Israel and Dubai Bourses Sign Historic Agreement
September 17, 20
(IDEX Online) - The Israel and Dubai diamond exchanges today signed an historic agreement to collaborate, following normalization of relations between the two countries earlier this week.
The Dubai Multi Commodities Centre (DMCC) will open an office in Ramat Gan as part of the agreement, and The Israel Diamond Exchange (IDE) will open a representative office in Dubai, UAE.
Both sides will share experience and knowledge, promote trade opportunities and will jointly host an Israeli-Dubai diamond fair in Dubai and Ramat Gan, according to the agreement, signed during a virtual conference (pictured).
Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), and president of the Israel Diamond Exchange, said: "We are very excited to sign this strategic agreement with the DMCC. Dubai, with its Free Zone and convenient business conditions, has become one of the most important diamond centers in the world. This agreement between our two world-class centers will be of enormous value to both sides."
Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC and chairman of the Ddubai Diamond Exchange, said: "The strategic agreement signed between the Dubai Diamond Exchange and the Israel Diamond Exchange is an important one that unlocks huge potential for both parties.
"DMCC is tasked by the Government of Dubai to drive global commodities trade through Dubai, and this agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone."