free zones 2014

Sunday, June 22, 2014 khaleej times

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What was the rationale behindsetting up one of the largestmixed-use free zone develop-ments inDubai?Howdid the ideaof a commodities market placecome about? How far have youachieved your vision?DMCC Free Zone was estab-

lished in 2002 as a strategic ini-tiative of the Government ofDubai with amandate to enhancecommodity trade flows throughDubai by providing the physical,market and regulatory infrastruc-ture required to set up and oper-ate a thriving commodities mar-ketplace. Today,we are the largestand fastest growing free zone inthe region and have successfullyplaced Dubai at the centre of theglobal commodities trading map.Commodity trading is impor-

tant to the country— the top threeGDP non-oil trade are commodi-ties-based. In 2013, the flow ofgold passing through Dubai wasworth$75billion and representedaround 40 percent of the world’sphysical gold market. DMCC fa-cilitates trade across a range ofsectors including gold, diamonds,pearls, precious metals and tea.Majormultinational companies aswell as SMEshavechosen toestab-lish themselves in our Free Zone.Since its inception, DMCC has

built a platform for businessesranging from start-ups through tomultinationals from across theglobe includingkeymarket partici-pants throughout the commoditiesvalue chain, aswell aswider stake-holders ranging from shipping torecruitment, IT to advertising andconsulting.On average, around 200 com-

panies become members of thefree zone everymonth,more thansix companies per day, of whichover 95 percent are new toDubai.

What are amongst some of the

major advantages of setting upbusiness under DMCC? Whatvalue do businesses derive byhaving a base here?As the Government of Dubai

Authority dedicated to ensuringDubai is the global gateway forcommodity trade, we enable ourmembers to succeed through con-tinuous innovation and delivery,acting as an indispensable partnerto them as they look to grow theirbusiness.Businesses look for a place

where they can expand, accessnew markets and conduct theirday-to-day operations in a secure,transparent andmodern environ-ment. DMCC provides this infra-structure to enable industry par-ticipants to tradewith confidence,grow and access newmarkets.The nature of the free zone is

also appealing to companies whocan find a balance of living/work-ing with residential, commercial,retail andhotel amenities.Dubai’sfavourable location between EastandWest, producing and consum-ing nations, has also benefited us.DMCC’s success is also depen-

dent on airport and logistics facili-ties and the ability to offer themost competitive pricing and stor-age facilities. Allowing trade tomove quickly through the UAEborders is an incredible incentiveto our clients who, combined withour infrastructure, regulations,services and products, have madeDMCCandDubai one of the fore-most global commodities hub.

Couldyouprovideuswith the lat-est statistical data pertaining tototal number of investors, newregistrants since the beginningof the year, your target for the

year, and an overviewof the per-centage of growth rate over thepast decade?In 2013, we saw 2,378 new

member companies join theDMCCFreeZone, taking the totalnumber of companies registeredto 7,927 at the end of the year.We’ve grown from 28 companiesin 2003 to over 8,600 in 2014.We are now well on our way to

achieving our target of 10,000companies by 2015 and remainfully committed to further growthin order to cement Dubai as theglobal hub for commodities tradeand enterprise, while significantlyincreasing our contribution to theemirate’s GDP.

What are some of the more no-table services introduced byDMCC that have been greatlyappreciated by your investors /member companies?Demonstrating our commit-

ment towards providingmemberswith fast andefficient services, theDMCC Free Zone collaboratedwith key service suppliers to pro-vide a more streamlined offeringto those looking to set up a busi-ness in the DMCCFree Zone.At DMCC, we are constantly

looking at ways of creating a busi-ness-friendly marketplace for ev-eryone from start-ups through tomultinationals. For instance, wehave recently launched theDMCCFree Zone Member portal, whichenables our members to manageall their free zone affairs onlineand support theGovernment’s de-clared strategy of making Dubai asmart city.

What major events or activitiesare linedup for thesecondhalf ofthe year?In the first quarter of 2014, we

hosted major global conferenceslike theGlobalGemand JewelleryFair (GGJF) thatwas held inDubaifor the first time from March 20-22. The Dubai Precious MetalsConference 2014 (DPMC), host-ed by DMCC, in association withForetell and title sponsor Stan-dard Bank, was officially openedin the presence ofMaryamButi AlSuwaidi, Deputy CEO, SecuritiesandCommodities Authority. DM-CC’s 5thGlobal Dubai Tea Forum2014 (GDTF) welcomed a recordof over 350 delegates from over30 tea producing and consumingcountries from suppliers andmanufacturers to producers, ex-porters, importers and ancillaryindustries to Dubai.

