The Hindu Business Line : Ownership of units, 50-year tax holiday

IN a bid to enhance trade of gold, diamonds, coloured stones and other precious metals between India and the UAE, Dubai Metals & Commodities Centre (DMCC) is offering attractive infrastructure facilities.

DMCC was offering 100 per cent ownership of purpose-built manufacturing units and a 50-year tax holiday, Mr Tawfique Abdullah, Chief Executive Office, DMCC, 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,'' he said.

Making a presentation at a news conference, Mr Abdullah said there were several opportunities for the Indian market. Dubai's strategic location provided an ideal base for international expansion.

India accounts for 20 per cent of 110 tonnes of manufactured jewellery that Dubai imports.

According to Mr Abdullah, for the first time in Dubai, gold, jewellery and diamond manufacturers would have the opportunity to become 100 per cent owners of their manufacturing units.

DMCC has also tied up with Dubai Islamic Bank for a financing scheme to offer funding for those entities wanting to purchase units.

He said: ``We are in the process of building long partnership with our customers in India and provide state-of-the-art infrastructure and value added services for them to set up their shops, refining and manufacturing base at the Government-built premises on 100 per cent ownership basis''.

In the first phase of the project, there will three 12-storey buildings each having a space of 6,000 sq mt. Phase one of the development housing several refineries is currently under construction.

According to Mr Abdullah, 10 per cent of the total area had already been sold and majority of the buyers were from India.

The manufacturing complex, recently opened for booking, will eventually house multiple manufacturing units. In addition, registered companies will also have the option to lease staff accommodation within the complex.

DMCC has also tied up with Dubai Islamic Bank for a financing scheme to offer funding for those entities wanting to purchase units. 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 trading, storage and logistics facilities.

DMCC was set up on April 24 by a decree from the Dubai Government. It was created with a strategic goal of establishing a commodity market place in Dubai.

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