Dubai's DMCC opens office in Tel Aviv to boost UAE-Israel trade

New office to support Israeli companies of all sizes and sectors set up in Dubai

  
DMCC Authority welcomes Lumex to the expanding community of laboratory-grown diamond businesses within the Free Zone. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

DMCC Authority welcomes Lumex to the expanding community of laboratory-grown diamond businesses within the Free Zone. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

Dubai Multi-Commodities Centre (DMCC) has opened a representative office in Tel Aviv, Israel, which will support Israeli businesses, from all industries and sectors, interested in setting up a presence in Dubai and DMCC.

The new office will be based in the headquarters of the Israeli Diamond Exchange (IDE).

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

“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.”

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, attended the office opening ceremony after boarding the inaugural commercial direct flight from Dubai to Tel Aviv, Israel, alongside an official UAE Government delegation.

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.”

DMCC is home to over 18,000 companies of all sizes and sectors. In October 2020, DMCC announced the extension of its largest business support package which includes discounts of up to 50 per cent on company set up fees.

As ties strengthen following the signing of the UAE-Israel Peace Accord, daily flights will connect the two diamond hubs, Dubai and Israel, and UAE nationals will be able to obtain a visa on arrival in Israel.

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