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NEWS

DMCC Becomes UAE's Largest Free Trade Zone


24/09/2013

The Dubai Multi Commodities Center (DMCC) has overtaken Jebel Ali Free Zone to become the largest free trade zone in the United Arab Emirates, the DMCC's executive chairman, Ahmed bin Sulayem, said on Saturday.

The DMCC is also the fastest growing free zone in the UAE. An average of 200 companies join each month, with 94 percent staying. The center now has more than 7,330 active registered companies.

"We are well on our way to achieving our target of 10,000 companies by 2015, at which point we anticipate to be almost at capacity. Our expansion plans, including the DMCC business park and the world's tallest commercial tower, will cater to large corporations looking to access new markets and will be the next phase in the DMCC's and Dubai's growth," Bin Sulayem said.

Jebel Ali Free Zone is now the second biggest free zone in Dubai with 6,400 companies.

The benefits of setting up a company in one of Dubai's free zones include tax exemptions and 100 percent foreign ownership.

www.tax-news.com

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