The Israel and Dubai Diamond exchanges signed a strategic deal to boost trade between the Middle East’s main diamond hubs, on Thursday.
The development comes two days after Israel and the United Arab Emirates (U.A.E.) inked a historic agreement to normalize ties. It marks a further development in economic collaboration between the countries.
“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,” said Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC and Chairman of Dubai Diamond Exchange.
As part of the agreement, the Israel Diamond Exchange (IDE) will open an office in Dubai and the Dubai Multi Commodities Centre (DMCC) will open one in Ramat Gan, home to the Israeli exchange. Dubai’s trade in rough and polished diamonds were valued at Dh84 billion ($23 billion) last year.
Dubai’s DP World and Israeli DoverTower to jointly bid for Haifa Port
In addition, Dubai state-owned DP World is partnering Israel’s DoverTower. The duo will bid for the Haifa Port on the Mediterranean, one of Israel’s two main sea terminals. Israel wants to sell state-owned ports and plans to build new private docks in an effort to encourage competition and bring down costs.
“Israel has two ports, the port of Ashdod and the port of Haifa. They are strong ports in excellent locations. If there is an opportunity, there is nothing to prevent us from having a presence there,” DP World Chairman Sultan Ahmed bin Sulayem told Arabiya TV on September 16.
