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: Free Zones in the UAE |
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Dubai Multi Commodities Centre
[DMCC] |
The Dubai Multi Commodities Centre (DMCC) is
a strategic initiative of the Dubai government created to establish a
commodity market place in Dubai. Rated 'A' by Standard & Poor's, it
provides industry-specific market infrastructure and a full range of
facilities for the gold & precious metals, diamonds & coloured
stones, energy and other commodities industries.
DMCC is also a free
zone authority offering 100% business ownership, a guaranteed 50 year tax
holiday and freehold property options.
Launched in 2002, this strategic government initiative has been established
to support the specific needs of its core segments - Gold & Precious
Metals, Diamonds & Coloured Stones, Energy and Other Commodities
industries.
The objectives of this progressive Centre include:
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Creation of a
dedicated market place in Dubai
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Increase the value
and volume of commodities traded in and through the region
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Facilitation and
integration of the entire value chain of its key segments
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Broaden the local
market horizon e.g. Refining – Manufacturing – Trade
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Create industry
specific market infrastructure for its core segments, innovate new products
and services
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Provide a
supportive business environment through purpose-built infrastructure
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Promote regional
industry growth
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Enhance local
industry through implementation of international standards
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DMCC is a free zone authority offering
market participants of the commodities industry and support services
invaluable business incentives, including:
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100% business
ownership
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A guaranteed
50-year tax holiday on personal and income taxes
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Purpose-built
infrastructure available on a freehold or leasehold option
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A one stop shop
facility for processing of all documentation including immigration,
registration and licensing
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Facilities:
DMCC’s 200-hectare development will include
the Almas Tower (meaning Diamond in Arabic), the AU Tower and the Ag Tower, in
addition to plots of land allocated for special manufacturing operations, located
in close proximity to Dubai’s emerging projects and developments. Each
purpose-built tower will have facilities that enhance trading and will provide
commercial and support facilities for market participants in DMCC’s specialized
segments; gold & precious metals, diamonds & coloured stones and
commodities.
DMCC offers its members services ranging from registration and licensing to
general services that ease the process of setting up a business within the
complex. This ‘One Stop Shop’ strategy allows member companies to complete the
employee affairs procedures, renewal of residence permits and issuance of
visas, traffic affairs, and vehicle registration through DMCC itself.
Key Benefits
- Unique World wide centre Industry Clustering
- 100% Business Ownership
- Purpose built infrastructure
- Ability to purchase premises
- World class security systems
- Single Window Clearances (incl. Licensing,
Immigration, etc)
- Preferential freight rates
- Guaranteed 50 year tax holiday on personal and
income taxes
- Regulated environment
- No foreign exchange controls or barriers to
entry No restrictions on capital repatriation
Gold &
Precious Metals:
Activities
Throughout history Dubai has played a significant role in the global gold
market and is now a bullion centre of international significance.
Popularly known as the ‘City of Gold’, Dubai is ideally located amidst a large consumer market, and uniquely positioned to
channel gold from the international market to its ultimate destination.
The Dubai Multi Commodities Centre will integrate
the refining, manufacturing and trading of gold, as well as introduce the
trading of other precious metals such as platinum, palladium and silver.
DMCC’s aim is to facilitate the development
and expansion of the local and regional precious metals market. The Centre is
working with partners both regionally and internationally to promote the
highest global standards in product and service development, while
simultaneously encouraging greater transparency to the benefit of all market
participants.
DMCC’s planned market infrastructure developments will strengthen Dubai's position as the leading regional centre for precious metals. Facilities will
include:
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High tech, secure vault facilities
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Assaying facilities
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Settlement
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Package delivery
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Shipment facilities
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Preferential rates - bullion freight
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A purpose-built Jewellery and Gemplex to facilitate
the manufacture of precious metal jewellery
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A commercial tower to house wholesale, trading and
banking operations
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DMCC will create a level playing field for
all participants of the gold industry by introducing transparent and fair
rules for business conduct. The introduction of a Code of Conduct for the
supervision of the bullion enterprises within the Centre to ensure that they
abide by the highest international standards.
Dubai already has an
impressive history in the gold market, but the future is even more exciting.
Diamonds and
Coloured Stone:
Activities
Dubai is set to join
leading international diamond centres including Antwerp, New York and Mumbai.
The Diamond division within DMCC is aiming to establish Dubai as a diamond
trading and value-adding centre of global significance. DMCC has been
instrumental in implementing the Kimberley Process Certification Scheme
(KPCS) in the United Arab Emirates as part of its endeavour to streamline the
trade with global standards and protecting the legitimate diamond industry.
The UAE is proudly the first Arab country to implement KPCS.
The launch of the Dubai Diamond Exchange,
facilitating the trade of rough and polished diamonds, is set to provide a
major impetus to the diamond industry in the region.
The Centre will accommodate every facet of
the business - manufacturing, trade, education, certification and technology.
Alliances with other players in the trade such as finance organizations,
government institutions, etc, will promote complete growth of the industry.
The DMCC facilities will also include bringing the best of educational
institutions to Dubai, to make the latest in technology and processes
available to the local and regional market.
Housed in the purpose-built
landmark Almas Tower (Almas means ‘diamond’ in Arabic), Dubai’s diamond
community is set to sparkle more brightly than ever.
Commodities:
Activities
Dubai has become the
first dedicated commodities centre in the time zone between Europe and the Far East. Located at the crossroads of trade flows between the Arabian Peninsula, Iran, India and Africa, Dubai has been a regional commodity-trading centre throughout its
history. This tradition is today reinforced by Dubai's outstanding port
facilities and its emerging status as a modern financial centre.
Not only will the Dubai base supply the
local market, it will act as a trans-shipment and staging point for the Middle East and beyond.
Through development of the industry specific
market infrastructure, DMCC will increase the value and volume of traded
commodities in and through Dubai. The Dubai Multi Commodities Centre (DMCC)
is building on these natural strengths to reinforce Dubai's position as a
regional hub for the trading of commodities.
DMCC is developing value-added services and
promoting new sources of finance in line with the needs of the growing market
and its participants. The provision of ancillary services such as; commodity
finance, insurance and price risk management facilities are just some of the
initiatives within the scope of DMCC’s projects.
DMCC's continues to identify opportunities where it can add value to the
operations of commodity traders and processors. It has already announced
significant initiatives in relation to commodity warehouse receipts
(applicable to commodities generally, rather than to specific products), and
tea. Looking forward DMCC has under active consideration a range of projects
relating to specific commodities ranging from metals to soft commodities to
energy products.
For further enquiries Click Here |
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