Dubai Multi Commodities Centre

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Dubai Multi Commodities Centre
مركز دبي للسلع المتعددة
TypeFree-trade zone and Government agency (former)
IndustryCommodities exchange
Real estate
Founded2002
Headquarters,
Key people
Ahmed Sultan Bin Sulayem, Executive Chairman & Chief Executive Officer
Number of employees
300+
Websitewww.dmcc.ae

Dubai Multi Commodities Centre (DMCC) is the UAE's largest free-trade zone that is located in the Jumeirah Lake Towers district of Dubai. Created in 2002, it serves as a commodities exchange that deals in four main sectors: precious commodities (e.g., gold, diamonds); energy; steel and metals and agricultural commodities (e.g., tea, cotton).[1]
In August 2020, the Investment Corporation of Dubai, a sovereign wealth fund, became the parent company of the autonomous DMCC as part of a major restructuring.[2][3][4]

History[edit]

On the 1st of May 2002, then-Crown Prince of Dubai Mohammed bin Rashid Al Maktoum issued "Regarding the Establishment of the Dubai Multi Commodities Centre". Decision No. 2 of 2002 of 1 May 2002 (PDF) (in Arabic). directing the establishment of the free zone and the objective of the freezone to be a center of commodities trading. Further regulations were issued in Rule No. 4 of 2002 of 1 May 2002. which clarified the organisation of the freezone as its own independent authority and exempted all companies operating in the free zone of all forms of taxes and customs charges, and noted that companies and entities within the freezone are not regulated by the Dubai Municipality or DubaI Economy.

Further regulation was issued in Rule No. 1 of 2003 of 22 March 2003 (PDF) (in Arabic). which clarified the President of the Authority must be appointed by the Ruler of Dubai and could then appoint a Chief Executive Officer and members of the Board of Directors and the law expanded the mandate of the free zone to establish any other agencies or companies it might need to run the free zone and support companies operating in the freezone, including recruitment of personnel, and obtaining financial loans and assistance from banks.

The Dubai Diamond Exchange (DDE) was established in 2004 to facilitate the development of the diamond and coloured gems market.[5] Dubai ranks third behind Antwerp and Mumbai in the leading global diamond hubs in terms of trade, growing from $300 million (Dh1.10 billion) in trade in 2002 to $26 billion in 2016.[6] The Dubai Pearl Exchange (DPE) provides facilities for traders in pearls and holds events like the World Pearl Forum. In early 2011, DPE held the first pearl auctions outside of the Far East.[7]

In 2012, the DMCC launched it's own financial products such as the Dubai Commodity Asset Management (DCAM), Dubai Shariah Asset Management (DSAM), DMCC Tradeflow,[8] and Dubai Gold & Commodities Exchange (DGCX).[9]

In 2018, the DMCC launched the Middle East's first Google for Entrepreneurs Global Tech Hub with AstroLabs Dubai.[10]

In 2020, the DMCC underwent a major restructuring. While previously acting as both a free zone and it's own authority, the structure was of the entity was changed, with the DMCC and DMCC Authority split into separate entities with the DMCC as a center was transferred to the control of the Investment Corporation of Dubai, and the DMCC Authority was transferred under the control of the Dubai Executive Council as a full dubai government department.[11]

Overview[edit]

DMCC Free Zone is the largest free-trade zone in the UAE, with more than 18,000 registered members as of 2021.[12][13] In 2018, DMCC was named number one global free zone for a fourth consecutive year by the Financial Times FDi magazine.[14][15]

DMCC supports commodity trading through organizations such as the Dubai Diamond Exchange (DDE), the Dubai Pearl Exchanges (DPE), DMCC Tradeflow, the Dubai Good Delivery Standard (DGD) for Gold,[16][17] the DMCC Tea Centre,[18] and the DMCC Coffee Centre.[19]

Crypto currency[edit]

DMCC has issued first сrypto assets trading license [20] for making over-the-counter transactions with cryptocurrencies at 26 May 2021 in order to develop the crypto industry in the United Arab Emirates. Until the moment trading operations with crypto currency were illegal in UAE.

