UAE and Saudi to strengthen ties by boosting commodity trading

Business Bureau, Gulf Today

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer (DMCC) — the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise — hosted a briefing call with Sheikh Shakboot Bin Nahyan Al Nahyan, UAE Ambassador to the Kingdom of Saudi Arabia on Sunday (Aug.9).

Kicking off the call, both Sheikh Shakboot and Bin Sulayem commended the UAE and Saudi Arabian governments for showing exceptional leadership in rapidly tackling the COVID-19 pandemic from the outset.

The pair discussed ways to further strengthen existing ties over the coming period, with the aim of broadening the bilateral trade between the two largest economies in the GCC.

Additionally, Bin Sulayem outlined Dubai Multi Commodities Centre’s (DMCC’s) ability to boost the trading of a large range of commodities between the two countries.

They also highlighted the long-standing strategic relations and shared visions between the UAE and Saudi Arabia.

Bilateral trade between Saudi Arabia and Dubai reached Dhs25 billion in the first quarter (Q1) of 2020, with imports accounting for approximately Dhs5.7 billion, exports at Dhs6.9 billion, and re-exports standing at Dhs13 billion.

Sheikh Shakboot bin Nahyan Al Nahyan, UAE Ambassador to the Kingdom of Saudi Arabia, added: “With Saudi Arabia’s Vision 2030 and the UAE’s Vision 2021 being perfectly aligned, there is a clear common goal. Organisations such as DMCC are essential in boosting bilateral trade in key areas such as gold, diamond, tea and coffee. I look forward to working and collaborating with DMCC in the future.”

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The UAE and Saudi Arabia have an extensive economic, diplomatic and cultural relationship, and we plan on continuing the growth and scope of this partnership. With both countries’ economic strategies placing an emphasis on non-oil trade, combined with the large volumes of precious metals and stones exported from the UAE to Saudi Arabia, DMCC has a key role to play in bolstering the economic diversification of the UAE.”

He added: “Saudi Arabia is also among the top 10 tea and coffee consuming countries in the world, with over 91,000 tonnes of coffee imported already this year and $236.6 million worth of tea imported throughout 2019. This presents a phenomenal opportunity for collaboration between the Kingdom and the DMCC Coffee and Tea Centres.”

DMCC is hosting a series of briefings with Ambassadors of the UAE across key markets, such as the UK, China, India, Colombia, Germany and the USA, to further strengthen bilateral relations, discuss ways to support ongoing trade ties and develop a deeper understanding of what businesses need in target markets. Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities.

Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive.

Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the

Dubai Multi Commodities Centre, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise —announced earlier the launch of its latest discount campaign to encourage international diamond companies to set up operations in Dubai.

Effective immediately and valid until 30 September 2020, DMCC has reduced its business set-up fees by 50 per cent for all diamond-connected companies. In addition, DMCC announced that new company registrations will be offered a free 12-month membership of the Dubai Diamond Exchange (DDE) - a community of over 1000 leading diamond companies in Dubai.  To mark the campaign launch, DMCC lit up Burj Khalifa - the world’s tallest building — with a breath-taking visual display in celebration of Dubai’s remarkable diamond story. Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade - UAE Ministry of Economy, said: “The trade of precious metals and stones is a critical pillar of the nation’s economic diversification agenda. The UAE Ministry of Economy is focused on catalysing a new phase of economic growth and development in the country, and supporting the trade connected to diamonds is a priority. Any initiative that connects the UAE with partners around the world and showcases the exciting business opportunities that exists here is one to be supported.