Dubai Multi Commodities Centre
free-trade zone in Dubai
The Dubai Multi Commodities Centre (DMCC) is a commodities exchange and free-trade zone in the United Arab Emirates. It is located in the Jumeirah Lake Towers district of Dubai. The DMCC was created in 2002 and deals in four main sectors: precious commodities (e.g., gold, diamonds); energy; steel and metals and agricultural commodities (e.g., tea, cotton).
In August 2020, the Investment Corporation of Dubai, a sovereign wealth fund, became the parent company of the autonomous DMCC as part of a major restructuring.
History
On 1 May 2002, Crown Prince Mohammed bin Rashid Al Maktoum issued a royal decree to establish the Dubai Multi Commodities Centre (DMCC) as a center for commodities trading. Further regulations were issued through decrees that clarified the DMCC's status as an independent authority and exempted companies operating in the free-trade zone from taxes, customs duties and regulations of the Dubai Municipality.
Further regulation were issued on 22 March 2003, that clarified the president of the DMCC must be appointed by the Ruler of Dubai and could then appoint a Chief Executive Officer and members of the Board of Directors. The law expanded the mandate of the free-trade zone to establish any other agencies or companies it might need to run the free-trade zone and support companies operating there, including recruitment of personnel, and obtaining financial loans and assistance from banks.
The Dubai Diamond Exchange (DDE) was established in 2004 to facilitate the development of the diamond and coloured gems market. Dubai ranks third behind Antwerp and Mumbai in the leading global diamond hubs in terms of trade, growing from $300 million (Dh1.10 billion) in trade in 2002 to $26 billion in 2016.
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