DMCC, the Dubai Multi Commodities Centre, has reported a significant 24% growth in Chinese companies choosing to establish themselves within its free zone this year.
This announcement follows a series of successful roadshows organized by DMCC in Shanghai, Guangzhou, and Chongqing, which aimed to showcase Dubai’s thriving business environment and position DMCC as the preferred central platform for Chinese companies seeking expansion opportunities in Dubai and worldwide.
These roadshows marked DMCC’s first physical presence in China in three years and provided an opportunity to engage with over 600 business leaders from various sectors. Executives from DMCC briefed the attendees on the advantages of conducting business in Dubai through DMCC, renowned as one of the world’s most well-connected business districts.
DMCC Strengthens Economic Ties with China Through Strategic MoU
During the roadshows, DMCC also signed a strategic Memorandum of Understanding (MoU) with the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone (LGSAC).
The MoU establishes cooperation between the two entities in areas such as innovation, commerce, logistics, and trade, according to WAM.
This collaboration aims to create dedicated services for companies in Dubai and Shanghai, streamlining the setup requirements and processes for businesses looking to establish a presence in both regions.
DMCC demonstrated its commitment to strengthening economic relations between China and Dubai earlier this year by hosting a dedicated China Business Day. The event successfully brought together over 200 Chinese business leaders, fostering closer ties and celebrating the growing bilateral relations.
DMCC Hosts China Business Day to Foster Bilateral Relations
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, added, “With over 770 Chinese companies in our free zone, a figure which is growing all the time, China is one of the most strategically important markets for DMCC. During this vibrant and exciting time for our countries, we are delighted to announce our return to China, where bilateral trade outside of oil surpassed US$72 billion last year. This MoU with LGSAC is the latest statement of intent as we aim to further the ease of doing business for greater trade flows and mutual economic prosperity.”
Zhao Yihuai, deputy director of Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, said, “We consider the UAE as a valuable trade and commercial partner, with Dubai playing a significant role as an enabler of international trade. Our partnership with DMCC comes at a strategic time when the leadership in China and the UAE have set a target to increase bilateral trade to US$200 billion by 2030. We are confident this agreement will further strengthen the ties between the two nations by granting businesses improved access to both markets.”
To encourage the presence of Chinese businesses in Dubai, DMCC has focused on developing a tailored ecosystem, featuring the Yingtian Chinese Business Centre DMCC and a Mandarin version of its website. Additionally, DMCC has established a China Service Centre at Almas Tower, providing comprehensive Mandarin onboarding assistance to Chinese companies at every stage.
In 2020, DMCC also inaugurated a representative office in Shenzhen, streamlining the setup procedures and offering localized support for Chinese businesses seeking to establish themselves in Dubai.
