Tag: dmcc

Categories
-Top News Arab News UAE News

DMCC opens AI Centre to drive global AIsolutions

Occupying two floors of DMCC’s headquarters in Uptown Tower, the AI Centre will be part of a newly integrated hub alongside DMCC’s established technology ecosystems…reports Asian Lite News

DMCC, the free zone and Government of Dubai Authority on commodities trade and enterprise, has announced the launch of the DMCC AI Centre as Dubai’s latest innovation platform to advance pragmatic artificial intelligence (AI) adoption and the development of real-life use cases to scale throughout the MENA region.

During the launch event, DMCC spokespersons briefed over 60 select guests, including Khalfan Belhoul, CEO of Dubai Future Foundation (DFF), Dr Marwan Alzarouni, Chief AI Officer, Dubai Department of Economy and Tourism (DET), ambassadors, government ministers, AI companies and other industry stakeholders, on the new centre’s range of services and unique benefits.

Khalfan Belhoul, Chief Executive Officer of the Dubai Future Foundation, emphasised Dubai and the UAE’s commitment to becoming a world leader in AI by 2031 through the National Strategy for Artificial Intelligence.

He highlighted the opening of the DMCC AI Centre as a significant milestone in achieving this goal, fostering an environment that attracts new companies, encourages innovation, and solidifies Dubai’s status as a global hub for AI and emerging technologies.

Occupying two floors of DMCC’s headquarters in Uptown Tower, the AI Centre will be part of a newly integrated hub alongside DMCC’s established technology ecosystems the DMCC Crypto Centre and DMCC Gaming Centre. It will offer a modern and state-of-the-art space, providing members with world-class facilities including advanced co-working spaces, high-tech meeting rooms and an exclusive AI solution showroom.

DMCC is already home to over 50 AI and robotics companies from all over the world, including AMD, Autel Robotics, HIKVISION, Laipic, and QX Lab AI. As part of DMCC AI Centre’s wider value offering, DMCC has onboarded a range of leading AI players as official partners.

Global custom software and app developer Builder.ai will support DMCC members build apps using AI technology, while UAE-based AGCC will run accelerator and market entry programmes to attract and scale up the best AI technology from around the world. One such event is already set to take place at Expand North Star in Dubai this October, with DMCC and AGCC organising a competition with a prize pool of US$100,000 for start-ups to scale up practical, sustainability-focused AI solutions in the GCC region.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “With AI projected to add over US$15 trillion to the global economy by 2030, its transformative potential on global trade, supply chains and business is clear. Capitalising on this momentum, the DMCC AI Centre will provide companies, investors and partners with another world-class ecosystem from which to access the best AI services and solutions from Dubai. As we scale up these technologies and attract new service providers, these benefits will be extended to both AI and non-AI companies, creating a multiplier effect for DMCC’s business district and our community as a whole.”

Sachin Dev Duggal, Founder & Chief Wizard, Builder.ai, stated, “We’re really excited to partner with DMCC AI Centre to bring practical, impactful AI solutions to DMCC’s business community, Dubai, and the MENA region. At Builder.ai, we believe in AI’s power to transform industries and enable every business and entrepreneur to become digitally empowered. Through this collaboration, we can help businesses across sectors tap into advanced technology that drives real and scalable growth.”

ALSO READ: India-UAE Launch Virtual Trade Corridor

Categories
-Top News Arab News Business

DMCC briefs WTO on Future of Trade Report

The report outlined how a new era of global regionalisation will lead businesses to restructure their supply chains amid escalating geopolitical tensions…reports Asian Lite News

DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – briefed a select group of trade experts on its latest Future of Trade 2024 report at an event held at the World Trade Organisation headquarters in Geneva, Switzerland.

The briefing featured high-level officials and regulators including WTO Director-General Dr. Ngozi Okonjo-Iweala.

The report outlined how a new era of global regionalisation will lead businesses to restructure their supply chains amid escalating geopolitical tensions, conflicts, climate change, economic nationalism and trade protectionism. There will be opportunities to diversify export markets and sourcing networks.

