Dubai Multi Commodities Centre (DMCC) is the UAE's largest free-trade zone that is located in the Jumeirah Lake Towers district of Dubai. Created in 2002, it serves as a commodities exchange that deals in four main sectors: precious commodities (e.g., gold, diamonds); energy; steel and metals and agricultural commodities (e.g., tea, cotton). In August 2020, the Investment Corporation of Dubai, a sovereign wealth fund, became the parent company of the autonomous DMCC as part of a major restructuring. Further regulation was issued in Rule No. 1 of 2003 of 22 March 2003 (PDF) (in Arabic). which clarified the President of the Authority must be appointed by the Ruler of Dubai and could then appoint a Chief Executive Officer and members of the Board of Directors and the law expanded the mandate of the free zone to establish any other agencies or companies it might need to run the free zone and support companies operating in the freezone, including recruitment of personnel, and obtaining financial loans and assistance from banks. More information...
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