1. DMCC free zone to serve as SCG Plastics’ Middle East base
2. Jumeirah Lakes Towers continues to develop as regional hub for international energy, petrochemical and plastics industry
Dubai Multi Commodities Centre Authority (DMCCA) announced today that Thailand-based plastic resin trading company – SCG Plastics Co., Ltd., will begin operations from Almas Tower as a DMCC-registered company, following the DMCC license in April this year. A subsidiary of SCG CHEMICALS, Thailand’s leading integrated petrochemical company, SCG Plastics will use the DMCCA’s Jumeirah Lakes Towers (JLT) free zone in Dubai as its Middle East base to further develop and establish new regional business opportunities, reinforcing the emirate’s growing importance as a hub for energy and petrochemical companies.
SCG Plastics is the marketing arm for polyethylene and polypropylene products for SCG CHEMICALS, which manufactures and supplies a full range of petrochemical products from upstream to downstream. SCG CHEMICALS is one of the largest integrated petrochemical companies in Thailand and a key industry leader in the Asia-Pacific region.
“Almas Tower represents the newest hub for commodity trading in the Middle East, and we are pleased to welcome SCG Plastics to DMCC and Dubai,†said Ahmed bin Sulayem, Executive Chairman of DMCC. “The Middle East is a major producer and exporter of petrochemicals and plastics, and presents enormous expansion opportunities for companies like SCG Plastics. In addition to Dubai’s geographical advantage, world-class bunkering facilities and infrastructure; DMCC’s free zone facilities will prove to be an attractive value proposition for energy companies to establish their base here.
“The DMCCA’s JLT free zone has witnessed considerable interest from global energy-related industries aiming to tap into the region’s abundant resources. We are confident that companies such as SCG Plastics will find Dubai and DMCC’s established and well regulated environment conducive for growth and expansion.â€
Purpose built and headquarters to the JLT free zone, Almas Tower caters to the specific needs of the commodities industry, accommodating hi-tech security systems and industry-specific infrastructure for its occupants. DMCC offers resident companies highly attractive benefits, including a 50-year guaranteed tax holiday, 100 per cent business ownership, and full ownership of business premises under a free zone status.
The JLT Free zone is currently home to over 1,800 licensed companies, ranging from commodities to legal, information technology, management consultancy, marketing, medical, tourism and architecture. In addition to being a commodities and energy hub in the region, DMCC also offers a a conducive business environment all types of other licensed activities within its Jumeirah Lakes Towers Free Zone.
About DMCC:
The Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, was established in 2002, with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment. DMCC has also implemented a dedicated compliance policy in the organisation, which is in line with the compliance related laws and regulations of the UAE Federal Government and the competent international bodies.
