After the signing of a diamond agreement with Israel, Dubai’s DMCC free zone is now working to add more precious stones and metals to the framework of the contract.
Feryal Ahmadi, Chief Operating Officer, Dubai Multi Commodities Centre (DMCC) said, “There are a lot of opportunities that we’re looking into. And the level of interest has grown – obviously – because the barriers to trade and entry have now been reduced”.
The diamond industry has been the focus of initial talks since the UAE and Israel signed the agreement. Following the talks, the DMCC signed an agreement with Israeli counterpart on the Dubai Diamond Trade in September.
“DMCC is tasked by the Government of Dubai to drive commodities trade-in and through Dubai. Historically, two of the areas we have focused on are precious metals and precious stones,” officials stated.
“The ultimate goal is to transform Dubai into the world’s leading trade hub for both. To date, we have over 18,000 companies registered in the free zone – many of which are connected to the gold and diamond trade. DMCC’s retention rates of businesses licensed to operate from the free zone remain “strong””.
It is against this backdrop that DMCC’s latest announcement on the new service which allows overseas companies to register for a license without any upfront fees. Within five working days, the clearance will be given for the setting up. Moreover, these companies get a six-month trial period to shape their minds.
“We introduced business support packages for new companies as well as existing member companies. As of date, our retention rate has been very strong… I can say very similar to previous years. We have also attracted the same number of companies as per our initial projection due to the support package waivers and incentives,” she further added.