DMCC forays into Israeli market
DUBAI: DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise has announced the official opening of its representative office in Ramat Gan, Tel Aviv, Israel. Based in the headquarters of the Israeli Diamond Exchange (IDE), the new office will support Israeli businesses, from all industries and sectors, interested in seting up a presence in Dubai and DMCC’S award-winning Free Zone.
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 United Arab Emirates 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. 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,” he added.
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.”