DMCC recognised the role of the WTO in providing the open and stable global trading environment required to capitalise on new trade opportunities, and called on the WTO to provide leadership and innovation to meet new challenges to international trade. In particular, the rapid advances of technology such as AI and environmental goods trade to facilitate the green transition will present economic opportunities. In that regard, the WTO is needed to facilitate global consensus and standards to ensure trade resilience.

Addressing delegates, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Since joining the WTO almost thirty years ago, the UAE’s relationship has developed from one of integration to participation, and now, one of leadership and influence. Through the adoption of the WTO’s Trade Facilitation Agreement, the WTO’s framework has played a strategic role in Dubai’s emergence as a global trade hub and a centre for finance, tourism and logistics, and therefore features prominently in our 2024 Future of Trade report. With over 75 percent of the global goods trade made directly on WTO terms, the world depends on an efficient WTO to ensure a fair trade landscape, especially as businesses contend with new disruptive forces like AI and climate change. Combined with the UAE’s growing Comprehensive Economic Partnership Agreements (CEPAs), DMCC looks forward to continuing its engagement with the WTO and supporting greater global trade facilitation.”

Ngozi Okonjo-Iweala, Director-General of the WTO, said, “The Future of Trade report rightly highlights that amid all the challenges facing global trade in the decade ahead, there are also opportunities. Trade can deliver benefits to people and places that missed out on the recent wave of globalisation. It can be an even stronger force for decarbonising our economies; and for making supply chains more diversified and hence more resilient in our increasingly shock-prone world. At the WTO, we are working and reforming to build the enabling environment for seizing these opportunities. Recent successes with multilateral agreements and decisions at our 12th and 13th Ministerial Meetings provide the underpinnings needed by members to capitalise on emerging opportunities”.

Feryal Ahmadi, Chief Operating Officer, DMCC, added, “DMCC is delighted to be at the WTO in Geneva to present our Future of Trade 2024 report. During this period of profound change, it is essential that businesses, governments and regulators work together to harmonise standards and ensure innovative regulatory frameworks for today’s trade challenges. Here we believe the WTO has a key role to play in promoting and maintaining global trade stability, thereby sustaining trade resilience and economic growth in the long term.”

As part of the Future of Trade’s Commodities Trade Index, Switzerland rose to third place for the first time since the index was established in 2018. Switzerland scored strongly on its locational and institutional advantages, signalling its status as one of the most important players in the global commodities trade landscape. As major trade hubs, DMCC highlighted the growing interconnectivity of Switzerland and UAE across goods and services as key for ensuring future economic growth.

The Future of Trade is the flagship thought leadership report series from DMCC on the changing nature of global trade. The report examines the impact of global economic trends, geopolitics, technology, sustainability and finance on the future of the trade landscape. The report series has been viewed and downloaded over 1.9 million times to date, underscoring DMCC’s growing recognition as a leading voice on international trade.

ALSO READ: UAE Embassy in Paris hosts 10th edition of Majlon

Categories
-Top News Arab News UAE News

DMCC kicks off global trade roadshow in London

The event was hosted at the Arab British Chamber of Commerce in partnership with the Embassy of the United Arab Emirates in London…reports Asian Lite News

DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, affirmed its goal of attracting greater levels of foreign direct investment (FDI) from the United Kingdom during the ninth edition of its global trade roadshow, Made For Trade Live, in London.

UK-UAE bilateral trade grew 47.3% year-on-year to reach GBP 25.5 billion (AED 119 billion) in the four quarters to the end of Q2 2023 whilst DMCC presented a range of other growth opportunities for British businesses to set up in Dubai and tap into some of the world’s fastest growing markets.

