Foreigners can own units in Dubai zone

In order to enhance the trade of gold, diamonds and coloured stones and other precious metals between India and United Arab Emirates, the Dubai Metals & Commodities Centre is offering 100 per cent ownership of purpose-built manufacturing units and a 50-year tax holiday to resident companies, the chief executive officer of DMCC Tawfique Abdullah said.

"We are committed to developing a strong base in Dubai, to attract and facilitate business throughout the entire value-chain in gold, diamonds and other commodities," said Tawfique Abdullah.

"We will build partnering relationships with our customers, provide state of the art infrastructure and value adding services," he added.

Announcing the benefits offered by DMCC Abdullah said, "For the first time in Dubai, gold, jewellery and diamond manufacturers will have the opportunity to become 100 per cent owners of their manufacturing units."

DMCC will offer a full service to those organisations involved in gold trading with physical trading facilities, storage, assaying as well as package and delivery facilities available on-site.

Phase one of the development housing several refineries, is currently under construction.

The manufacturing complex, recently opened for booking will eventually house multiple manufacturing modules, each with 12 floors and an available space of 6000 square metres.

In addition to the manufacturing facilities, registered companies will also have the option to lease staff accommodation within the complex.

The final design of the manufacturing facilities is the result of extensive discussions, planning and examination.

Individual manufacturer's needs have been given the first and the foremost priority. Citing an example, Abdullah said manufacturers expressed the need to house their staff close to their operations base and this was subsequently incorporated into the design.

The companies housed in DMCC will have trading facilities, a convention centre and a training centre.

A gems lab will be available to the companies in the diamond trade while the commodities industry will be provided with world-class trading, storage and logistics facilities.

A Dubai based bank has launched a specific financing scheme, which will offer loans of up to 75 percent on sums up to AED 1 million, with a repayment period of between 2 and 6 years.

Strategically located in Dubai at the crossroads of trade and commerce between East and West, DMCC is ideally positioned for manufacturers to service and access markets that span Middle East, North and Southern Africa, the Indian Subcontinent and the CIS.