The Dubai Multi Commodities Centre (DMCC) has become one of the fastest growing free zones in the world, its chief executive has said.
Speaking to Emirates Business 24/7, Malcolm Wall Morris confirmed that DMCC has registered more than 340 companies in the first five months of this year, bringing the total number to more than 2,250.
"Since the start of the year, we have averaged more than 60 new company registrations per month," he added.
It was revealed that about 1,575 of the companies registered with DMCC are under its licence for commodities and related activities. Meanwhile, about 675 companies are under the Jumeirah Lake Towers licence, which also caters to non-commodity activities such as IT, PR, consultancy and other business activities.
According to Emirates Business, all the traders it spoke to said the fact that the DMCC provides 100 per cent ownership to expats was one of the prime reasons for the increase in registrations.
The free zone authority also offers a guaranteed 50-year tax holiday and freehold property options.