Over 200 British companies joined DMCC’s business district in 2023 alone, taking the total to 2,080, and representing a 10% year-on-year growth.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “In the past 12 months we have continued to enhance DMCC’s value proposition, driving major structural changes to the business district and attracting new levels of FDI to Dubai. With an intake of 2,700 new companies last year, including 200 British companies, we have seen strong growth across our ecosystems and in particular in our crypto and gaming centres, whilst a new DMCC AI Centre is due to launch imminently. Investments in infrastructure are critical to absorbing such demand, and we opened our new headquarters of Uptown Tower last year, including 22 floors of Grade A office space for our members in the first of nine commercial and residential towers to crown Uptown Dubai district.”

The event was hosted at the Arab British Chamber of Commerce in partnership with the Embassy of the United Arab Emirates in London. Senior DMCC executives briefed 160 business leaders from various sectors on the ease of doing business in Dubai through DMCC, one of the world’s most interconnected business districts. The discussion shed light on Dubai’s resilience to global economic headwinds, its low inflationary environment and business-friendly policies, which have cemented its reputation as an international business hub.

DMCC’s Made for Trade Live roadshows play an influential role in showcasing Dubai as a prime destination for business. Through the series, DMCC highlights Dubai’s unique value proposition to attracting FDI to the emirate. DMCC accounts for 11% of Dubai’s annual FDI inflows and the free zone recorded its second best year on record in 2023 by welcoming nearly 2,700 new companies to the district. DMCC is now home to over 24,000 businesses from across the world.

ALSO READ: India, France & UAE Conduct Joint Air Drills

Categories
Dubai Lite Blogs UAE News

DANUBE, DMCC Unveil Mega Residential Project At JLT

Danube Properties and DMCC partner to launch USD 545 million residential project in thriving JLT district

Danube Properties has partnered with Dubai Multi-Commodities Centre (DMCC) the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise –  to bring a new residential project to its prime location of JLT, the uptown community.

The 65-storey twin towers will bring 1,200 new residential units to JLT across a built-up area of 1.7 million square feet, representing a development value of approximately USD 545 million (AED 2 billion).

“As a rapidly expanding private real estate developer in the UAE, we are constantly seeking prime plots in strategic development zones,” said Rizwan Sajan, Founder and Chairman of Danube Group. “This partnership with DMCC empowers Danube Properties to enhance the appeal of our upcoming project, providing an opportunity for investors and homebuyers to capitalise on future value appreciation, thanks to JLT’s attractive location and the support of DMCC.”

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Demand for premium residential property across the JLT community is higher than ever, as we have seen with the resounding success of Viewz, our first project with Danube Properties which is fully sold. Boasting a community of over 100,000 people, JLT has become one of the most popular districts in Dubai thanks to its truly complete offering for visitors, businesses, and residents. We’re proud to partner with Danube Properties for a second time as we continue to shape and drive the transformation of JLT and enhance the high-quality residential offering for our expanding community.”

Currently in the design phase, the new residential towers will sit adjacent to DMCC’s Uptown Dubai district, bolstering JLT’s status as one of the most popular mixed-use communities in the emirate.

This comes after successfully selling out two towers of the luxurious project – Viewz in JLT, launched in January 2023. Danube Properties recently launched Bayz101 which will be one of the world’s tallest 25 towers, exceeding the 100-level landmark in the world and reinforcing Dubai’s reputation as the City of Skyscrapers. Danube Properties now stands strong with a portfolio of 28 projects and 16,234 units.

Throughout 2023, DMCC partnered with five leading property developers to bring six exciting commercial and residential real estate projects to its JLT and Uptown Dubai communities. The continuous development of its districts is a key priority for DMCC as it attracts record numbers of new companies to Dubai through its unparalleled business ecosystems and residential communities. DMCC currently accounts for 11% of the foreign direct investment (FDI) to Dubai.

ALSO READ: ADNOC to Inject Dh178B to Fuel UAE’s 5-Year Growth

Categories
Business Dubai UAE News

DMCC boosts Dubai – China trade ties

The two entities will work together to become a model for global free trade zones through the transfer of knowledge and expertise…reports Asian Lite News

DMCC-the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – signed an agreement with the Administrative Committee of Beijing Daxing International Airport Economic Zone (BDIAEZ) that will see the two entities work together to establish a cooperation mechanism in order to achieve greater strategic collaboration on bilateral projects and trade.

