Dubai Multi Commodities Centre

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DMCC (Dubai Multi Commodities Centre)
مركز دبي للسلع المتعددة
Government of Dubai Authority, Free Zone and Master Developer of Jumeirah Lakes Towers
Industry Free Zone Authority, Commodities Trade and Exchanges, Real Estate and Property
Founded 2002
Headquarters Almas Tower, Dubai, United Arab Emirates
Key people
Ahmed Sultan Bin Sulayem, Executive Chairman
Number of employees
300+
Website www.dmcc.ae

DMCC (Dubai Multi Commodities Centre) was established in 2002 as a strategic initiative of the government of Dubai with a mandate to provide the physical, market and financial infrastructure required to establish Dubai as a hub for global commodities trade.[1] As of June 2013, it had over 6,800 registered members including both commodities and other businesses. Today there are over 11,000 member companies in the DMCC Free Zone also voted ‘Global Free Zone of the Year’ 2015 by The Financial Times fDi Magazine.[2]

Industry participants and Free Zone member companies enjoy access to market infrastructure and physical facilities such as gold and diamond vaults, trading platforms like the Dubai Gold & Commodities Exchange, Dubai Diamond Exchange, the Dubai Pearl Exchange and DMCC Tradeflow, the DMCC Tea Centre and a range of commodities backed financial investment tools.

Today you will find many commodity sectors along with a range of businesses from shipping to trade, recruitment, to IT and advertising, through to restaurants, retail stores, gyms, nurseries, luxury brands, universities and more in the 85,000 [3] people strong business and residential community based in Jumeirah Lakes Towers, Dubai.

Ahmed Bin Sulayem is the Executive Chairman of DMCC.

DMCC Free Zone[edit]

DMCC Free Zone is the UAE’s largest and fastest growing free zone in the UAE, with over 11,700 registered members.[4] Members of the DMCC Free Zone operate across all stages of the value-chain, in addition to other support and facilitation services [5]

The 200-hectare mixed-use Free Zone, comprises both freehold and leasing options. The development is grouped into clusters each comprising three tower blocks around three large lakes and a park.[6]

The DMCC Free Zone is situated in the heart of new Dubai and is 1 hours and 15 minutes away from Abu Dhabi. Located in Dubai’s logistics Corridor and on the main arterial Sheikh Zayed Road, it is also served by two Metro stations; JLT and Dubai Marina. Both Dubai International Airport and the New Maktoum International Airport can be reached within 30 minutes.[7][8]

The DMCC Free Zone fulfills DMCC’s mandate to increase the flow of trade and around the Emirate by providing the physical infrastructure for businesses covering a wide range of commercial activities. It has been designed as a free zone, freehold community and offers all related services to its growing population.

DMCC recently launched the Middle East’s first Google for Entrepreneurs Global Tech Hub with AstroLabs Dubai.[9] The Google for Entrepreneurs Global Tech Hub features an advanced mobile device development lab, co-designed with Google for Entrepreneurs, to enable Startups to build apps for the highest smartphone penetration markets globally. The 6,500 square foot facility is fully flexible with a large training space, feature a bustling café, set on a beautiful promenade overlooking the park.

There are 66 fully operational towers [10] and the 200-hectare development currently comprises approximately 180,000 sq/m of commercial, residential and retail space.

DMCC Free Zone Services[edit]

DMCC Free Zone is one of the fastest growing free zones in the UAE.[11] It is seeing strong demand from companies and registered a record 2,033 companies in 2012; a rise of 50% over 2011.[12] In the first half of 2013, DMCC registered 1,270 new member companies, 30% more than the same period the previous year.[13] As of March 2016 there are over 11,700 registered members in the Free Zone.[14]

DMCC has made significant changes to the process for registration and licensing including a simplified e-application process, availability of longer-term licenses and improved client relationship management.[15] In brief, all services that can be available online are accessible online from one platform.

Commodity Services[edit]

Aerial View of JLT Free Zone

DMCC is the only international commodity centre in the region. It supports commodity trading across certain commodity groups through purpose-built infrastructure including the Diamond and Pearl Exchanges, innovative products and value-added services such as DMCC Tradeflow and the Dubai Good Delivery Standard for Gold.

