Dubai’s DMCC opens office in Tel Aviv to boost diamond trade with Israel

Dubai-based freezone DMCC has opened its first representative office in Tel Aviv, Israel to boost bilateral business opportunities, it announced on Monday.

Based in the headquarters of the Israeli Diamond Exchange (IDE), the new office will support Israeli businesses from all sectors that are interested in setting up a presence in Dubai and DMCC.

The announcement follows an agreement between Dubai Diamond Exchange (DDE) and IDE signed in September 2020, and is set to “significantly boost diamond trade between Dubai and Israel”, a statement said. DMCC is home to the DDE and over 1,000 companies connected to the diamond trade.

Other sectors that are expected to see an impact include technology, innovation and energy.

“The decision for DMCC to open a representative office in Tel Aviv was a simple one,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC and chairman of the DDE.

“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,” he added.

Senior representatives of DMCC and the Dubai Gold and Commodities Exchange (DGCX), including Les Male, CEO of DGCX, attended the office opening ceremony after boarding the inaugural commercial direct flight from Dubai to Tel Aviv, Israel, alongside an official UAE government delegation.

Yoram Dvash, president of the IDE 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 realise the full potential of the Israeli diamond industry.”