Dubai flagship free zone inks MoU with Lingang
DMCC, the world's flagship free zone in the United Arab Emirates and the Government of Dubai Authority on commodities trade and enterprise, signed a strategic memorandum of understanding (MoU) with the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone on Thursday.
The announcement came as DMCC concluded a series of roadshows in China that took place in the commercial and trade hubs of Shanghai, Guangzhou and Chongqing.
This was the first physical DMCC roadshow held in China after three years, during which it showcased Dubai's business environment and how DMCC acts as a central platform and business district of choice for Chinese companies to expand in Dubai and internationally.
The MoU will see both entities cooperate in areas such as innovation, commerce, logistics and trade. The agreement will allow both parties to establish and explore dedicated services for companies in Dubai and Shanghai, streamlining the requirements and processes for firms looking to be set up in both regions.
"With over 770 Chinese companies in our free zone, a figure which is growing all the time, China is one of the most strategically important markets for DMCC," said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.
"We are delighted to be back in China at such a vibrant and exciting time for our countries where bilateral trade outside of oil last year grew to over US$72 billion. This MoU with Lingang is the latest statement of intent as we aim to further the ease of doing business for greater trade flows and mutual economic prosperity."
In the first five months, the number of Chinese companies setting up in DMCC saw a big 24 percent increase year on year.
The roadshows in Shanghai, Guangzhou and Chongqing saw DMCC executives briefing more than 600 business leaders across various sectors on the benefits of doing business in Dubai through DMCC. Earlier in the year, DMCC hosted over 200 Chinese business leaders in a dedicated China Business Day to celebrate growing economic relations and further strengthen bilateral ties.
DMCC has made it a priority to attract Chinese businesses to Dubai by creating a customized ecosystem, including the Yingtian Chinese Business Centre DMCC and a Mandarin version of its website.
To further assist Chinese companies, DMCC opened a China Service Centre in Almas Tower with Mandarin onboarding support across all client touchpoints. In 2020, DMCC opened a representative office in Shenzhen to facilitate the setup process for Chinese businesses.