- January 6, 2021
- Posted by: Aswani
- Category: News
As the pandemic took the world by storm and left the countries in great distress, the UAE government had brought in many incentives to support businesses of all kinds.
DMCC, a leading free zone in Dubai, has witnessed its strongest performance in the last few years. Records show that 2,025 new companies were registered in DMCC last year.
The government had introduced the “Business Support Package” in March right after the outbreak of the pandemic, which was one of the biggest incentives, and the gains in the DMCC was followed by this. The Dubai Multi Commodities Centre stated, “The Business Support Package was the largest commercial offer made, with a wide range of incentives and value-added services to both existing and new companies in the free zone.”
The records show that more than 8,000 member companies took up 13,000 offers and incentives provided to them throughout the year of 2020. Executive Chairman and CEO, Ahmed Bin Suleyam, added that, “The year of 2021 will definitely have obstacles but we are positive about the growth trajectory and continued ability to attract foreign direct investment to the Emirate.”
In 2020, the DMCC launched a limited time offer of granting virtual licenses to be issued in five working days and without any advance fees. Alliances with Israel and Tel Aviv diamond exchange have rated the free zone as a likely gainer. DMCC was of the opinion that, digital marketing has a great role in the intakes. Most of people are using technology for transactions and personal visits and walk-ins have reduced by almost 50%.
Feryal Ahmadi, Chief Operating Officer, DMCC, added, “We were successful in reaching out to our targets; both new and existing companies received reliefs and support during the past year.”
Almost 95% of the new companies set up their business digitally. “By offering our largest business relief package in our history and ensuring a fully digitalized setup process, we remained the business hub of choice, attracting companies of all sizes, sectors and origins,” said Ahmad Hamza, Executive Director – Free Zone, DMCC.
In November, DMCC inaugurated a representative office in Shenzhen as there was a 20% hike in the Chinese companies rushing into the free zone.
The UAE brought in many incentives to support the businesses in the country and their results seem very positive. This data shows that the country was successful in bringing in foreign direct investment as predicted even amongst all the chaos and the new year of 2021 will probably witness more success.