As a result of Israel and the United Arab Emirates normalizing relations between their countries in September, the Dubai Multi Commodities Centre (DMCC) officially opened its new representative office today in the Israel Diamond Exchange (IDE) complex in Ramat Gan.
The new office aims to assist Israeli businesses in setting up a presence in Dubai, the city that serves as the UAE’s financial capital, and will seek to significantly boost trade and business opportunities between Dubai and Israel.
The office stems from the strategic cooperation deal signed by the Dubai and Israel diamond exchanges following the normalization of relations between the UAE and Israel. The agreement calls for the sharing of experience and knowledge, promoting bilateral trading opportunities, and an Israeli-Dubai diamond fair.
The cooperation deal also includes creating business opportunities in other sectors such as technology, innovation, and energy.
In a statement, Yoram Dvash, the president of the Israel Diamond Exchange and the World Federation of Diamond Bourses, said that until now, business between Israel and Dubai had to be conducted through a third party.
“This is a historic step that opens up vast economic opportunities for Israel in a whole range of areas, especially diamonds,” he said. “The opening of the DMCC’s representative office in our complex will make it much easier to conduct business with Dubai, and will enable us to build a business bridge to the entire Gulf region. Our collaboration will bring enormous value to both sides and to the global diamond industry.”
Ahmed Bin Sulayem, executive chairman and CEO of DMCC and chairman of the Dubai Diamond Exchange, added in the same statement, “There has been an unprecedented level of interest from Israel in doing business in, with, and through Dubai—especially in diamonds.”
Top: Ahmed Bin Sulayem (left) and Yoram Dvash at the opening of the Dubai Multi Commodities Centre’s new representative office in Ramat Gan, Israel (photo courtesy of the Dubai Multi Commodities Centre)
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