DMCC Authority[edit]

The DMCC Authority is the Government of Dubai regulatory body for the DMCC. The DMCC Authority is headed by a Chief Executive and a Board of Directors. The Ruler of Dubai appoints the Board of Directors, and the Chief Executive is appointed by the Dubai Executive Council.[21]

Awards[edit]

  • Global Islamic Finance Award for Best Supporting Institution, 2014.[22]
  • fDi Global Free Zones of the Year, 2015, 2016, 2017, 2018 and 2019.[23][24][14][15]
  • Facilitating Most Innovative Structured Transaction Award in 2007, Deal of the Year Award.[25]
  • Dubai Shariah Asset Management awarded as Best Shariah Compliant product provider, and DSAM Kauthar Commodity Fund received Best Funds of Funds Award, at the Hedge Funds World Middle East Conference 2010.[26]
  • Best Fund-of-Funds, Failaka Islamic Fund Award, April 21, 2010.[27]

Property[edit]

DMCC, for which Jumeirah Lakes Towers (JLT) (Arabic: أبراج بحيرات جميرا) is the physical address, is a 200-hectare mixed-use free zone is grouped into clusters each comprising three tower blocks around three large lakes and a central park.[28][29] There are 68 towers and the 200-hectare development currently comprises approximately 180,000 sq/m of commercial, residential and retail space.[30]

Almas Tower, the headquarters of DMCC, was completed in mid-2008, is the world's 31st tallest structure. The 68-floor building houses around a thousand diamond companies, diamond vaults, a diamond trading floor, and the Almas Conference Centre (ACC).[31] DMCC's 2017 plan for the Uptown Dubai district includes more than 10 million square feet of commercial and residential space, more than 200 retail and F&B outlets, alongside 3000 residences, a central entertainment plaza and luxury hotels.[32]

List of JLT Towers[edit]

Cluster Tower 1 Tower 2 Tower 3
A A1 - New Dubai Gate 2 A2 - Laguna Tower A3 - Lake Side Residence
B B1 - Wind Tower II B2 - Lake View Tower B3 - Wind Tower I
C C1 - Fortune Tower C2 - Gold Crest Executive Tower C3 - The Palladium
D D1 - Indigo Tower D2 - Lake Terrace Tower D3 - Lake City Tower
E E1 - Global Lake View E2 - Al Sheraa Tower E3 - SABA Office
F F1 - Bobyan Tower F2 - HDS Tower F3 - Indigo Icon
G G1 - Dubai Arch G2 - Jumeirah Business Centre 1 G3 - Al Fajer Properties (likely JBC 8 or 9)
H H1 - Jumeirah Business Centre 7 H2 - Concorde Tower H3 - Al Fajer Properties (likely JBC 8 or 9)
I I1 - Silver Tower I2 - Platinum Tower I3 - Gold Tower
J J1 - Gold Crest Views 2 J2 - Unknown Tower J3 - Bonnington Tower
K K1 - Under Construction K2 - Under Construction K3 - Under Construction
L L1 - Jumeirah Business Centre 6 L2 - Dubai Star L3 - Ikon Towers
M M1 - HDS Business Centre M2 - M3 - Ikon Towers
N N1 - The Dome N2 - Lakepoint N3 - Jumeirah Business Centre 4
O O1 - Reef Tower O2 - O2 Residence O3 - Madina Tower
P P1 - Armada Towers 1 P2 - Armada Towers 2 P3 - Armada Towers 3
Q Q1 - SABA Twin Towers Q2 - New Dubai Gate 1 Q3 - SABA Twin Towers
R R1 - Al Waleed Paradise R2 - MAG 214 R3 - Al Saqran Tower
S S1 - Green Lake Towers S2 - Green Lake Towers S3 - Green Lake Towers
T T1 - Fortune Executive T2 - Lake Plaza T3 - Pullman Hotel Dubai, JLT
U B1 - U1 - Al Seef Tower 3 U2 - Al Seef Tower 2 U3 - Tamweel Tower
V V1 - Jumeirah Business Centre 2 V2 - Gold Crest V3 - V3 Tower
W W1 - Jumeirah Business Centre 5 W2 - Tiffany Tower W3 - LIWA Heights
X X1 - Jumeirah Bay X2 - Jumeirah Bay X3 - Jumeirah Bay
Y Y1 - Jumeirah Business Centre 3 Y2 - Lake Shore Tower Y3 - Swiss Tower
Z Z1 - Jumeirah Lake Apartments Z2 - Anantara Hotel & Spa Z3 - Jumeirah Lake Offices
AA AA1 - Business Avenue AA2 - Amesco Tower AA3 - Corporate Tower
BB BB1 - Business Avenue BB2 - Business Avenue BB3 - SABA TOWER 4

See also[edit]

References[edit]

