DMCC is home to 703 Chinese companies, constituting nearly 12 per cent of the total number across the UAE
The Dubai Multi Commodities Centre (DMCC) has announced that it has recorded a twofold rise in the number of Chinese companies in its freezone in the past five years.
This translates into an addition – on average – of more than two Chinese companies a week. DMCC is currently home to 703 Chinese businesses, representing nearly 12 per cent of the such companies in the UAE.
Since its establishment, DMCC has signed a wide range of agreements with public and private entities in China to boost bilateral trade, it said in a statement. The centre also hosted roadshows and webinars to facilitate the international expansion of Chinese companies.
DMCC is pleased to announce the doubling of Chinese companies in its Free Zone representing nearly 12% of UAE’s total. Home to 703 Chinese companies, read about DMCC’s efforts in boosting bilateral #trade between #UAE and #China: https://t.co/m2zWqw1HGa pic.twitter.com/fyLtP0J3yt
— DMCC (@DMCCAuthority) September 14, 2022
In addition, DMCC has created an integrated infrastructure for the community, including the establishment of the Yingtian Chinese Business Centre DMCC in 2017 to aid Chinese companies wanting to set up shop in Dubai. The centre’s website was also launched in Mandarin to further facilitate the ease of doing business in Dubai.
In 2020, a China service centre opened in DMCC’s headquarter, with Mandarin onboarding support across all client touchpoints. A representative office in Shenzhen, China was also inaugurated in 2020 to bring in business opportunities to the emirate.
Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC, said, “China has always been a significant market for DMCC. It is the largest economy in Asia and the second largest in the world, and the biggest trading partner for the UAE. There are more than 6,000 Chinese companies in the UAE and DMCC is proud to be home to 12 per cent of them.”
In 2021, China also ranked first as the UAE’s biggest trading partner, accounting for 11.7 per cent of the UAE’s total foreign trade, and the value of non-oil trade exchange between the two countries amounted to Dhs212bn, a growth of 27 per cent from 2020 and 19.8 per cent from 2019. China remained the UAE’s top trading partner during the first quarter of 2022, with bilateral trade between the two countries at Dhs57bn. The trade value is on track to expand to $200bn by 2030, a statement added.
In Q1 2022, 665 new companies were in DMCC – making it the best first quarter since its inception 20 years ago.
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