Sunday, June 22, 2014 khaleej times
khaleej times / ADVERTISING SUPPLEMENT
Continuous innovation and delivery DMCC Free Zone offers an infrastructure that enables industry participants to trade with confidence, grow and access new markets. Krysta Fox, Director, DMCC Free Zone speaks to Khaleej Times in an exclusive interview. Excerpts: What was the rationale behind setting up one of the largest mixed-use free zone developments in Dubai? How did the idea of a commodities market place come about? How far have you achieved your vision? DMCC Free Zone was established in 2002 as a strategic initiative of the Government of Dubai with a mandate to enhance commodity trade flows through Dubai by providing the physical, market and regulatory infrastructure required to set up and operate a thriving commodities marketplace. Today, we are the largest and fastest growing free zone in the region and have successfully placed Dubai at the centre of the global commodities trading map. Commodity trading is important to the country — the top three GDP non-oil trade are commodities-based. In 2013, the flow of gold passing through Dubai was worth $75 billion and represented around 40 percent of the world’s physical gold market. DMCC facilitates trade across a range of sectors including gold, diamonds, pearls, precious metals and tea. Major multinational companies as well as SMEs have chosen to establish themselves in our Free Zone. Since its inception, DMCC has built a platform for businesses ranging from start-ups through to multinationals from across the globe including key market participants throughout the commodities value chain, as well as wider stakeholders ranging from shipping to recruitment, IT to advertising and consulting. On average, around 200 companies become members of the free zone every month, more than six companies per day, of which over 95 percent are new to Dubai. What are amongst some of the
year, and an overview of the percentage of growth rate over the past decade? In 2013, we saw 2,378 new member companies join the DMCC Free Zone, taking the total number of companies registered to 7,927 at the end of the year. We’ve grown from 28 companies in 2003 to over 8,600 in 2014. We are now well on our way to achieving our target of 10,000 companies by 2015 and remain fully committed to further growth in order to cement Dubai as the global hub for commodities trade and enterprise, while significantly increasing our contribution to the emirate’s GDP. Krysta Fox
major advantages of setting up business under DMCC? What value do businesses derive by having a base here? As the Government of Dubai Authority dedicated to ensuring Dubai is the global gateway for commodity trade, we enable our members to succeed through continuous innovation and delivery, acting as an indispensable partner to them as they look to grow their business. Businesses look for a place where they can expand, access new markets and conduct their day-to-day operations in a secure, transparent and modern environment. DMCC provides this infrastructure to enable industry participants to trade with confidence, grow and access new markets. The nature of the free zone is also appealing to companies who can find a balance of living/working with residential, commercial, retail and hotel amenities. Dubai’s favourable location between East and West, producing and consuming nations, has also benefited us. DMCC’s success is also dependent on airport and logistics facilities and the ability to offer the most competitive pricing and storage facilities. Allowing trade to move quickly through the UAE borders is an incredible incentive to our clients who, combined with our infrastructure, regulations, services and products, have made DMCC and Dubai one of the foremost global commodities hub. Could you provide us with the latest statistical data pertaining to total number of investors, new registrants since the beginning of the year, your target for the
What are some of the more notable services introduced by DMCC that have been greatly appreciated by your investors / member companies? Demonstrating our commitment towards providing members with fast and efficient services, the DMCC Free Zone collaborated with key service suppliers to provide a more streamlined offering to those looking to set up a business in the DMCC Free Zone. At DMCC, we are constantly looking at ways of creating a business-friendly marketplace for everyone from start-ups through to multinationals. For instance, we have recently launched the DMCC Free Zone Member portal, which enables our members to manage all their free zone affairs online and support the Government’s declared strategy of making Dubai a smart city. What major events or activities are lined up for the second half of the year? In the first quarter of 2014, we hosted major global conferences like the Global Gem and Jewellery Fair (GGJF) that was held in Dubai for the first time from March 2022. The Dubai Precious Metals Conference 2014 (DPMC), hosted by DMCC, in association with Foretell and title sponsor Standard Bank, was officially opened in the presence of Maryam Buti Al Suwaidi, Deputy CEO, Securities and Commodities Authority. DMCC’s 5th Global Dubai Tea Forum 2014 (GDTF) welcomed a record of over 350 delegates from over 30 tea producing and consuming countries from suppliers and manufacturers to producers, exporters, importers and ancillary industries to Dubai.
