The Dubai Multi Commodities Center (DMCC) has announced that it now hosts over 500 Italian companies, reflecting a 6 percent increase since the beginning of the year.
This update was shared following the successful conclusion of DMCC’s Made For Trade Live (MFTL) roadshow in Italy, held in Milan and Rome, Dubai Media Office reported. The events focused on precious stones, jewellery, luxury goods, and fashion, showcasing opportunities for Italian firms to expand their global presence through Dubai, as both the UAE and Italy aim to strengthen their economic ties.
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Rising bilateral trade
DMCC’s recent engagement with Italy comes in light of a notable rise in trade between the two nations, with bilateral trade reaching over $9 billion in 2023. This further solidifies the UAE’s status as Italy’s largest trading partner in the Arab world, and the increase in Italian exports highlights the UAE’s attractive business environment, which offers exceptional infrastructure, a strategic location, and a robust regulatory framework for Italian enterprises.
DMCC’s commitment to Italian businesses
Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC, said: “With almost $9 billion in bilateral trade in 2023, the UAE is Italy’s top trade partner in the region, and our relationship is strengthening rapidly every year. We currently house over 500 Italian companies in our district, who are drawn to DMCC’s value offering and a business environment that offers business-friendly regulation, world-class infrastructure, and a highly competitive 9 percent corporate tax rate. From technology and jewellery to precious stones, coffee, and energy, I look forward to seeing more Italian companies join DMCC in the coming years as we continue to leverage our warming trade and investment ties.”
Collaborative partnerships
The two Made For Trade Live events were organized in collaboration with Corbello Cardo, Gravante & Raimo, Forbes Italia, and Golf Club Courmayeur et Grandes Jorasses. Senior executives from DMCC briefed nearly 180 business leaders from various sectors on the advantages of operating in Dubai through DMCC, recognized as one of the world’s most interconnected business districts.
Promoting Dubai as a business hub
DMCC’s roadshow plays a crucial role in promoting Dubai as a premier business destination. Throughout the series, DMCC highlighted its unique value proposition in attracting foreign direct investment (FDI) to the emirate. Moreover, DMCC accounted for 15 percent of Dubai’s annual FDI inflows, and in 2023, the business district recorded its second-best year ever, welcoming nearly 2,700 new companies. DMCC now boasts nearly 25,000 businesses from around the globe.
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