Signed, sealed delivered and more! Agreements have been signed to boost Chinese business growth within the UAE. Expect an influx of foreign direct investment and Chinese businesses looking to setup or expand to Dubai, UAE.
Dubai Multi Commodities Centre (DMCC) is one of the United Arab Emirates largest commodity trade free zones. DMCC free zone has taken an enthusiastic step by signing a Memorandum of Understanding (MoU) with the Royal Fund Investments LLC (RFI). The aim with this agreement is to strengthen the trade relations between DMCC free zone and the business community in China. Furthermore this will give confidence to those that are intending to expand or start a business in Dubai. Mr. Ahmad Sultan Bin Sulayem, Executive Chairman – DMCC announced they have met with Government bodies and businesses in Beijing for discussions and are establishing a platform for those that are looking to setup a Dubai company or expand their business to the UAE.
Both parties of the MoU have agreed on working towards strengthening and developing ties. One example is to simplify the information needed for Chinese businesses to register their company in the DMCC free zone. DMCC plan to educate and inform the Chinese business community about the various products and services that would be appealing such as: Dubai Gold and Exchange commodities (DGCX). The CEO of RFI noted “There is a strong relation between RFI and DMCC when it comes to our commitment to boosting business activities. DMCC is a strong partner and we look forward to bringing the activities outlined in our MoU to life together.” This can only result in more Chinese firms looking to expand to Dubai.
DMCC is the largest free zone in the region and hosts more than 15,000 companies including some renowned Chinese firms such as: ChemChina, China Petroleum and Chemical Corporation etc. DMCC is becoming largely popular among the Chinese community. Gulf News publication reported business registration from Chinese business have shown a growth rate of 46% in preceding five years. DMCC has always been a supporter of Chinese businesses and was the first ever foreign exchange to list Shanghai Gold Futures in DGCX.