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Ramat Gan, Israel—The Dubai Multi-Commodities Centre has officially opened its new representative office today in the Israel Diamond Exchange (IDE) complex in Ramat Gan. The new office will assist Israeli businesses, from all industries and sectors, interested in setting up a presence in Dubai and the DMCC, and will seek to significantly boost trade and business opportunities between Dubai and Israel. Image, left to right: Martin Leake, Yoram Dvash, Ahmed Bin Sulayem and Eran Zini, IDE managing director, in the DMCC offices at the Israel Diamond Exchange.

The opening of the representative office comes as part of the strategic cooperation agreement signed by the DMCC and IDE in September. The agreement calls for cooperation in several areas, including sharing experience and knowledge, promoting bilateral trading opportunities and holding seminars and an Israel-Dubai diamond fair to in each country. The Dubai Diamond Exchange is part of the DMCC and is considered the second in the world in volume of business. 

DMCC executive chairman and chairman of the Dubai Diamond Exchange, Ahmed Bin Sulayem, and DMCC special adviser Martin Leake, both arrived on the first regularly scheduled flight from the UAE to Israel for the opening ceremony. Also in attendance were Yoram Dvash, president of the Israel Diamond Exchange; Ramat Gan mayor Carmel Shama Hacohen; diamond controller Ophir Gur; Nissim Zuaretz, president of the Israel Diamond Manufacturers Association; and the IDE board, honorary presidents, and other diamond industry leaders.

Bin Sulayem said, “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. 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 said, “This is an historic step that opens up vast economic opportunities for Israel in a whole range of areas, especially diamonds. The Israel Diamond Exchange was the first to identify the enormous potential of mutual cooperation with the DMCC. Till 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. Our collaboration will bring enormous value to both sides and to the global diamond industry.”

In addition to cooperation in diamonds, the agreement includes creating business opportunities in other sectors such as technology, innovation and energy. Besides diamonds, the DMCC trades in tea, coffee and gold and includes 18,000 companies. The agreement will enable assistance to Israeli companies of all sizes interested in opening a business in Dubai.