‘War opened doors for us’, says Dubai trade chief

• European and Indian companies arrive
• Praise for UAE military and leaders
• Rival business centres ‘dropped ball’

One of Dubai’s largest free zones has continued to attract new businesses during the Iran conflict, with companies from Europe, the UK and India choosing to set up there despite regional instability, according to its chair.

Ahmed Bin Sulayem, executive chair and chief executive of the Dubai Multi Commodities Centre (DMCC), said company registrations fell only briefly after the war erupted, before returning to normal as confidence in the emirate’s business environment held firm.

“There was one dip for two days and then it just continued,” Bin Sulayem said. “Companies were consciously moving to Dubai from the UK, from Europe and even from India, setting up, while others stayed put.”

Bin Sulayem said commodities trading was up, particularly in gold and diamonds. “I want the war to end, but it did open doors for us,” he said.

The conflict, which began on February 28, raised concerns about the region’s safe-haven status and the knock-on effects for companies, which could delay expansion plans or even prompt relocations away from the Gulf.

Bin Sulayem said DMCC registers up to 17 companies a day, and that many businesses were reassured by the UAE’s response to the crisis.

“Maybe in the first few days there was a bit of ‘Let’s see what happens’ from around the world,” he said.

“I feel the UAE leadership and the UAE military stood its ground and that, in some odd way, gave more comfort for businesses that were avoiding this region because of our inconvenient neighbour,” he said, referring to Iran.

Further reading:

• Dubai offers further support for businesses hit by Iran war
• Investors crave normality before backing the Gulf
• Dubai is proven in war – now it must prepare for peace

DMCC, established in 2002, has grown into one of Dubai’s most important economic drivers. The free zone now hosts close to 27,000 companies and accounts for around 15 percent of Dubai’s foreign direct investment and 7 percent of its GDP.

Its membership spans commodities, finance, technology and logistics, with firms from more than 180 countries operating from its Jumeirah Lakes Towers and Uptown Dubai districts.

Speaking at the launch of DMCC’s Future of Trade 2026 report, Bin Sulayem said rival business centres, namely Hong Kong and Antwerp, failed to capitalise on the uncertainty created by the conflict.

“They had their opportunity in the first few weeks. They didn’t really change anything from their own proposition aside from saying, ‘What are you doing in a war zone? You should be here.’ They dropped the ball,” he said.

According to the report, only 4 percent of 130 senior leaders and trade experts worldwide expect global trade to recover in the next one to three years.

“The people closest to global trade are not expecting a return to the world that made the last decade work. They’re building for a different one,” he said.