DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has signed a Memorandum of Understanding (MoU) with Royal Fund Investments LLC (RFI).
Ahmed Bin Sulayem, Executive Chairman of DMCC and Guolong Ma, CEO, RFI signed the MoU at DMCC’s headquarters Almas Tower, further cementing the strong bilateral trade relations between DMCC and a rapidly growing Chinese business community.
“DMCC takes pride in collaborating with RFI in seeking out new ways for businesses to flourish by keeping doors to trade open. As a result of our new relationship with RFI, we have already met with businesses and government entities in Beijing last week, with more to come. The initiatives outlined in this MoU serve as a launch pad for Chinese businesses looking to grow in Dubai and beyond,” said Ahmed Bin Sulayem, Executive Chairman, DMCC.
The MoU commits both parties to connect and provide attractive business solutions for Chinese corporates looking to set up in Dubai and the DMCC Free Zone; raise awareness around potential investment opportunities in DMCC’s much anticipated Uptown Dubai district; as well as awareness of the Dubai Gold & Commodities Exchange (DGCX) products available to market including Shanghai Gold Futures and Shariah Spot gold contracts.
Guolong Ma, CEO, RFI, said: There is a strong synergy between RFI and DMCC when it comes to our commitment to boosting business activities along the Belt & Road corridor. DMCC is a strong partner and we look forward to bringing the activities outlined in our MoU to life together”.
DMCC hosts over 15,000 member companies in its Free Zone, including a growing number of leading Chinese firms such as Hisense; Hikvision; China Petroleum Engineering & Construction Corporation (CPECC); China Petroleum & Chemical Corporation (Sinopec); China Harbour Engineering Company, Power Construction Corporation of China and CHEMCHINA. Chinese company registrations in DMCC have risen at an average annual growth rate of 46% in the last five years.
DMCC has ramped up activity in China significantly. Last year, DMCC’s Dubai Gold & Commodities Exchange (DGCX) was the first foreign exchange to list Shanghai Gold Futures outside of China. Ahead of the DMCC Coffee Centre due to launch later this year, DMCC signed a strategic supply agreement with MCH and Yunnan State Farms, and last month, DMCC signed a knowledge transfer agreement with Meishan, representing the Ningbo Province.
On July 11th this year DMCC also signed a Memorandum of Understanding with China Council for the Promotion Of International Trade, CCPIT.
The agreement with CCPIT, China’s national foreign trade and investment promotion agency, was reached during DMCC’s latest Made for Trade Live roadshow in the Chinese central city of Wuhan, the capital of Hubei Province.