DMCC Forges Ties With Chinese Chamber Of Commerce
by Lorys Charalambous, Lowtax.net, Cyprus
11 September, 2017
The Dubai Multi Commodities Centre (DMCC), a tax-free trade zone in the United Arab Emirates (UAE), has signed a memorandum of understanding with the China Chamber of International Commerce.
The agreement, signed at the China-Arab States Business Summit 2017 in Yinchuan, China, establishes a basis for closer collaboration, including exploring the possibility of establishing a joint business council, organizing cross-border trade delegations, and enhancing cooperation in the legal services sector.
DMCC is currently home to 293 Chinese and Hong Kong companies, including leading firms in the energy, construction, and commodities sectors. China ranks as the UAE's largest trading partner. Over the past three years, cumulative bilateral trade reached AED520.6bn (USD141.7bn).
Commenting on the new strategic partnership, Gautam Sashittal, CEO of DMCC, said: "By collaborating with the China Chamber of International Commerce, we aim to drive the future of trade by enhancing our member companies' ability to connect, trade, and invest with businesses across China."
DMCC is a free trade zone located in the heart of Dubai. It is home to over 13000 companies and nearly 92,000 people live and work in the zone. DMCC's offering includes zero percent personal and corporation tax, guaranteed for 50 years, non-residents may own 100 percent of local companies, and there are no limits on remitting profits abroad.
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