The four main commodity groups are:

Gold: historically, Dubai has played a significant role in the global gold market and is now a bullion centre of international significance. DMCC has integrated the refining, manufacturing and trading of gold and precious metals through a variety of products and services in Dubai. These include the Dubai Good Delivery, DMCC Vault, the Visions of Dubai commemorative gold coin, the UAE gold bullion coins and Dubai Gold Advisory Group.[16][17]

Diamonds: the Dubai Diamond Exchange(DDE) was established in 2004 to facilitate the development of the diamond and colored gems market, to establish logistical efficiencies and provide a secure trading environment. DDE allows manufacturers, traders, and other key entities in the diamond value chain to effectively operate from a transparent, secure and sophisticated platform. During 2010, the volume of diamonds traded reached a record 286.7 million carats, up 50 per cent on 2009.[5] In November 2011, the DDE reported a record total trading of 206.1 million carats in first half 2011 in Dubai, a 35% increase on the 131 million carats traded in H1 2010; with values increasing to $25.3 billion from $16.3 billion.[18]

Pearls: the Dubai Pearl Exchange (DPE) provides facilities for traders in pearls; and services include sales rooms, customs duty facilitation, gem analysis centre, vaults, market information and dedicated events like the World Pearl Forum. Early 2011, DPE held the first pearl auctions outside of the Far East.[19]

Tea: the Dubai Tea Trading Centre (DTTC) is a 24,000 sq/m facility located close to the Dubai Ports (JAFZA). It offers a business centre, temperature controlled storage, blending solutions, packaging, professional advisory and tea tasting services for international tea producers and buyers.[20]

Financial Services[edit]

DMCC offers investors sophisticated financial products and has formed various strategic joint ventures to achieve this. These include: Dubai Commodity Asset Management (DCAM): Established to develop and seed commodity-linked investment products for distribution in the UAE and other markets.

Dubai Shariah Asset Management (DSAM): A joint venture between DCAM and Shariah Capital Inc. (‘Shariah Capital’), a US-based Shariah-compliant financial adviser and consultant. The DSAM Kauthar Commodity Fund comprises four single strategy commodity–based funds that invest exclusively in Shariah-compliant long/short equity hedge funds. The four strategies are: The DSAM Kauthar Gold Fund; the DSAM Kauthar Energy Fund; the DSAM Kauthar Natural Resources Fund and; the DSAM Kauthar Global Resources & Mining Fund.

DMCC Tradeflow: An electronic system that brings together all parties involved in inventory based financing. Through the platform, owners of goods stored in rated warehouses in the UAE can request warehouse keepers to issue "Tradeflow Warrants" which represent the ownership of their goods. These warrants can be used by the owners to pledge beneficial ownership or transfer title of the stored goods to financiers as collateral in return for working capital.[21]

DMCC also offers the Dubai Gold Securities product. This provides investors with secure, low-cost access to owning gold bullion without the additional costs normally associated with insuring, storing and transacting in physical gold.

The Dubai Gold & Commodities Exchange (DGCX) [22] set up in November 2005, is a major commodity and currency derivatives exchange in the Middle East, with electronic trading accessible from anywhere in the world. It has adopted the DGR system for effecting the physical settlements of gold and silver against a futures contract position.

DMCC Property Services[edit]

The DMCC Free Zone, [for which Jumeirah Lakes Towers (JLT) (Arabic: أبراج بحيرات جميرا) is the physical address], is a 200-hectare, mixed-use master development facilitating both business and community living.[23] Its 66 towers offer residential, office and retail property for freehold and leasing.

Almas Tower, the headquarters of DMCC Free Zone, was completed in mid-2008, is the world’s 31st tallest structures - and home to DMCC, the Dubai Diamond Exchange and DMCC Pearl Exchange. The 68-floor building also houses around a thousand diamond companies, diamond vaults, a diamond trading floor,[24] DMCC’s corporate offices and the Almas Conference Centre.

