Dubai's DMCC to host roadshows from China to Sweden to attract foreign firms

The commodities free zone to begin the first roadshow in the UK next month

Jumeirah Lakes Towers will be the first area in the UAE to get 5G. Sarah Dea / The National

Dubai Multi Commodities Centre (DMCC) will hold roadshows in destinations from China to Sweden this year to attract international firms to set up presence in the free zone as the emirate, the commercial and trade hub of Arabian Gulf, seeks to boost foreign investments.

DMCC, among the biggest free zone in the world in terms of concentration of businesses, will embark on roadshows in markets including China, India, Germany, the UK, Spain, and Sweden in 2019 to promote its offering, it said in a statement on Saturday. The first of the roadshows will kick start in the UK on March 28 and the dates for others will be announced later, it added.

"Wherever we host these roadshows, we see a strong appetite from businesses who want to drive forward investment opportunities in new markets," Feryal Ahmadi, chief operating officer of DMCC, said. "As the economy shifts East, Dubai is an increasing nexus for growth as the rise of Asia trade continues.”

Dubai is implementing a series of reform measures aimed at stimulating the economy, spurring investment and attracting foreign investors to the emirate. The measures, among others, include relaxing curbs on foreign ownership of businesses, slashing government fees and loosening visa rules to make it easier for some expatriates to come to the emirate and stay longer.

DMCC will hold the London meetings in conjunction with the UK's  Institute of Directors (IoD) events, it said without providing further details. The IoD, a nonprofit entity founded in 1903, is the UK's largest membership organisation for business leaders, providing professional development opportunities, networking and expert advice.

"By hosting roadshows around the world, I have no doubt we will witness a sharp increase in the number of international companies seeking to join DMCC and help us deliver our growth strategy and drive Dubai’s gross domestic product,” Ms Ahmadi said.

Last year, Dubai approved a new foreign investment law that allows foreigners to own more than 49 per cent and up to 100 per cent shareholding in the UAE-based onshore businesses.

DMCC is the free zone that houses around 15,000 companies in Dubai’s Jumeirah Lakes Towers district. Earlier this month, it signed an agreement with the West Bengal Industrial Development Corporation in India to strengthen bilateral trade relations. The corporation is part of West Bengal government’s Commerce and Industries Department, which aims to boost economic development across the state.