Dubai, Israel’s diamond exchanges sign deal to boost regional trade

Through its Dubai Diamond Exchange (DDE), DMCC signed a collaboration agreement with the Israel Diamond Exchange (IDE) on Thursday.  The agreement was signed during a virtual conference, following the landmark announcement in August 2020 on the United Arab Emirates establishing formal diplomatic relations with Israel through the UAE-Israel Peace Accord.

The agreement seeks to promote cooperation and dialogue between the two world-leading diamond exchanges, and will see the IDE set up a representative office in Almas Tower, Dubai, UAE with DMCC opening a sales office in IDE’s headquarters in Ramat Gan, Tel Aviv, Israel. DMCC is the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise.

Dubai is fast becoming one of the world’s leading diamond trading hubs. In 2003, the total value of rough and polished diamonds traded in the emirate was Dhs13.2 billion ($3.6 billion), a figure that rose significantly in 2019 to Dhs84 billion ($23 billion).

“The strategic agreement signed between the Dubai Diamond Exchange and the Israel Diamond Exchange is an important one that unlocks huge potential for both parties. DMCC is tasked by the Government of Dubai to drive global commodities trade through Dubai, and this agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC and Chairman of the Dubai Diamond Exchange.

“The United Arab Emirates and Israel are home to two of the Middle East’s most dynamic and innovative economies. This agreement paves the way for further collaboration across a range of commodities in what is a very exciting time for development in the region. We look forward to working alongside our partners in Israel,” he added.

The two bourses have committed to sharing knowledge, expertise and experience, promoting bilateral trade opportunities, and partnering on exhibitions, visits, and conferences to boost regional trade and support the growth of the global diamond industry.

“We are very excited to sign this strategic agreement with DMCC. Dubai, with its Free Zone and convenient business conditions, has become one of the most important diamond centres in the world. This agreement between our two world-class centres will be of enormous value to both sides,” said Yoram Dvash, President of the World Federation of Diamond Bourses (WFDB), and President of the Israel Diamond Exchange.

“Through the World Federation of Diamond Bourses (WFDB) we have come to know and value the leaders of the Dubai diamond industry. The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses,” he added.

INNOWAY: The DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise and Innoway, a Chinese platform established by the Beijing and Haidian Government that has successfully incubated over 3,841 start-ups and raised a total of Dhs41.8 billion, on Thursday held their first virtual matchmaking event to highlight innovation and technology opportunities in Dubai for Chinese entrepreneurs.

The session was joined by the UAE’s companies and Chinese innovators, in the first collaboration between the DMCC and Innoway following the signing of a Memorandum of Understanding (MoU,)in May. Innoway will establish offices in DMCC’s Jumeriah Lakes Towers soon.

The event highlighted the opportunities available in the DMCC to the many companies invited by Innoway, including five of their “unicorn” companies: Beijing NOBOOK Education Technology, MEGVII, Terminus Group, Guangzhou Hongyu Science & Technology Co. Ltd and Neolix Technologies Co. Ltd. The DMCC also provided details on how to set up a business within the leading tech hub that it has created in its Jumeirah Lakes Towers community.

Feryal Ahmadi, Chief Operating Officer, DMCC, said, “Innovation is in Dubai’s DNA; it is part of the culture and way of life here and this creates progressive, vibrant and enabling environments for those with potential. As one of the world’s most dynamic cities, Dubai is the perfect setting for Chinese companies looking to expand their operations in the Middle East and beyond. The DMCC-Innoway partnership serves as the launchpad for Chinese start-ups and entrepreneurs seeking to transform the future.”

Nie Lixia, General Manager, Innoway, said, “Innoway will set up an office at the DMCC to strengthen the innovation and cooperation between both sides. Innoway has actively helped Chinese technology-based enterprises set up in the UAE and helped UAE technology enterprises to open in Zhongguancun. So far, we have connected more than 50 Chinese and Arab enterprises, and we look forward to working with the DMCC.”

WAM