A Dubai free zone has launched a new type of business licence to reward companies with a social purpose with reduced set-up costs and fees.
Dubai Multi-Commodities Centre (DMCC) said it has partnered with C3 (Companies Creating Change), a UAE-based social enterprise empowering impact-driven entrepreneurs across the Middle East, Africa and Turkey.
Together they have launched the Impact Scale-Up Programme, with the DMCC being the first free zone in the UAE to support companies with a social purpose in such a way.
DMCC will offer a total of 20 ‘Impact’ business licences to companies, providing them with substantial savings on business setup costs through a 70 percent discount on licence fees and flexi-desk space for two years.
DMCC will also be providing further discounts on licence renewal from the third to the fifth year. Additionally, the successful start-ups will receive access to DMCC’s facilities as well as its community of over 20,000 member companies to connect and network.
The programme will support businesses contributing to the UN Sustainable Development Goals (SDGs), enabling them to establish a presence in the UAE and leverage the local ecosystem as a launchpad to successfully expand across the MEA region, a statement said.
The training and networking programme will provide a blueprint to successfully enter the UAE market, as well as connections with local and regional investors and blue-chip companies. Applications are now open and will close on April 30.
Feryal Ahmadi, chief operating officer, DMCC, said: “Creating a positive social and environmental impact is essential for businesses to provide true value to shareholders in today’s world.
“This is a philosophy that DMCC lives by, and one that we encourage across our community of over 20,000 member companies. In doing so, we broaden and extend our ESG reach and support the UAE’s sustainability agenda. Partnering with C3 is the latest step in this journey, as we look to enable businesses that are having a substantial positive impact across the world.”
Medea Nocentini, founder of C3, added: “We are delighted to partner with DMCC on this important initiative, empowering and supporting 20 impact-driven businesses establishing their presence in the UAE. Our programmes provide innovative and ambitious founders with the opportunity to learn the fundamentals of business growth and impact measurement, while connecting them with relevant experts, potential clients, and strategic investors.
“In the local markets, there is a significant opportunity for companies that have impact at the core of their strategy, so we are looking forward to kick-starting their expansion journeys and enabling them to create a positive impact across the region.”
This partnership forms part of DMCC’s broader ESG strategy, in which it looks to create value for the communities in which it operates.
DMCC said it currently dedicates 0.5 percent of its annual profits to social impact initiatives.
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