We have also launched theDMCC Energy Club, a not-for-profit initiative with the aim ofcultivating a network of energyprofessionals and creating a col-laborative environment in whichdiscussion, innovation, debateand knowledge sharing can flour-ish. Moreover, we are hostingregular Knowledge series eventsto enhance our member compa-nies’ access to the latest develop-ments in corporate governanceand regulatory and businesspractices.

Couldyouprovideabriefonyourstrategic plans for the Free Zonefor the near future?What canwelook forward to?In order to accommodate the

continuing growth in membercompanies coming toDMCC, lastyear we announced plans to builda 107,000 square metre ‘Burj2020 District’ that includes theworld’s tallest commercial tower,the ‘Burj 2020’. The master planfor the world’s tallest commercialtower is currently in its final stag-es with architects expected to beappointed this year and ground-breaking in 2015. The ‘Burj 2020District’ is being constructed as adirect result of customer demandin particular from multinationalsand multi-business entities. Theavailability of highly efficient,purpose-built commercial officespace suitable for multinationalcompanies is almost non-existentin this area, which causes bluechip, global and multi-businessentities to look elsewhere outsideof Dubai.Last year we announced plans

to build One JLT, a ‘glass-box’style building in the heart of theDMCC Free Zone. The building,which will include 12 levels and aground floor,will offer aNet Leas-able Area (NLA) of 23,400 squaremetres. One JLT is a key part ofthe free zone’s previously an-nounced strategy to cater to thedemand of large regional andmultinational companies.DMCC is committed to filling

this gap by all means as we aim toenhance our contribution to theemirate’s GDP over the comingyears.

Any other information that youmay like to add.In line with e-Government ini-

tiative announced by His High-ness Shaikh Mohammed binRashid Al Maktoum, Vice-Presi-dent and Prime Minister of the

Continuous innovation anddeliveryDMCC Free Zone offersan infrastructurethat enables industryparticipants to tradewith confidence,grow and access newmarkets. Krysta Fox,Director, DMCC FreeZone speaks to KhaleejTimes in an exclusiveinterview. Excerpts:

Krysta Fox

UAE and Ruler of Dubai, DMCChas launched its new Free ZoneMember Portal and given clientsa convenient way tomanage theirfree zone affairs and comply withthe rules and regulations of theDMCCDubai FreeZone as effort-lessly as possible. The portal en-ablesmember companies to apply

for a wide variety of services suchas setting up a new company on-line, applying for registration, li-censing, employee services andmore. DMCC member compa-nies, are now able to request ser-vices, access information andprint letters, anywhere, anytime,and from any device.

NOT since the days of Sinbad the Sailor has there been thismuch excitement about themaritime exploits taking place at theport that has served Sohar for centuries.Whilemany believe thearea to be the origin of the seafaring legend made famous by aMiddle Eastern story-cycle, this once small fishing town haslong-since been transformed through more than $15 billion inforeign direct investment.Aworld-class port withmodern facilities and a forward-think-

ing leadership team at the helm, Sohar Port has become syn-onymous with the vision the Sultanate of Oman has outlined asit seeks to diversify its economy and ensure that ships thatmighthave once passed by in thenight chart a new heading.Thatnewheading includes

a dockyard that boastsmajorglobal terminal operators C.Steinweg, Oil Tanking Odj-fell Kihmji and Tata, as wellas the Oman InternationalContainer Terminal. The lat-ter of which is currently un-dergoing a facelift of its own,with a $130 expansion proj-ect in the process of addingthe last of seven post pana-max quay and 14 rubber-tyred gantry cranes that willboost the facility’s annualhandling capacity to 1.5mil-lion TEU. The re-develop-mentwill double quay lengthand yard space too.Powering this complex network of portside operations and a

multi-modal free zone, will be a new Port Management Systemprovided by Belgian software specialist, Phaeros Group. Mean-while, plans are also afoot for the development of the next gen-eration of leaders through a newPortManagement Programmelaunched earlier this year.

As Sohar Port goes from strength tostrength, attention turns to scaling upinfrastructure and leadership development

ConneCtingthe dots

Aworld-class port withmodern facilities anda forward-thinkingleadership team at thehelm, Sohar Port hasbecome synonymouswiththe vision the Sultanateof Oman has outlined asit seeks to diversify itseconomy and ensure thatships thatmight haveonce passed by in thenight chart a new heading

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khaleej times Sunday, June 22, 2014

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