  1. ^ Eyring, Alison Romney; Lim, Angeline; Danish, Tania (1 January 2014). "Dubai Multi Commodities Centre Authority (DMCC): the transformation of a government-linked firm in Dubai". Emerald Emerging Markets Case Studies. 4 (6): 1–10. doi:10.1108/EEMCS-06-2013-0080. ISSN 2045-0621.
  2. ^ "Law No. (10) of 2020: Transferring the Ownership of the Dubai Multi Commodities Centre to the Investment Corporation of Dubai". Dubai Legislation Portal. The Supreme Legislation Committee in the Emirate of Dubai.
  3. ^ "Retail Investments". Investment Corporation of Dubai.
  4. ^ "Investment Corporation of Dubai and Meydan City boards restructured". Reuters. 15 August 2020.
  5. ^ "DMCC Blog". DMCC. Retrieved 28 May 2018.
  6. ^ Reporter, Andrew Staples, Chief Business (16 October 2017). "VAT imperils Dubai's diamond trade, DDE chairman warns". GulfNews. Retrieved 9 October 2018.
  7. ^ "Dubai Multi Commodities Centre Events". DMCC. Retrieved 28 May 2018.
  8. ^ Reuters Editorial. "Dubai launches commodity finance, storage system". U.S. Retrieved 28 May 2018.
  9. ^ Financial.net, CPI. "DGCX attracts wider regional participation in February 2016". CPI Financial. Retrieved 28 May 2018.
  10. ^ "DMCC, AstroLabs and Google team up for tech hub launch". The National. Retrieved 28 May 2018.
  11. ^ "Mohammed bin Rashid issues new Law on Dubai Multi Commodities Centre". www.mediaoffice.ae. Retrieved 31 July 2022.
  12. ^ "DMCC signs UN women's empowerment principles advancing gender equality". Retrieved 9 October 2018.
  13. ^ "The National - The Middle East. Explained". The National. Retrieved 28 May 2018.
  14. ^ a b "Dubai's DMCC named the world's top free zone for third year". ArabianBusiness.com. Retrieved 9 October 2018.
  15. ^ a b Intelligence, fDi. "fDi's Global Free Zones of the Year 2018 – the winners". www.fdiintelligence.com. Retrieved 11 October 2018.
  16. ^ Reporter, Cleofe Maceda, Senior (3 March 2012). "UAE's first gold coin to go on sale by end of this month". GulfNews. Retrieved 28 May 2018.
  17. ^ Reporter, Cleofe Maceda, Senior (17 March 2012). "UAE's first gold coin a good option, expert says". GulfNews. Retrieved 28 May 2018.
  18. ^ "Archived copy". Archived from the original on 11 July 2011. Retrieved 17 August 2011.{{cite web}}: CS1 maint: archived copy as title (link)
  19. ^ "Dubai's DMCC to launch coffee centre in November". Retrieved 11 October 2018.
  20. ^ "License for making over-the-counter transactions with cryptocurrencies". Retrieved 26 May 2021.
  21. ^ الإلكتروني, البيان. "محمد بن راشد يصدر قانوناً بشأن مركز دبي للسلع المتعددة". www.albayan.ae (in Arabic). Retrieved 31 July 2022.
  22. ^ "DMCC Tradeflow receives Global Islamic Finance Award for Best Supporting Institution 2014". wam. Retrieved 15 April 2017.
  23. ^ "fDi Global Free Zones of the Year 2014 – Winners". www.fdiintelligence.com. Retrieved 15 April 2017.
  24. ^ "fDi Global Free Zones of the Year 2015 – Winners". www.fdiintelligence.com. Retrieved 15 April 2017.
  25. ^ "DMCC Tradeflow receives logistics project of the year award | Zawya MENA Edition". www.zawya.com. Retrieved 15 April 2017.
  26. ^ "Hedge Funds World Middle East Awards select winners from across the region" (PDF). www.aps.com.sg. 9 March 2010. Retrieved 15 April 2017.
  27. ^ "DMCC's DSAM Kauthar Commodity Fund named 'Best Fund-of-Funds' - Business Intelligence Middle East - bi-me.com - News, analysis, reports". www.bi-me.com. Retrieved 15 April 2017.
  28. ^ Leijen, Majorie van (16 January 2014). "Dubai residents flock to JLT's newly-opened park". Emirates 24|7. Retrieved 28 May 2018.
  29. ^ Aya Lowe (20 May 2011). "Giving business its best chance". GulfNews. Retrieved 28 May 2018.
  30. ^ "DMCC head proud to be on track with e-government project". The National. Retrieved 28 May 2018.
  31. ^ "Dubai tower that shines as bright as a diamond". The National. Retrieved 28 May 2018.
  32. ^ "DMCC begins work on Uptown Dubai district | Middle East Construction News". Middle East Construction News. 26 September 2017. Retrieved 7 August 2018.