Fruits of Peace: DMCC Opens Representative Office in Israel Diamond Exchange
The Dubai Multi-Commodities Centre officially opened its new representative office in the Israel Diamond Exchange (IDE) complex in Ramat Gan.
To open the office were DMCC Executive Chairman and Chairman of the Dubai Diamond Exchange Ahmed Bin Sulayem and DMCC Special Adviser Martin Leake, who both arrived on the first regularly scheduled flight from the UAE to Israel. The ceremony was attended by Yoram Dvash, President of the Israel Diamond Exchange, Ramat Gan Mayor Carmel Shama Hacohen, Diamond Controller Ophir Gur, President of the Israel Diamond Manufacturers Association Nissim Zuaretz, the IDE board, honorary presidents and other diamond leaders.
The new office will assist Israeli businesses, from all industries and sectors, interested in setting up a presence in Dubai and the DMCC, and will seek to significantly boost trade and business opportunities between Dubai and Israel.
The opening of the representative office comes as part of the strategic cooperation agreement signed by the DMCC and IDE in September. The agreement calls for cooperation in several areas, including sharing experience and knowledge, promoting bilateral trading opportunities and holding seminars and an Israel-Dubai diamond fair to in each country. In addition to cooperation in diamonds the agreement includes creating business opportunities in other sectors such as technology, innovation and energy.
The opening of the representative office of the DMCC, which is one of the three largest free trade areas in Dubai, will enable assistance to Israeli companies of all sizes interested in opening a business in Dubai. The Dubai Diamond Exchange is part of the DMCC and is considered the second in the world in volume of business. Besides diamonds, the DMCC trades in tea, coffee and gold and includes 18,000 companies.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, and Chairman of the Dubai Diamond Exchange, said “This is an exciting new chapter in the trade story of the United Arab Emirates and Israel, and one that will usher in a new wave of Israeli enterprise through Dubai.The decision for DMCC to open a representative office in Tel Aviv was a simple one. There has been an unprecedented level of interest from Israel in doing business in, with and through Dubai – especially in diamonds. Our expert team in Tel Aviv will work hard to support Israeli companies of all sizes and sectors take advantage of the world-class connections, services and infrastructure available through DMCC. We look forward to welcoming Israeli businesses to our innovative business hub and thank the Israeli Diamond Exchange for exhibiting the true spirit of collaboration,” he added.
Yoram Dvash, President of the Israel Diamond Exchange and the World Federation of Diamond Bourses (WFDB), said, “This is an historic step that opens up vast economic opportunities for Israel in a whole range of areas, especially diamonds. The Israel Diamond Exchange was the first to identify the enormous potential of mutual cooperation with the DMCC. Till now trade between Israel and Dubai needed to be conducted through a third party. The opening of the DMCC’s representative office in our complex will make it much easier to conduct business with Dubai, and will enable us to build a business bridge to the entire Gulf region. Our collaboration will bring enormous value to both sides and to the global diamond industry.”
The Israel Diamond Exchange intends to open a representative office in the Almas Tower in Dubai, where the DMCC is located, and will consider additional mutual projects with the Dubai Diamond Exchange.