The Dubai Multi Commodities Center Authority (DMCC) has opened a representative office in Ramat Gan – a suburb of Tel Aviv – inside the Israel Diamond Exchange (IDE).

The new office will support Israeli businesses, from all industries and sectors, interested in setting up a presence in Dubai and DMCC’s Free Zone. The DMCC is home to the Dubai Diamond Exchange and hosts more than 1,000 companies connected to the diamond trade.

The announcement follows a landmark collaboration agreement between Dubai Diamond Exchange (DDE) and IDE signed in September 2020 and is set to significantly boost diamond trade between Dubai and Israel, among other sectors including technology, innovation and energy.

“This is an exciting new chapter in the trade story of the United Arab Emirates and Israel, and one that will usher in a new wave of Israeli enterprise through Dubai,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, and Chairman of the Dubai Diamond Exchange, according to an article on the DMCC website.

Bin Sulayem added that there had already been enormous interest from Israeli companies to do business “in, with and through Dubai” – in particular with diamonds. From somewhat meager beginnings, in only the last 15 years Dubai has transformed itself into the world’s third-largest trading hub.

Read More: I24