DMCC aids UAE-Israel trade relations with local presence in Tel Aviv

By Rahul Vaimal, Associate Editor
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Dubai Multi-Commodities Centre (DMCC), the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise has established a representative office in Tel Aviv, Israel.

The new workplace, located at the Israeli Diamond Exchange (IDE) headquarters is intended to help Israeli companies from all sectors and industries involved in developing a presence in Dubai and DMCC.

The declaration follows a major cooperation contract inked in September 2020 between the Dubai Diamond Exchange (DDE) and IDE and is expected to significantly improve diamond trade between Dubai and Israel, along with technology, innovation and energy, and other major sectors.

Ahmed Bin Sulayem
Ahmed Bin Sulayem Executive Chairman & CEO

“This is an exciting new chapter in the trade story of the UAE and Israel, and one that will usher in a new wave of Israeli enterprise through Dubai. 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.”

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. Dubai, with its Free Zone and convenient working conditions, has become one of the world’s leading diamond centers, and our collaboration will bring enormous value to both sides.”

DMCC has over 18,000 firms of all sizes and sectors. DMCC announced in October 2020 the expansion of its largest business support plan, which provides discounts of up to 50 percent on fees set up by the company.

As the relationship strengthens following the signing of the UAE-Israel peace agreement, daily flights will connect Dubai and Israel allowing UAE citizens to obtain visas upon arrival in Israel.