The two entities will work together to become a model for global free trade zones through the transfer of knowledge and expertise, leveraging DMCC’s experience in attracting and managing a diverse set of businesses and utilising its world-class infrastructure.

Ahmad Hamza, Executive Director – Free Zone, DMCC, said: “The economic ties between UAE and China continue to strengthen and grow rapidly, which reflects the impact we can have when we work together with trade partners towards mutually beneficial outcomes. This strategic agreement with BDIAEZ builds on this since it will further boost collaboration between Dubai and Beijing and promote new opportunities for businesses looking to expand and access new markets. Through this collaboration, we will provide a platform for any entity looking to tap into their potential and succeed by enhancing the ease of doing business.”

As a result of the agreement, both entities will provide guidance and support to any business interested in setting up in DMCC or BDIAEZ and simplify the requirements, processes and costs associated with such a move. They will also explore the joint development of an industry cluster in each free zone and share the trade infrastructure, seek to create highly globalised, interconnected and open policies for the industry and attract companies to these business districts.

Youguo Wang, Secretary of the Beijing Daxing District Committee of the Communist Party of China, and Secretary of the CPC Work Committee of BDIAEZ (Daxing), said: “Our partnership with DMCC marks an exciting new chapter for BDIAEZ. Crucially, it will also support China’s Belt and Road Initiative, using both cities as launchpads for building cooperation. We look forward to the new opportunities this strategic agreement will bring, as we are confident they will lead to additional interconnectivity between Beijing and Dubai.”

Through world-class facilities and business services and an unwavering commitment to increasing the ease of doing business, DMCC has become home to over 23,000 member companies, from large multinationals to SMEs and entrepreneurs. DMCC is currently home to over 750 Chinese companies, equating to well over 12% of all Chinese businesses registered in the UAE. In April 2023, DMCC hosted 200 Chinese business leaders during a dedicated China Business Day to support the USD 200 billion China-UAE bilateral trade growth by 2030.

China is ranked first as the UAE’s biggest trading partner, accounting for 11.84% of the UAE’s total non-oil trade in 2022, with the value of non-oil trade exchange between the two countries in the same year amounted to AED 264.2 billion, a growth of 18% from 2021. The trade value is on track to expand to USD 200 billion by 2030. China is also the third largest foreign investor in UAE, with an FDI balance of AED 34 billion in 2021.

ALSO READ: Apple enters AR era

Categories
Business

Bybit unveils strategic alliance with DMCC

Bybit and DMCC signed a Memorandum of Understanding (MOU) to support the growth of the crypto community in the region….reports Asian Lite News

Bybit, the world’s third most visited crypto exchange, has announced a strategic partnership with the leading global business district, the Dubai Multi Commodities Centre (DMCC) to accelerate the mass adoption of crypto in Dubai and deliver on its promise of investing in the Web3 ecosystem in the emirate. The collaboration will see Bybit become an official Ecosystem Partner for the DMCC Crypto Centre, the largest concentration of crypto and Web3 businesses in the MENA region.

Bybit and DMCC signed a Memorandum of Understanding (MOU) to support the growth of the crypto community in the region. The agreement follows the unveiling of Bybit’s global headquarters in Dubai on April 17 when it alluded to further localization efforts in the region.

The MOU includes Bybit’s pledge of financial support in the amount of AED 500,000 to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. To qualify for this opportunity, start-ups must successfully pass the standard compliance and due diligence checks required by DMCC.

Bybit will also serve as DMCC’s crypto listing partner and assist in other blockchain-related projects. The exchange will play an active advisory and guidance role at the DMCC Crypto Centre, sharing first-hand insights and technical know-how to help young projects succeed and get listed on the Bybit platform. Currently on the roadmap are two hackathons in the DMCC’s crypto and gaming centers. These hackathons will convene developers, entrepreneurs, and industry experts to collaborate and foster ground-breaking ideas to shape the crypto and Web3 industries.

