The Dubai Multi Commodities Centre Authority (DMCC), the licensing authority for the Jumeirah Lakes Towers (JLT) Free Zone, today announced a record-breaking 60 per cent growth in new companies during the first half of 2012, compared to the same period in 2011.
In the first six months of the year, DMCC registered 975 new companies, bringing the total number of businesses operating in the JLT Free Zone to over 4,600. 2012 is now firmly set to outpace 2011's record-setting number of 1,357 new registrations. DMCC 's growth continues to benefit the broader business community in the UAE, seeing top industry players such as Dunkin' Brands Group and Vertu join the Free Zone.
Ahmed Bin Sulayem, Executive Chairman, DMCC, said: "During DMCC's ten years of operations we have seen unprecedented growth by developing the JLT Free Zone into a dynamic business and residential community whilst attracting over 4,600 businesses from across the globe.
"This year a record 975 companies joined the JLT Free Zone in the first six months, a 60% growth from the same period last year. Our strategy is to continue enhancing commodity trade flows through Dubai by enabling businesses to access new markets as they shift from West to East and North to South." Commodity trading in Dubai continued to record strong growth, led by the precious metals and precious stones sector. The Dubai Diamond Exchange ('DDE') underscored Dubai's position as one of the world's largest diamond trading hubs with 255 million carats of diamonds worth USD39 billion traded in 2011, a value increase of 11.5% over 2010.
The value of gold traded also broke new records, increasing by 35% to a record USD56 billion, reflecting both an increase in volume and in prices. Total trading volume for 2011 was 1,200 tonnes at an average realised gold price of USD1,571 representing an increase of 6.3% in total volumes traded over the previous year. DMCC continues to support this growth by hosting leading industry events such as the Inaugural Dubai Precious Metals conference, which was attended by 230 delegates from the international precious metals sector.
The Dubai Tea Trading Centre provided warehouse facilities for 3.2 million kg of tea during the first half of 2012 and the amount of teas value added in the Centre amounted to 2.1 million kg in the same period.
Concordia DMCC , a DMCC joint-venture and the managing agent for the JLT Free Zone, approved fit-outs for 1 million square feet of commercial space for companies operating in the Free Zone in the first six months of 2012, which is the equivalent of approximately three complete towers.
At the beginning of 2012, DMCC launched DMCC Tradeflow, which offers collateral-based trade finance solutions as a central, web-based registry of ownership for commodities. The platform has already registered and facilitated more than 130 pledges and allows users to access working capital facilities from numerous national and international financiers.
The Dubai Gold and Commodity Exchange (DGCX) H1 2012 volumes rose 172% to an aggregate 3,848,002 contracts driven by significant surges in Gold and Indian Rupee futures trading. The Exchange was awarded 'Best Global Commodities Exchange 2012' by Global Banking '&' Finance Review, a leading UK-based financial services publication.
DMCC was also seen supporting other major commodity industries in the first six months of 2012, including hosting the Fourth Biennial Global Dubai Tea Forum; the CICILS 2012 Annual Pulses Convention, the largest gathering of the global pulses industry ever; as well as new commodities gatherings in Dubai, such as the Ferro-Alloys Global Markets Conference.
The JLT Free Zone continued to expand its mixed-use Free Zone and freehold community. 61 towers have been completed to date and five more are expected to be completed by the end of 2012. There are now over 120 retail outlets servicing the 50,000 individuals working and living in the JLT Free Zone.