UAE-Israel strengthen trade ties as DMCC opens office in Tel Aviv


Daijiworld Media Network - Dubai

Dubai, Dec 1: To support Israeli businesses, from all industries and sectors and setting up a presence in Dubai and Dubai Multi-Commodities Centre (DMCC), DMCC has opened a representative office in Tel Aviv, Israel. The new office will be based in the headquarters of the Israeli Diamond Exchange (IDE).

The deal is set to significantly boost diamond trade between Dubai and Israel, among other sectors including technology, innovation and energy as it follows a landmark collaboration agreement between Dubai Diamond Exchange (DDE) and IDE signed in September 2020.

“This is an exciting new chapter in the trade story of the UAE 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.

“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,” he added.

“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.”

The opening ceremony was attended by senior representatives of DMCC and the Dubai Gold and Commodities Exchange (DGCX), including Les Male, CEO of DGCX, and Martin Leake, Precious Stones Special Advisor at DMCC. The event was also attended by Carmel Ben Shama, Mayor of Ramat Gan, Ofir Ben Gur, Israel Diamond Controller, and Nissim Zuaretz, President of The Israel Diamond Manufacturers Association.

Yoram Dvash, President of the Israel Diamond Exchange and the World Federation of Diamond Bourses (WFDB), said, “This is a historic step that opens up vast economic opportunities for Israel in a whole range of areas, especially diamonds. Having the DMCC representative office in the IDE complex will enable us to work together to realize the full potential of the Israeli Diamond industry. Dubai, with its Free Zone and convenient working conditions, has become one of the world’s leading diamond centers, and our collaboration will bring enormous value to both sides.”

Following the signing of the UAE-Israel Peace Accord ties between the two nation is getting strengthened for which daily flights will connect the two diamond hubs, Dubai and Israel, and UAE nationals can avail visa on arrival in Israel.

  

Comment on this article

  • santosh, Calicut

    Wed, Dec 2 2020

    Good move by UAE for allowing trade with peace loving Israel. UAE should also arrange evacuatin of Palestinians from the Israeli land they have occupied since centuries. Whole Palestine belongs to Israel and they should get it back. UAE should also allow free visa to Jews and help improve their financial position. Israel is a helping nation and never attack another country.

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