DMCC attracts 160 Indian companies in H1 2024 as trade corridor booms

The Dubai Multi Commodities Centre (DMCC) has attracted over 160 new Indian companies in H1 2024, highlighting a surge in trade between the UAE and India.

This follows DMCC’s recent ‘Made for Trade Live’ roadshows in New Delhi and Mumbai, aimed at attracting Indian firms to Dubai.

The influx of Indian businesses comes as the UAE-India trade corridor flourishes. Bilateral non-oil trade jumped 16 per cent in 2023 to $85bn following the implementation of the comprehensive economic partnership Agreement (CEPA).

This growth is mirrored within the free zone, where Indian companies now comprise 16 per cent of its total membership, standing at nearly 3,900 businesses.

“The UAE-India CEPA agreement eliminated duties on 90 per cent of India’s exports, and we’ve seen the impact firsthand,” said Ahmed Bin Sulayem, DMCC‘s executive chairman and CEO. “We welcomed over 160 new Indian companies last year, adding to our existing base. With bilateral trade expected to surpass $100bn within five years, the UAE-India corridor offers significant new commercial opportunities.”

The roadshows brought together senior executives and over 200 Indian government and business leaders. Discussions focused on Dubai’s business-friendly environment, its role as a gateway to global trade, and the advantages of establishing a presence within the free zone.

India is a key source market for DMCC

India and South Asia hold strategic importance for DMCC, particularly in sectors like technology, precious stones, and agriculture. Last year, DMCC signed partnerships with South Asian entities, including the Bharat Subcontinent Agri Foundation, to promote the global agricultural commodities sector.

The free zone’s roadshow programme plays a key role in positioning Dubai as a premier business destination. The free zone contributes 11 per cent to Dubai’s annual foreign direct investment inflows.

In 2023, the free zone welcomed nearly 2,700 new companies, marking its second-best year on record. Today, it houses more than 24,000 businesses from around the world.

In other news, Indian companies dominated the influx of new members at the Dubai Chamber of Commerce in the first quarter of 2024, a trend highlighting Dubai’s growing appeal as a global business hub.

Figures shared by the chamber revealed 4,351 new Indian businesses joining during the period, far exceeding companies from other nations.