UAE free trade zone welcomes Chinese companies
Chinese companies have shown increasing interest in expanding into overseas markets via free trade zones, of which DMCC, one such zone in the United Arab Emirates, is an active and welcoming host.
"We expect to attract more Chinese companies to set up in our zone for quality commercial space and services," said Ahmed Bin Sulayem, executive chairman and chief executive of DMCC, where 852 Chinese companies had registered by the end of 2023, an increase of 25 percent on an annual basis.
The zone, under the Government of Dubai Authority on commodities trade and enterprise, expects to host companies in diversified industries, with those representing the future particularly welcomed.
"We hope to develop a cluster for the gaming industry, while the trade of gems is also our strength as Dubai has become a top international hub for the diamond trade," Sulayem said. He will attend an international forum on diamond exchange in Shanghai this week after having staged two roadshows for DMCC.
Ahmed Bin Sulayem speaks during the roadshow.
Hamad Buamim, chairman of the board of directors of DMCC, said the Belt and Road Initiative has greatly empowered free trade zones like DMCC.
"We offer great access to markets beyond the UAE and India and central Asia as well … the BRI is of great interest for us as we are a corridor connecting the east with the west," he said.
Last year, DMCC signed a strategic memorandum of understanding with the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone to cooperate in areas such as innovation, commerce, logistics, and trade.
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.
