Dubai Multi Commodities Centre, DMCC, Free Zone and Government of Dubai Authority on commodities trade and enterprise, and the Department of Economic Development, DED, have signed a strategic Memorandum of Understanding, MoU, to collaborate on the licensing of companies in Dubai allowing them to operate within the Free Zone and onshore.
The partnership aims to further facilitate trade and boost economic activity in the emirate.
The MoU was signed by Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, and Ali Ibrahim, Deputy Director-General of the Department of Economic Development.
The MoU introduces a dual licensing scheme to DMCC member companies, enabling them to establish a presence and operation in mainland Dubai under a DED licence. The agreement will also enable Free Zone businesses to carry out some service activities onshore, provided they obtain a no-objection certificate from DMCC first.
The collaboration commits both entities to exchange information regarding the companies and businesses seeking to expand beyond their existing remit by using blockchain technology.
Commenting on the partnership, DMCC CEO, said, “As DMCC, we are committed to removing all barriers to trade and ensuring that our member companies have access to the best infrastructure, services, and opportunities required for their businesses to prosper. By signing this strategic collaboration agreement with the Department of Economic Development, we are not only promoting and facilitating trade, but also offering businesses the flexibility they need to operate in a competitive marketplace.”
In turn, Ibrahim stated that the partnership will enhance investor confidence and empower businesses in Dubai. “It will bring in new investment and enable businesses to diversify into new activities, thus promoting economic diversification and competitiveness of Dubai. We look forward to strengthening Dubai as a global financial and business hub together with the DMCC and we firmly believe our collaboration will attract foreign direct investment into Dubai and DMCC; particularly in light of the opportunities stemming from the upcoming Expo 2020.”
DMCC is home to 15,000 member companies and 100,000 people who live and work in its Jumeirah Lakes Towers community. The Free Zone contributes over 10 percent to Dubai’s GDP.