His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, in his capacity as Ruler of Dubai, issued Law No. 3 of 2020 regarding the DMCC, which aims to advance the emirate’s position as a regional and global destination in the field of commodity trade and trade finance And Islamic, and contribute to the implementation of the strategic priorities of the Dubai government, to raise the level of economic growth of the emirate, as well as contribute to attracting and attracting local and international investments, companies, and commercial institutions, so that the center will be based on its business and investments, and enhance the emirate's competitiveness in the field of Goods in general, and precious metals are particularly well.

The provisions of this law are applied to DMCC as a free zone, and the provisions of this law also apply to the authority of the center, as it is a public authority, with legal personality, financial and administrative independence, and the legal capacity necessary to conduct business and actions that ensure the achievement of the goals of the center, and attached to the Dubai Investment Corporation Government.

Center Authority

According to the law, the DMCC Authority is responsible for overseeing the center, and in order to achieve its goals: to establish, develop and manage infrastructure and administrative services within the center in coordination with the relevant authorities in the emirate, and to establish residential, commercial and hotel buildings and facilities, either by themselves or through real estate developers And determining the activities that are authorized to be practiced inside the center, setting rules, conditions, requirements and licensing procedures, licensing and organizing construction works that take place inside the center, and supervising and supervising them.

The authority of the Dubai Multi Commodities Center shall register and license the centers of the center in accordance with the provisions of this law and the decisions issued pursuant thereto, as well as control and inspection of the centers of the center and the activities that it engages in, to ensure the extent of their commitment to the provisions of this law and the decisions issued pursuant thereto, and the establishment of institutions and companies alone or in association with others, Inside and outside the center, establishing, organizing and operating markets for actual and digital goods, in line with the legislation in force in the emirate.

The authority of the center may also establish professional societies and committees, organize activities related to the activities of the center, and supervise the trade in rough diamonds, in coordination with local and federal stakeholders, in accordance with the provisions of international agreements and treaties to which the state is a party, as well as examine, approve and calibrate diamonds, gold and precious stones, and make sure From the authenticity of certificates and related documents, and to allow the institutions of the Center to import and store the goods, with a view to re-exporting them or importing them to the customs area in the emirate, in coordination with the concerned authorities, and conducting an amicable settlement of disputes Of labor, and disputes relating to the institutions of the center-related operations.

The DMCA authority is also entitled to conclude agreements and memoranda of understanding with the centers specialized in dispute settlement, and to allow the center’s institutions to provide various commercial, media, banking and insurance services within the center, in coordination with the relevant federal authorities, and in accordance with the legislation in force in the emirate, and to cooperate and coordinate with local authorities Federal, regional and international levels, including the authorities of the Free Zones, in a manner that ensures the achievement of the goals of the Center.

Organizational Structure

The organizational structure of the DMCC Authority is formed according to the text of the new law from a board of directors consisting of a president and vice president, and a number of members with expertise and specialization, who are appointed by a decree issued by His Highness the Ruler of Dubai.

The Authority also has an executive body consisting of the CEO of the Center’s authority and a number of administrative, financial and technical employees, and the rights and duties of employees of the Authority’s authority and other their functional affairs are defined by a special system issued by the Board of Directors of the Center’s authority in this regard, and the CEO of the DMCC Authority is appointed Multiple decision by the Chairman of the Executive Council of the Emirate of Dubai.

The law also defined the powers of the DMCA Authority board of directors, its meeting mechanisms, the Authority's financial resources, budgets and accounts, and obligated all Dubai government authorities in cooperation with the DMCA authority, to enable them to carry out the tasks entrusted to them under this law and the decisions issued pursuant thereto.

Prohibited activities and goods

The law stipulated that any activity inconsistent with the license granted to the institutions of the center or with the legislation in force in the emirate, and any activity inconsistent with public order or public morals, should be prohibited.

Goods from all sources are permitted to enter the Dubai Multi Commodities Center, whether national or foreign, while the law excludes a group of goods that are prohibited from entering or trading in the center, and they include: corrupt goods, and those that violate laws protecting commercial, industrial, literary and artistic property Intellectual property, including goods in conflict with the laws and regulations relating to trademarks, patents, and copyrights and design.