We have also launched the DMCC Energy Club, a not-forprofit initiative with the aim of cultivating a network of energy professionals and creating a collaborative environment in which discussion, innovation, debate and knowledge sharing can flourish. Moreover, we are hosting regular Knowledge series events to enhance our member companies’ access to the latest developments in corporate governance and regulatory and business practices. Could you provide a brief on your strategic plans for the Free Zone for the near future? What can we look forward to? In order to accommodate the continuing growth in member companies coming to DMCC, last year we announced plans to build a 107,000 square metre ‘Burj 2020 District’ that includes the world’s tallest commercial tower, the ‘Burj 2020’. The master plan for the world’s tallest commercial tower is currently in its final stages with architects expected to be appointed this year and groundbreaking in 2015. The ‘Burj 2020 District’ is being constructed as a direct result of customer demand in particular from multinationals and multi-business entities. The availability of highly efficient, purpose-built commercial office space suitable for multinational companies is almost non-existent in this area, which causes blue chip, global and multi-business entities to look elsewhere outside of Dubai. Last year we announced plans to build One JLT, a ‘glass-box’ style building in the heart of the DMCC Free Zone. The building, which will include 12 levels and a ground floor, will offer a Net Leasable Area (NLA) of 23,400 square metres. One JLT is a key part of the free zone’s previously announced strategy to cater to the demand of large regional and multinational companies. DMCC is committed to filling this gap by all means as we aim to enhance our contribution to the emirate’s GDP over the coming years. Any other information that you may like to add. In line with e-Government initiative announced by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the
UAE and Ruler of Dubai, DMCC has launched its new Free Zone Member Portal and given clients a convenient way to manage their free zone affairs and comply with the rules and regulations of the DMCC Dubai Free Zone as effortlessly as possible. The portal enables member companies to apply
for a wide variety of services such as setting up a new company online, applying for registration, licensing, employee services and more. DMCC member companies, are now able to request services, access information and print letters, anywhere, anytime, and from any device.
— Advertiser’s Content
ConneCting the dots As Sohar Port goes from strength to strength, attention turns to scaling up infrastructure and leadership development NOT since the days of Sinbad the Sailor has there been this much excitement about the maritime exploits taking place at the port that has served Sohar for centuries. While many believe the area to be the origin of the seafaring legend made famous by a Middle Eastern story-cycle, this once small fishing town has long-since been transformed through more than $15 billion in foreign direct investment. A world-class port with modern facilities and a forward-thinking leadership team at the helm, Sohar Port has become synonymous with the vision the Sultanate of Oman has outlined as it seeks to diversify its economy and ensure that ships that might have once passed by in the night chart a new heading. That new heading includes a dockyard that boasts major A world-class port with global terminal operators C. modern facilities and Steinweg, Oil Tanking Odjfell Kihmji and Tata, as well a forward-thinking as the Oman International leadership team at the Container Terminal. The lat- helm, Sohar Port has ter of which is currently un- become synonymous with dergoing a facelift of its own, with a $130 expansion proj- the vision the Sultanate ect in the process of adding of Oman has outlined as the last of seven post pana- it seeks to diversify its max quay and 14 rubber- economy and ensure that tyred gantry cranes that will boost the facility’s annual ships that might have handling capacity to 1.5 mil- once passed by in the lion TEU. The re-develop- night chart a new heading ment will double quay length and yard space too. Powering this complex network of portside operations and a multi-modal free zone, will be a new Port Management System provided by Belgian software specialist, Phaeros Group. Meanwhile, plans are also afoot for the development of the next generation of leaders through a new Port Management Programme launched earlier this year.
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khaleej times Sunday, June 22, 2014
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