Dubai’s largest free zone is pursuing an expansion plan focused around food security, at a time when global supply chain vulnerabilities have been starkly exposed by the Iran war.
In the past year, Dubai Multi Commodities Centre has developed new hubs for traders in cacao, meat and protein, honey, and saffron, in a push beyond its historical dominance in gold and diamonds. The free zone, which hosts nearly 27,000 companies and accounts for 7% of the emirate’s GDP, is now “going to get very aggressive,” Ahmed Bin Sulayem, executive chairman and CEO of DMCC, told Semafor in an interview, adding that the moves would present opportunities to deepen ties with Africa, India, and Sri Lanka.
Bin Sulayem said he expected Fujairah, the east coast emirate that lies outside the Strait of Hormuz, to grow rapidly in the coming years, echoing the UAE trade minister’s comments to Bloomberg that the UAE was now looking to cut its dependency on the strait entirely.