity and control over financial operations, without the complexities associated with full-scale corporate setups. On the other hand, the Holding Company licence is targeted at companies looking to manage and oversee multiple subsidiaries, investments, or assets under a unified structure. This type of licence allows for tax efficiencies and optimised asset management, providing a streamlined approach for entities looking to centralise their operations without the need to establish multiple legal entities in various jurisdictions. Holding companies are often used by larger corporations to consolidate control over subsidiaries, diversify investments, and manage international assets more effectively. One of the key advantages of these new licences is their cost-effective nature. Traditional business setups in Dubai often involve hefty office rental and infrastructure costs, which can be a barrier for smaller businesses or startups. The SPV and Holding Company licences eliminate the need for a physical office, allowing companies to operate efficiently with reduced overheads while still benefiting from the tax advantages and legal protections afforded by DMCC's established regulatory framework. The timing of this move is significant, as businesses continue to adapt to a post-pandemic world where remote working and digital solutions are increasingly becoming the norm. The ability to operate without the need for a physical office reflects a broader global trend towards more flexible, scalable business models that can quickly adjust to changing market conditions. As the UAE continues to position itself as a leading global business hub, DMCC's introduction of these licence categories is also expected to attract foreign investment. By offering a simplified, flexible framework, the DMCC hopes to draw in a wider range of international companies looking for a base in the Middle East. The move is likely to appeal to investment firms, asset managers, and multinational corporations seeking a strategic location to manage their regional operations without the administrative burden of a physical office. The new licences align with Dubai's broader strategy to diversify its economy and foster innovation. By encouraging businesses to use Dubai as a base for regional and global operations, the UAE aims to continue its push as a competitive and forward-thinking economic hub. The SPV and Holding Company licences also offer companies the chance to tap into the rapidly growing sectors of finance, technology, and trade, all of which are integral to Dubai's vision for the future. See also Global Tax Recoveries from Panama Papers Near $2 Billion DMCC's introduction of these licences comes at a time when businesses are looking for ways to streamline their operations and maximise efficiencies in an increasingly complex global marketplace. The new licences offer businesses the opportunity to do so while ensuring compliance with the UAE's regulatory standards, providing a secure legal environment for conducting business. This is expected to drive further growth in sectors such as fintech, commodities trading, and investment management, areas where DMCC already holds a strong presence. With these changes, DMCC reinforces its reputation as an adaptable and forward-looking free zone. The introduction of the SPV and Holding Company licences presents an attractive proposition for businesses seeking efficient and cost-effective ways to operate in one of the world's most vibrant economic regions. The decision to remove the requirement for physical office spaces is a game changer, offering businesses the flexibility to operate from anywhere while still maintaining access to the UAE's highly favourable business environment. The new licences are part of a broader trend towards digital transformation in the UAE's business landscape. As more companies embrace digital tools and remote work, the demand for flexible, scalable business structures like the SPV and Holding Company licences is expected to increase. In this context, DMCC's proactive approach positions it as a leader in offering modern business solutions that align with global trends and local needs.
ARN News Center
28-04-2025
- Business
- ARN News Center
DMCC records 7% growth in Indian companies
The Dubai Multi Commodities Centre (DMCC) announced Indian companies now account for 16 per cent of the international business district's total member base, a 7 per cent year-on-year increase. Over the last 12 months, 260 Indian companies joined, recording a 7% year-on-year growth, and bringing the district to nearly 4,000 businesses in total. With bilateral UAE-India trade reaching over $85 billion in 2024, DMCC highlighted the significant impact of deepening relations on the regional trade landscape that has been catalysed by the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022. DMCC called on Indian businesses to leverage the momentum brought by the CEPA as it sought to attract the next wave of Indian companies to Dubai. The two events convened business leaders, government officials, and industry stakeholders to explore trade and investment opportunities through DMCC, showcasing Dubai as a strategic platform for Indian businesses seeking global expansion. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, 'The UAE-India relationship is entering a defining new phase, underscored by the recent historic visit of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, to India. With bilateral trade now exceeding $85 billion, this next chapter will be defined by rapid expansion across strategic sectors – including investment, services, infrastructure, technology and food security – as we build out a new model for inter-regional collaboration and commercial opportunities." Held in partnership with the Confederation of Indian Industry and the Federation of Telangana Chambers of Commerce and Industry, the events highlighted the potential for Indian businesses to simplify their operations and supply chains, and tap into some of the world's fastest growing markets. This latest visit to India forms part of DMCC's global Made For Trade Live roadshow programme, in which it visits key markets across the world that present opportunities for deeper collaboration. With over 25,000 member companies and contributing 15 percent to Dubai's annual FDI, DMCC is one of the most important business hubs for international growth and cross-sector innovation.
