The Dubai Multi Commodities Centre (DMCC) - the globally recognized free trade zone and authority of the Dubai government specialized in commodity trading and projects - has been awarded the "Best Free Zone in the World for 2021" by the "fDi Magazine," published by the Financial Times, marking the seventh consecutive year. This prestigious award, the highest recognition a free zone can receive, serves as a testament to the exceptional performance of DMCC throughout 2020 and the efforts made to support and empower the success of the business community.
Additionally, DMCC was named the best free zone in the Middle East for the current year, the best free zone in attracting major brands, and received a global excellence award in the Middle East. It also received an honorary recognition for its response to the COVID-19 pandemic, investment in infrastructure, small and medium enterprises, sustainability reporting, and leadership.
Ahmed bin Sulaim, the CEO and Executive Chairman of DMCC, stated that winning the fDi Magazine's award for the best free zone in the world for the seventh consecutive time is not just a testament to the value and opportunity available at DMCC, but also its resilience in meeting global demand. In doing so, DMCC not only supported its existing members throughout 2020 but also achieved record numbers in the registration of new companies, thanks to the business support packages that offered numerous exemptions and benefits across various sectors, alongside the expansion of its existing online services and the opening of international representative offices in Tel Aviv and Shenzhen, and new crypto and cocoa centers, which provide increasing opportunities for businesses of all types to become part of its highly diverse community and benefit from its unparalleled global connectivity.
The leadership excellence awards are based on DMCC's ability to rapidly adapt to the pandemic landscape and provide relief, as well as its leading research on the future of trade. The award-winning "Future of Trade" report addresses the impact of geopolitics, technology, the COVID-19 pandemic, and global economic trends while focusing on trade growth, supply chains, trade finance, infrastructure, and sustainability, along with clear and actionable policy recommendations for governments and companies. Since its launch in 2016, the report, published twice a year, has been downloaded over 500,000 times.
DMCC received "honorary mentions" for its sustainability reports based on the implementation of the enhanced 5C sustainability framework, promoting smart and sustainable infrastructure in the region, digital transformation, and transparency. The award recognizes DMCC's progress toward achieving the United Nations Sustainable Development Goals and its commitment to the UN Global Compact, all detailed in DMCC's annual sustainability report. Over 70 free zones from around the world were evaluated according to a multidisciplinary set of criteria.
The awards' judging panel included specialized editorial staff from the Financial Times and a committee of independent judges for each region, who categorized each nomination in areas including strategy, response to the COVID-19 pandemic, infrastructure development, sustainability enhancement, and environmental, social, and corporate governance projects. Despite the business environment shaped by the pandemic, DMCC recorded a record number of new companies joining the center in 2020, reaching 2025, the highest number of registered companies in five years. This was largely attributed to the business support package launched in March 2020, the largest incentive bundle ever offered by DMCC, providing a wide range of incentives and value-added services for both current and new businesses.
More than 8,000 companies benefited from over 13,000 relief and incentive offerings throughout the year, with interest shown by entities from more than 149 countries. Due to the positive market response, the package was expanded and extended until the end of 2020. DMCC also partnered with financial institutions, specifically Emirates NBD and Mashreq Bank, to provide flexible banking solutions for both new and existing companies designed to meet their needs in overcoming the pandemic's impact.
DMCC's record performance continued in 2021, with the first three quarters representing the best nine-month period ever for DMCC regarding the number of new companies registered, including the best June, August, and September on record.
