DUBAI — The Dubai Multi Commodities Center (DMCC) announced a 24% year-to-date increase in the number of Chinese companies setting up in its free trade zone on Thursday.
The DMCC has signed a memorandum of understanding with the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone (LGSAC). The deal was struck on the sidelines of the DMCC’s in person roadshow in the commercial trade hubs of Shanghai, Guangzhou and Chongqing in China.
The agreement will allow Shanghai and Dubai to streamline requirements and processes for companies looking to set up in either region, according to a press release.
Ahmed Bin Sulayem, CEO of the DMCC, said China is one of the most strategically important markets for the Dubai free zone, which hosts 770 Chinese companies.
