Israel Gulf Report
Dubai's DMCC opens office in Tel Aviv: 'Vast economic opportunities'
Updated: Dec 1, 2020
November 30 - Dubai Multi Commodities Centre (DMCC) announced the opening of a representative office in Ramat Gan, Tel Aviv, Israel. It will be based in the headquarters of the Israeli Diamond Exchange (IDE), a DMCC statement said. Read the statement here.
DMCC is "the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise." It was established in 2002 by the Government of Dubai "to provide the physical, market and financial infrastructure required to establish a hub for global commodities trade." Ahmed Bin Sulayem is the Executive Chairman & Chief Executive Officer of DMCC. "The new office will support Israeli businesses, from all industries and sectors, interested in setting up a presence in Dubai and DMCC’s award-winning Free Zone," the statement says.
“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,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, and Chairman of the Dubai Diamond Exchange, according to the report. The agreement was praised by Yoram Dvash, President of the Israel Diamond Exchange and the World Federation of Diamond Bourses (WFDB). “This is a historic step that opens up vast economic opportunities for Israel in a whole range of areas." DMCC tweeted "DMCC announced the official opening of its representative office in Tel Aviv. Based in #IsraelDiamondExchange, the office will provide world-class services to Israeli businesses interested in setting up in Dubai, boosting trade between Israel and UAE." There is a new website: www.dmcc.ae/israel
Attendees at the event included: - Les Male, CEO of DGCX.
- Martin Leake, Precious Stones Special Advisor at DMCC
- Carmel Ben Shama, Mayor of Ramat Gan - Ofir Ben Gur, Israel Diamond Controller - Nissim Zuaretz, President of The Israel Diamond Manufacturers Association. The agreement was greeted with excitement on social media. See also here. It follows a September agreement. Sulayem tweeted at the time that "DDE, DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – signed a collaboration agreement with the #Israel Diamond Exchange (IDE) today."
TV7 Israel News noted on November 27 that Ahmed Bi Sulayem said “There’s a lot for us to do here. I wanted to relax, go to the Dead Sea, but I barely have time for that, so they are keeping me busy and I will be visiting this country, probably once every month or maybe twice every month and a half, so we’ll see whenever I get a chance I’ll be here, at least every three-four weeks.”
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