Dubai’s JLT sees 67% rise in company registrations

Tuesday May 17 2011


Dubai Multi Commodities Centre (DMCC), the licensing authority for the Jumeirah Lakes Towers (JLT) free zone, has seen a 67 percent rise in the number of companies registered per month this year, the CEO of the authority said.
“Despite the regional unrest we have seen record numbers of company registrations. Company registrations coming out Europe, Asia and the rest of the world have actually gone up,” Malcolm Wall Morris, CEO of DMCC, told Arabian Business.
“We went from an average of 60 new companies a month in 2010 to 400 by the third week of April this year, so we have got an average of 100 a month. That is significant.”
DMCC in April registered its 3,000 company, a move branded a “milestone” by executive chairman Ahmed bin Sulayem.
More than 90 percent of the companies were new to Dubai, with the majority – 25 percent – European-owned firms. Around 20 percent of companies came from the Middle East and North Africa and 17.5 percent from India and Asia.
JLT will have a total of around 58 towers completed by the end of 2011, which will accommodate around 15,000 people and 8,000 employees.
The news is provided by the Arabian Business.