DMCC unveils "Pearls of Dubai" joint venture with Arrow Pearls from Broome, Australia

Multifaceted pearl project to include pearl farm, interpretive centre and retail destination

Dubai brand pearls to be produced at offshore pearl farm

Training for UAE nationals to be key component

Dubai, May 6, 2007: The Dubai Multi Commodities Centre (DMCC) announced today, the launch of "Pearls of Dubai", an integrated pearl centre that will include a pearl farm, interpretative concept and a retail destination. The Centre will be a showcase for a new brand of Dubai pearls that will be produced at a pearl farm located off the coast of Dubai. "Pearls of Dubai" will also develop and train UAE national talent in all aspects of the pearl trade.

The aim of this ambitious project is to revive the UAE's distinguished pearling tradition and embed it as the keystone of the Emirates' cultural identity. Similar to other DMCC projects, "Pearls of Dubai" will develop the entire value chain of the industry from production to retail. The recently announced Dubai Pearl Exchange will form an integral part of this chain by providing an exclusive trading platform.

In addition, DMCC announced that the offshore farms will produce Dubai brand pearls, which will also be known as "Pearls of Dubai." The branded pearls will be certified as adhering to specifications determined by DMCC, carrying an identity hallmark defining their provenance as pearls produced in the waters of Dubai.

"Pearls of Dubai" will be established as a joint venture between DMCC, a Dubai government initiative and Arabian Gulf Pearls DMCC, the Dubai-based office of Arrow Pearls of Broome, Australia.

Ahmed bin Sulayem, Chief Operating Officer, DMCC, said: "'Pearls of Dubai' demonstrates DMCC's commitment to re-establishing the UAE as the leading destination for pearl diving and trading. It will bring together the best of the UAE's pearling tradition and modern technological advancements of pearl farming."

He added: "Most importantly, "Pearls of Dubai" will offer extensive training programmes for UAE nationals aspiring to join the pearl industry, thereby taking the industry back to its roots in the Gulf. The centre will focus on generating interest among young UAE nationals through interactive and interpretative programmes."

Stephen Arrow of Arrow Pearls Australia, said: "We are extremely pleased to be associated with DMCC as we launch this exciting project to revitalise the traditional pearl diving culture of the region. In the past, pearling was the backbone of the region's economy, and we are glad to participate in the revival of this tradition.

He concluded, "The Arabian pearl diving tradition reached the far off shores of Northern Australia about 140 years ago. That event initiated the formation of the small pearling town of Broome in remote Western Australia where my family has worked in the pearling industry for the past 28 years. Today, we are returning to the region where it all began and we bring with us the pearling industry of the 21st century. We look forward to the challenges that lie ahead. We are excited that the people of the U.A.E. have such a great natural passion for the pearl."

The centre will comprise an interpretative concept showcasing all facets of the historic pearling in the UAE, including the diaspora of the pearl diving tradition across the Indian Ocean as far as Australia and Tahiti. Visitors to "Pearls of Dubai" will be given the opportunity to observe life under the sea, as if they themselves were pearl divers, passing through an acrylic tunnel beneath the sea in a purpose built pearling marina. Traditional dhows will transport visitors to areas within the marina to give them a real-life modern pearling experience. Maritime legends and myths of the Dubai region will also be replicated through the pearl museum to provide value-added entertainment.

-Ends-

About DMCC's Diamonds & Coloured Stones Division
The Dubai Multi Commodities Centre, a strategic government initiative, rated 'A' by Standard & Poor's, is establishing Dubai as a diamond trading and value-adding centre of global significance.  Under a free zone status, DMCC will accommodate every facet of the business - manufacturing, trade, education, certification and technology.   Streamlining the trade with global standards and protecting the legitimate diamond industry DMCC has been instrumental in implementing the Kimberley Process Certification Scheme (KPCS) in the United Arab Emirates. Through the creation of market-specific infrastructure, such as the Dubai Diamond Exchange, the Dubai Gem Certification, DMCC's industry initiatives provide a major impetus to the diamond industry in the region. 

For further information, please contact:
Nicholas Nesson / Gunjan Chaurasia
ASDA'A Public Relations
Exclusive Affiliate of Edelman,
Middle East & North Africa
Dubai,
UAE
Tel: 971-4-3355969,
Fax: 971-4-3356080
Mob: 971-50-4785324 / 971-50-2797034
Email: n.nesson@asdaa.com / g.chaurasia@asdaa.com

© Press Release 2007