Dubai out to woo Chinese companies

DMCC signs a strategic Memorandum of Understanding (MoU) with the Lingang Special Area of China (Shanghai) Pilot Free Trade Zone (LGSAC) in Shanghai on June 15, 2023. [Photo provided to chinadaily.com.cn]

The Dubai Multi Commodities Center, one of the world's most interconnected free zones, concluded its series of roadshows in China with an event in Shanghai on Thursday.

The roadshows, themed "Made For Trade Live", took place in three Chinese commercial and trading hubs - Guangzhou, Chongqing and Shanghai. During the roadshows, which were aimed at attracting more Chinese companies to do business in the free zone, the DMCC showcased Dubai's thriving business environment and how it acts as a platform that helps Chinese companies expand globally.

During the Shanghai roadshow, DMCC announced a 24 percent year-on-year increase in the number of Chinese companies during the first five months in the zone.

DMCC has made it a priority to attract Chinese businesses to Dubai, said the center's executives. To better serve Chinese firms, it has created a Mandarin version of its website, opened a China Service Centre with Mandarin onboarding support in Dubai, and established an office in Shenzhen, Guangdong province.

The DMCC also signed a strategic Memorandum of Understanding with the Lingang Special Area of China (Shanghai) Pilot Free Trade Zone during the roadshow. The MoU will see both parties collaborate in sectors such as innovation, commerce, logistics and trade, and will facilitate the setup process for companies looking to settle in Dubai and Shanghai.

China is one of the most strategically important markets for DMCC, said Ahmed Bin Sulayem, executive chairman and CEO of DMCC. There are currently over 770 Chinese companies in the free zone, and the figure is growing all the time.

"We are delighted to be back in China at such a vibrant and exciting time. 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."