The DMCC Crypto Centre will provide Bybit with another avenue for collaboration with innovative crypto and Web3 entrepreneurs and founders. Bybit will also contribute to the Centre’s efforts in knowledge sharing and capacity building in the digital economy through webinars, curated courses, educational content, and awareness campaigns. As the world’s “Crypto Ark,” Bybit will be available to DMCC Crypto Centre members’ companies where appropriate to help them bring their ambitions to fruition.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive of DMCC, said: “Dubai has truly cemented its position as a global hub for crypto and Web3, with the DMCC Crypto Centre boasting the highest concentration of crypto firms in the region. This status has only been bolstered by Bybit’s presence in the emirate, so we are excited to have them on board as an official Ecosystem Partner. Thanks to Bybit’s industry-leading expertise and financial contribution, this partnership will see the acceleration of the impact that Dubai’s game-changing crypto and Web3 businesses are having on the industry.”

The MOU underpins the partners’ shared vision to develop a vibrant hub of blockchain-based activity and connectivity. It also gives Bybit access to the broad membership of DMCC as an Ecosystem Partner, which includes technology partners, government bodies, investors, incubators/accelerators, and service providers.

“We are delighted to be partnering with such a prestigious organization as the DMCC,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to enriching the Web3 ecosystem on our journey to become the world’s ‘Crypto Ark’ and want to do our part in advancing innovation and competition in the digital economy. We look forward to bringing our own brand of next-level opportunities to the UAE’s burgeoning crypto community.”​​

“Congratulations to the partnership. I am very pleased to have a part in this momentous partnership between Bybit and DMCC. This partnership is a classic example of what Web3 collaboration and support looks like. I’m excited to see how this partnership will add value to the web3 ecosystem. My core focus has always been to enrich and interconnect the Web3 ecosystem in the UAE and will continue to give my support by leveraging our immediate network,” said Feras Al Sadek, Managing Partner, Ghaf Capital Partner & Ghaf Labs.

ALSO READ: Bybit joins as official Ecosystem Partner for DMCC Crypto Centre

Categories
-Top News Dubai UAE News

DMCC attracts record 708 new firms to Dubai in Q1

DMCC also saw robust results from the continuation of its international outreach programmes in markets including Israel, Spain, and Korea…reports Asian Lite News

DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has marked a record-breaking first quarter of the year, with 708 new companies joining the business district. As DMCC’s best Q1 since its inception in 2002, this represents an 8.4 percent year-on-year increase, and an average annual increase of 13.7 percent over the last five years.

“In contrast to the challenging global economic outlook, these remarkable figures firmly display Dubai’s status as a prime destination for investment, backed by strong local macroeconomic conditions and the ease of doing business within DMCC,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

“Registering over 700 new companies this past quarter, allied to our excellent retention rate, is further proof of our consistent ability to anticipate and deliver what global companies need in the shifting economic landscape. Records show DMCC contributes roughly 10 percent to Dubai’s GDP and with over 90 percent of our registered companies coming from outside the UAE, DMCC is the business district of choice for global companies setting up in the emirate. Facilitating their success remains our key priority, which will undoubtedly continue to serve us well in the coming months and years,” Bin Sulayem stressed.

He added, “With many high-growth areas in our sights, including Web3 and gaming, we are efficiently utilising this momentum to target long-term growth across the board. Through this, we continue to support the Dubai Economic Agenda D33 and substantially support the size of Dubai’s economy doubling within in the next decade.”

Traditional core markets for DMCC continued to outperform previous quarters, with strong numbers of businesses from India, the United Kingdom, Germany, China, and France turning to DMCC to expand their global operations.

DMCC also saw robust results from the continuation of its international outreach programmes in markets including Israel, Spain, and Korea.

