Sheikh Mohammed issues new law on Dubai Multi Commodities Centre - GulfToday

Sheikh Mohammed issues new law on Dubai Multi Commodities Centre


Sheikh Mohammed Bin Rashid attends a meeting in Dubai. File/ WAM

In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed Bin Rashid Al Maktoum issued Law No. 03 of 2020 on the Dubai Multi Commodities Centre, DMCC.

Established pursuant to Decision No. 04 of 2002, DMCC is dedicated to enhancing the flow of commodity trade through Dubai.

According to the new Law, the Dubai Multi Commodities Centre Authority will be responsible for supervising DMCC.

The Authority is responsible for setting up, developing and managing the infrastructure of DMCC, developing the rules and regulations required for DMCC to achieve its objectives; supervising activities in the Centre; issuing licences for companies seeking to operate in the Centre; and monitoring and supervising construction within the Centre.

The new law outlines the organisational structure of DMCC Authority and specifies the authorities and procedures to form the Board and executive body of the DMCC Authority.

Pursuant to the new Law, any company registered to operate within DMCC is strictly not allowed to practice any activity other than what is stated in their registration permit, or any activity that goes against public order and norms.

The new Law also regulates customs duty exemptions and tax exemptions for commodities trade, re-export and storage within DMCC and the establishment of private, commercial and joint venture companies.

All companies registered within DMCC must identify themselves as a free zone company in their correspondence, contracts, advertisements, invoices and stationery. DMCC companies cannot transfer their license to a other third party without prior written permission from DMCC Authority.

The Board of Directors of DMCC will issue all the bylaws required to implement the articles of the Law. The new Law will be published in the Official Gazette and is effective from the date of its publication.

Meanwhile, the inaugural edition of the International Innovation Forum, a joint initiative by the Ministry of Economy and Dubai Customs in connection with the UAE Innovation Month, opened on Sunday, at the Ministry of Economy in Dubai. The forum aims to provide a periodic platform for innovators and inventors from inside and outside the country to interact with the relevant authorities from research centers, business incubators and private sector companies.

The Forum was opened by Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary of Economic Affairs in the Ministry of Economy; and H.E Ahmed Mahboob Musabih, Director General of Dubai Customs; in the presence of senior officials from both entities in addition to a number of representatives from other governmental and academic authorities.

The week-long Forum will run from 23 to 27 featuring 40 innovative projects. It will host dialogue and discussion sessions on applications of Artificial Intelligence (AI); modern innovation methodologies; intellectual property (IP) rights; patent mechanisms and procedures; and other areas related to the development of an environment that promotes innovation and empowerment of owners of innovative projects, to help enhance their competitiveness.

In his opening speech, Al Shehhi emphasized the Ministry of Economy’s keenness to strengthen cooperation frameworks with its strategic partners to promote and spread the culture of innovation and creativity in the society, as innovation has become a key necessity for economic development and the improvement of the quality of the life for individuals. It is also important for the development of institutions and remains a major pillar in the UAE’s efforts to prepare for the next 50 years by maximizing development opportunities and finding innovative solutions to challenges in various sectors, he added.

Al Shehhi said that the UAE’s efforts to support the innovation system cover a wide array of sectors that represent the future, such as applications of AI and other Fourth Industrial Revolution technologies, research and development, intellectual property, entrepreneurship, and various creative activities. The UAE believes in the importance of human capital with creative talent and a flair for innovation in driving progress and development, which is essential to achieve the goals of the UAE Vision 2021 and the UAE Centennial 2071.

He further pointed out that against this backdrop, the International Innovation Forum serves as an important platform for the exchange of experiences and knowledge between innovators and inventors from different sectors, highlighting the creative and innovative talents within the country and from different nationalities of the world.

Furthermore, the Forum provides an opportunity for creators and inventors to introduce their innovations and communicate with experts from research centers, governmental and academic organizations, business incubators and companies from the private sector, thereby promoting dialogue and exchanging experiences on innovation applications and the roadmap for future.

Ahmed Mahboob Musabih praised the launch of the first International Innovation Forum organized by MOE in cooperation with Dubai Customs in connection with the UAE Innovation Month 2020, which brings together innovators from various sectors such as education, and the public and private sectors under one roof to showcase their latest innovations and inventions.

 WAM/ Agencies

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