The partnership introduces a dual licencing scheme to Dubai Multi Commodities Centre (DMCC) member companies, enabling them to establish a presence and operation in mainland Dubai under a DED licence.
Thursday 18, July 2019 BY KUDAKWASHE MUZORIWA
DMCC has signed an MoU with the Department of Economic Development (DED) to collaborate on the licencing of companies in Dubai allowing them to operate within the free zone and onshore, according to WAM.
The partnership seeks to further facilitate trade and boost economic activity in the emirate.
The agreement will also enable free zone businesses to carry out some service activities onshore, provided they obtain a no-objection certificate from DMCC first.
Ahmed Bin Sulayem, the Executive Chairman and CEO of DMCC, said that the collaboration agreement with the Department of Economic Development will not only promote and facilitate trade but also offer businesses the flexibility to operate in a competitive marketplace.
The free zone contributes over 10 per cent to Dubai’s GDP.