Dubai Multi Commodities Centre also known as DMCC takes the first place as the best free zone among 60 free zones around the world, by the Financial Times’ fDi Magazine for the third successive year.
Ahmed Bin Sulayem, executive chairman of DMCC, said: “Shaping the future of trade, DMCC and its member companies have emerged as a major contributor to Dubai’s economy with a GDP contribution of 9.6 percent.
"Winning ‘Global Free Zone of the Year’ for the third year in a row is an honour and a tribute to the over 13,700 companies which make up the DMCC Free Zone and contribute to our success every day, driving the next wave of growth and innovation."
DMCC Free Zone was formed in 2002 in Jumeirah Lakes Towers area of Dubai and attracted thousands of companies for doing business. Today DMCC Free Zone has more than 13,700 companies registered under it with 92,500 people from over 170 countries who live and work in Jumeirah Lakes Towers, where DMCC rules apply.
Full foreign ownership, no taxation, no restriction on capital repatriation, no import/export duty, central location, well-organized online system and high reputation are some of the benefits that DMCC offers to its member companies.
Gautam Sashittal, CEO, DMCC, added: “To be ranked number 1 out of 60 free zones around the world is a significant achievement and affirms that the DMCC Free Zone provides a truly connected marketplace enabling progressive companies to trade with confidence and grow their businesses.”
With seven new companies setting up a business every working day, DMCC is home to many of the world’s leading corporations including Alcatel Lucent Middle East and North Africa, Carrera Y Carrera, Colgate-Palmolive, Duracell, Eurofin, John West Foods, Lukoil, LVMH, Nutricia Danone, Oddfjell, Rio Tinto-Dimexon and TAG Worldwide.
Courtney Fingar, Editor-in-chief of fDi Magazine, said: "Despite ever-tougher competition, DMCC continues to stand out from the crowd and is our choice as the world's top Free Zone for the third year running.
"Not content to rest on its laurels, DMCC is keeping at the forefront of technology and pioneering the use of electronic signatures and other services that save member companies time and hassle."
DMCC added 2,016 new members in 2016 itlef and over 600 in the first half of 2017. It has delivered an annual average growth rate of 33 percent in the last 10 years.
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