One JLT is a new ‘glass-box’ style building in the heart of the DMCC Free Zone, featuring 14 floors of LEED Gold-certified, high-efficiency commercial space.[25] Located in the heart of DMCC Free Zone and fitted-out to Category A standard, One JLT offers 2.7 hectares of leasable area across column-free floor plates.[26]

DMCC has also unveiled its masterplan of the Burj 2020 District, which will have a built-up area of over 1 million square metres. The Burj 2020 district is part of DMCC’s strategy to provide companies with a commercial property offering– including benefits such as single ownership, contiguous office space in located close to metro stations, cargo facilities, ports and airports. Dubbed the "diamond of Dubai" for its design cues, elements of the megaproject will include a single-use commercial tower, three residential towers and 100,000 square metres of retail space.[27]

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 (most likely JBC 8 or 9)
H H1 - Jumeirah Business Centre 7 H2 - Concorde Tower H3 - Al Fajer Properties (most 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. ^ http://uaefreezone.org/dubai-multi-commodities-centre-authority/
  2. ^ http://www.arabianbusiness.com/dubai-s-dmcc-named-best-free-zone-in-world-608910.html#.VvEFoeJ97cs
  3. ^ http://gulfnews.com/business/sectors/markets/dmcc-ranked-the-best-free-zone-in-the-world-1.1600218
  4. ^ http://www.thenational.ae/business/industry-insights/markets/dmcc-becomes-uaes-largest-free-zone-as-commodities-trading-booms
  5. ^ https://www.zawya.com/story/DMCC_launches_exclusive_health_insurance_solution_for_all_Free_Zone_members-ZAWYA20140929124341
  6. ^ http://www.emirates247.com/news/emirates/dubai-residents-flock-to-jlt-s-newly-opened-park-2014-01-16-1.534885
  7. ^ http://www.dmcc.ae/jltauthority/freezoneservices/jumeirah-lakes-towers/
  8. ^ http://www.dubaifreezone.org/dmcc-dubai-multi-commodities-centre.html
  9. ^ http://www.thenational.ae/business/technology/dmcc-astrolabs-and-google-team-up-for-tech-hub-launch
  10. ^ http://www.thenational.ae/business/economy/dmcc-head-proud-to-be-on-track-with-e-government-project
  11. ^ http://www.albawaba.com/dmcc-welcomes-its-3000th-company-jlt-free-zone
  12. ^ "Archived copy". Archived from the original on 2013-03-18. Retrieved 2014-06-07. 
  13. ^ http://www.ameinfo.com/dubai-multi-commodities-centres-continuous-growth-348108
  14. ^ http://www.thenational.ae/business/industry-insights/markets/dmcc-becomes-uaes-largest-free-zone-as-commodities-trading-booms
  15. ^ http://www.startupoverseas.co.uk/news/dmcc-registered-companies-increased-by-10-in-h1-due-to-digital-transformation.html
  16. ^ http://gulfnews.com/business/general/uae-s-first-gold-coin-to-go-on-sale-by-end-of-this-month-1.989238
  17. ^ http://gulfnews.com/business/your-money/uae-s-first-gold-coin-a-good-option-expert-says-1.995531
  18. ^ http://www.dmcc.ae/jltauthority/diamond/news/news-details/236/
  19. ^ http://www.dmcc.ae/jltauthority/pearl/dubai-pearl-tenders/
  20. ^ "Archived copy". Archived from the original on 2011-07-11. Retrieved 2011-08-17. 
  21. ^ http://www.reuters.com/article/2012/02/14/idUSL5E8DD62R20120214
  22. ^ http://www.cpifinancial.net/news/post/34960/dgcx-attracts-wider-regional-participation-in-february-2016
  23. ^ http://gulfnews.com/business/features/giving-business-its-best-chance-1.810181
  24. ^ http://www.thenational.ae/news/uae-news/dubai-tower-that-shines-as-bright-as-a-diamond
  25. ^ http://www.constructionweekonline.com/article-35338-dmccs-one-jlt-ready-for-occupation-in-nov-2015/
  26. ^ http://meconstructionnews.com/story/4980/dubais-dmcc-says-one-jlt-block-ready-for-lease
  27. ^ http://meconstructionnews.com/story/4979/diamond-of-dubai-burj-2020-tower-design-unveiled-at-cityscape