DMCC adds 63% more firms in 2010

The number of energy companies registered with the Dubai Multi Commodities Centre (DMCC) Authority has gone up by 63 per cent this year, according to a senior official.

The Dubai Multi Commodities Centre (DMCC) Authority, the free zone authority for Jumeirah Lakes Towers (JLT), will be exhibiting at the 5th Annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum for the fifth year in a row.

The event, which will be held on December7-9, 2010 in Dubai, is the largest and most prestigious petrochemical gathering in the Middle East if not globally.

Malcolm Wall Morris, Chief Executive Officer of the DMCC, said: "The JLT free zone has become the regional hub to many global energy and petrochemical companies including well-known names such as Reliance, PTT and SGG. Growth in DMCC company registrations in the energy sector has been strong in 2010, up 63 per cent year-on-year. We attribute this success to JLT s position in the heart of Dubai’s Logistics Corridor, as well as our fit-for-purpose regulatory framework, modern infrastructure, free-hold property and value-added products and services that we provide to our members."

Recent statements from the GPCA have indicated that the global ethylene capacity will witness a considerable increase in the coming years, with more than 19 million tons per annum capacity to come on stream in the Middle East by 2015.

This will make it one of the leading petrochemical production hubs in the world.

It is also expected to become the main arbitrage point for polymers worldwide, supplying up to 40 per cent of incremental Asian demand in the medium term.

GPCA is expected to draw 1,200 attendees from all over the world and will host global majors such as SABIC, TASNEE, Borouge, BASF, ExxonMobil and Shell.

Key note speakers include Sheikha Lubna Bint Khalid Al Qasimi, UAE Minister of Foreign Trade, who will share her thoughts on the role of petrochemicals in the economic development of the GCC.

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