Additionally, the significant momentum seen by the DMCC Crypto Centre and the recent launch of the DMCC Gaming Centre in December 2022 has both considerably supported DMCC’s long-term growth strategy.

Within the quarter, DMCC began sales of its new SO/ Uptown Dubai Residences in Uptown Tower, announced a range of new upcoming developments in its Jumeirah Lakes Towers (JLT) district, and new key partnerships that bolster the comprehensive crypto and Web3 ecosystem offered by the DMCC Crypto Centre.

The record-breaking Q1-performance follows the high benchmark the business set in 2022, in which it registered a total of 3,049 new companies in the year. This latest milestone outlines DMCC’s significant value proposition for businesses looking to tap into fast-growing global markets through Dubai.

For more information on how to set up a business at DMCC, please visit: www.dmcc.ae/free-zone/set-up-a-new-company.

ALSO READ: Dubai court rejects Sanjay Shah’s appeal

Categories
-Top News UAE News

DMCC looks to grow $23 bn UAE-US trade corridor

DMCC has played a significant role in enhancing the UAE-US trade and business relations and is currently home to over 634 leading American businesses..reports Asian Lite News

Dubai Multi Commodities Centre (DMCC) has successfully concluded Made For Trade Live events in Miami and New York as it seeks to attract more companies from the US to the UAE.

DMCC sees significant opportunities for growth in the UAE–US trade corridor, which was worth US$23 billion in 2021, not least because of the recently signed codeshare agreement between Emirates and United Airlines. DMCC is home to more than a third of the approximately 1,500 US businesses in the UAE.

The two Made For Trade Live events were hosted in partnership with AmCham Dubai, Brooklyn Chamber of Commerce and Versailles Ventures. They saw 120 business leaders from Miami and New York briefed on the commercial appeal of Dubai and the ease of doing business with DMCC, the fastest growing and most interconnected free zone in the world. With Dubai firmly positioned as a global hub for financial services, crypto and commodities trade, DMCC executives also highlighted the opportunities in Dubai for US businesses in these key areas.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “With its truly world-leading trade infrastructure, pro-business regulations and policies, as well as its drive to be a global hub in critical areas such as crypto and commodities trade, Dubai is the perfect place for US businesses to expand their operations. These trade roadshows allow DMCC to highlight the Dubai and wider UAE opportunity, and reflect on our mandate of facilitating trade, removing barriers to entry and unlocking new business opportunities. We were thrilled to be on the ground in the United States maintaining and forging new relationships that will unlock a host of exciting new commercial opportunities and, ultimately, strengthen global trade.”

Cara Nazari, Managing Director, AmCham Dubai, added, “Time and again, we have seen Dubai’s remarkable ability to act as a catalyst for the international growth of American businesses. DMCC’s work in highlighting this opportunity to key markets in New York and Miami aligns perfectly with our mission, which is why we are proud to support their outreach through these important roadshows.”

Randy Peers, President and CEO, Brooklyn Chamber of Commerce, said, “Providing new channels for the growth of Brooklyn’s businesses drives everything we do. It is clear that through DMCC and Dubai, any American business has the ability to target some of the world’s fastest-growing markets. We look forward to working with DMCC on further events like this in the future.”

Following the success of the two events in the US, DMCC’s executive management team will be continuing the tour and travelling to South America to engage with the business communities in Brazil over the coming weeks.

DMCC has played a significant role in enhancing the UAE-US trade and business relations and is currently home to over 634 leading American businesses, which use the free zone as a hub for doing business with countries around the world.

DMCC’s Made for Trade Live series plays a key role in promoting Dubai as a prime destination for foreign direct investment (FDI). DMCC attracted a record-breaking 2,485 new companies to the free zone in 2021 and 1,469 new companies in the first half of 2022, bringing the total number to over 21,000 member businesses, from large multinationals through to SMEs and entrepreneurs.

ALSO READ: UAE, Japan launch strategic partnership deal