It is also prohibited to enter goods that the state or the Dubai government decides to prohibit, and goods bearing texts, drawings, decorations, signs or forms that contradict the beliefs, teachings and concepts of divine religions, or contradict public order or public morals, as well as war goods and ammunition, except as provided for under A license from the competent authority in the Emirate of Dubai, and goods, services and products that are prohibited from circulating in the country under the applicable legislation.

Customs exemptions

The law exempted multiple goods imported into the center, manufactured, produced, or developed therein from customs duties, and no customs fees are collected from them when they are exported outside the state, and the goods kept in the center or used in any operations inside it are also exempt from customs duties, as they are also considered Goods exported from the center to the customs area in Dubai, as if they were imported from abroad for the first time, and customs duties are collected according to the applicable customs tariff provisions.

Without prejudice to the legislation in force in the state, the institutions of the center and the individuals working in it are exempt from all types of taxes, including income tax, in relation to their work inside the center, and those institutions and those individuals are exempt from any restrictions related to the transfer of capital, profits, or wages in any A currency to any party outside the center, for a period of fifty years, and this period may be extended for similar periods by decision of the ruler, and this period is calculated from the date of commencement of the institutions of the center or its employees.

Restricted actions

According to the law, the Dubai Multi Commodities Center's institutions and their funds or those of its employees are not subject to any nationalization or restrictive procedures for the duration of their work within the center.

The center or its institutions in relation to its operations inside it are not subject to the legislation related to Dubai Municipality or the Department of Economic Development, or to the authorities and powers within the jurisdiction of either of them, and exceptions are made regarding health, public safety, environment and food control, as well as legislation that expressly provides for the application of its provisions within Free Zones.

The authority may seek the assistance of government agencies in the emirate of Dubai and other free zones, and take advantage of the programs and regulations available to them to license the institutions of the center, as the authority deems appropriate. These programs and regulations are applied in accordance with the regulations in force in the center, provided that the licenses granted to the centers of the center are considered in cooperation with government agencies Concern as if issued by the authority.

Institutions of the Center

The law stipulated that the institutions of the center should mention next to their name in all their transactions, contracts, advertisements, invoices, correspondence, and publications, that they are a free zone institution, and the legal form they have taken, and the owner of the center of the center is responsible for all its movable and immovable assets of the center’s foundations, In the event that he is not committed to mentioning the foregoing regarding clarifying the relationship of the corporation with the free zone.

It is prohibited for the institutions of the Dubai Multi Commodities Center to waive the license issued to it by the authority to any party or other party, without obtaining the prior written consent of the authority. The board of directors of the center’s authority issues a regulation in which it determines the administrative penalties established for violating the provisions of this law and the decisions issued pursuant to it , Or any clause of the license terms issued by the authority, as these regulations specify the authority authorized to impose and implement these sanctions.

Founding institutions

Individual institutions and commercial companies are established within the Dubai Multi Commodities Center according to the regulations and decisions applied in the center. The institutions of the center may be owned by one or more persons, whether natural or legal person, and whether it is a citizen of the state or others.

It is not permissible for any person or entity to engage in any activity in the center, unless it is authorized by the authority to do so, and the institutions of the center are licensed, regulate all the rules that regulate their activities, including their establishment and registration, determine the conditions and rules that govern them, and set the regulations for their liquidation, And any other matters related to it, according to a special system approved by the Board of Directors of the Center’s authority for this purpose.

Outsourcing and confidentiality

The DMCC Authority may entrust any of its powers stipulated in this law to any public or private entity, according to an agreement concluded in this regard, according to which the rights and obligations of the two parties are determined, and the records and information of the center’s institutions are treated confidentially, and it may not be disclosed or disclosed It is for others, except in accordance with the legislation in force in the country, and the regulations, regulations and decisions approved by the authority, under penalty of liability.

The law prohibits the entry of corrupt goods that violate the laws for protecting commercial, industrial, literary, artistic and intellectual property.

The law prohibits any commodity that holds texts, drawings, or forms that contradict the beliefs and teachings of divine religions or violate public morals.

Supervising the trade in rough diamonds, checking, certifying and calibrating gold and precious stones, and ensuring the validity of certificates and documents related to them.