The Dubai Multi-Commodities Centre (DMCC) recently opened a representative office in the Israel Diamond Exchange (IDE) complex aimed at boosting trade and business opportunities between Dubai and Israel.

The facility will assist Israeli businesses from all industries and sectors who are interested in setting up a presence in Dubai and the DMCC.

This initiative is part of a strategic cooperation deal signed by the DMCC and IDE in September.  The agreement calls for cooperation in several areas, including knowledge sharing, promoting bilateral trade, and holding seminars and Israel-Dubai diamond fairs. 

In addition, the agreement includes creating business opportunities in other sectors such as technology, innovation and energy.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, and chairman of the Dubai Diamond Exchange, commented, “There has been an unprecedented level of interest from Israel in doing business in, with and through Dubai – especially in diamonds.” 

Yoram Dvash, president of IDE and the World Federation of Diamond Bourses, said, “Until now, trade between Israel and Dubai needed to be conducted through a third party. 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.”

IDE said it is looking at opening a representative office in the Almas Tower in Dubai where the DMCC is located and will consider additional mutual projects with the Dubai Diamond Exchange.