DUBAI - DMCC – the world's flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has signed an agreement with the United States' Brooklyn Chamber of Commerce that will see the two entities work together on a number of beneficial initiatives to promote trade and support the international expansion of American businesses through Dubai.
DMCC will work with the Brooklyn Chamber to support New York-based businesses in setting up their operations in Dubai, utilising the emirate's status as a gateway to some of the world's fastest-growing markets. Similarly, the partnership will look to facilitate the expansion of DMCC's member companies into the US market.
Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said, "DMCC is thrilled to collaborate with the Brooklyn Chamber of Commerce to create new, mutual opportunities for growth across enterprise and culture. Both New York and Dubai are hyper-connected business hubs that share a forward-thinking, dynamic landscape for trade.
"As Brooklyn continues to evolve, we look forward to working alongside the Brooklyn Chamber of Commerce, its future-driven organisation and 62,000 members by providing them a path to grow and thrive in Dubai."
Given DMCC's particular focus on commodities trade, the partnership will also see Brooklyn Chamber of Commerce promote the services offered by DMCC's Dubai Diamond Exchange (DDE), Tea Centre and Coffee Centre to commodities businesses within the New York business community.
The DDE has played a key role in developing the UAE's position as a world leader in the diamond industry. The UAE is now the global leader in the trade of rough diamonds, with over US$22.8 billion of rough diamonds traded in 2021.
As the US remains one of the leading consumer markets for the diamond and jewellery industries, the agreement with the Brooklyn Chamber of Commerce will look to further expand the UAE's polished diamond trade market.
"Brooklyn has a well-earned reputation as an international brand and has long been known as a bridge to the world," said Brooklyn Chamber President and CEO, Randy Peers. "We are happy to partner with DMCC to promote culture and commerce."
DMCC has become home to over 21,000 member companies, from large multinationals to SMEs and entrepreneurs. It is currently home to over 650 American companies.
WAM/Rola Alghoul/Esraa Ismail