Friday June 10, 2022

DMCC boosts Dubai-US relations via deal with Brooklyn Chamber

DMCC boosts Dubai-US relations via deal with Brooklyn Chamber

Ahmed Bin Sulayem and Randy Peers singing the agreement.

DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has signed an agreement with the United States’ Brooklyn Chamber of Commerce that will see the two entities work together on a number of mutually beneficial initiatives to promote bilateral trade and support the international expansion of American businesses through Dubai.

DMCC will work with the Brooklyn Chamber to support New York-based businesses in setting up their operations in Dubai, utilising the emirate’s status as a gateway to some of the world’s fastest growing markets. Similarly, the partnership will look to facilitate the expansion of DMCC’s member companies into the US market.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “DMCC is thrilled to collaborate with the Brooklyn Chamber of Commerce to create new, mutual opportunities for growth across enterprise and culture. Both New York and Dubai are hyper-connected business hubs that share a forward-thinking dynamic landscape for trade. As Brooklyn continues to evolve, we look forward to working alongside the Brooklyn Chamber of Commerce, its future-driven organisation and 62,000 members, by providing them a path to grow and thrive in Dubai.”

Given DMCC’s particular focus on commodities trade, the partnership will also see Brooklyn Chamber of Commerce promote the services offered by DMCC’s Dubai Diamond Exchange (DDE), Tea Centre and Coffee Centre to commodities businesses within the New York business community.

The DDE has played a key role in developing the UAE’s position to a world-leader within the diamond industry. The UAE is now the global leader for the trade of rough diamonds, with over $22.8 billion of rough diamonds traded in 2021. As the US remains one of the leading consumer markets for the diamond and jewellery industries, the agreement with the Brooklyn Chamber of Commerce will look to further expand the UAE’s polished diamond trade market.

“Brooklyn has a well-earned reputation as an international brand and has long been known as a bridge to the world,” said Brooklyn Chamber President and CEO, Randy Peers. “We are happy to partner with DMCC to promote culture and commerce.”

Through world-class facilities and business services, and an unwavering commitment to increasing the ease of doing business, DMCC has become home to over 21,000 member companies, from large multinationals through to SMEs and entrepreneurs. DMCC is currently home to over 650 American companies.

Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities.

Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive.

Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future.

Meanwhile last month DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has signed a historic Memorandum of Understanding (MoU) to co-develop a trade hub and free zone in Cartagena de Indias, Colombia.

Per the MoU, the Cartagena International Commerce Zone will be developed and operated in a partnership between DMCC and Dakia U-Ventures (UVentures), in direct collaboration with federal and national government entities of Colombia. UVentures is an international investment holding company specialised in designing, financing, developing, and operating international macro-scale projects.

The free-trade designated territory will be a common law district based on English common law, which will create an international business platform with unique benefits such as balanced arbitration facilities, incorporated country risk insurance, global trade networks, and access to capital. Once established, the Cartagena International Commerce Zone will become Latin America’s first Common Law District Arbitration Centre.

DMCC and the Cartagena International Commerce Zone aim to offer their member companies passporting rights between the two free zones, which will enhance bilateral trade opportunities and provide greater access to global markets.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “As the world’s fastest growing free zone with over 20,000 registered companies, DMCC is thrilled to partner with UVentures to establish a trade hub and free zone free zone in Cartagena de Indias, Colombia. This will shape the future of trade by creating a new virtual and physical trading corridor between Colombia and Dubai, while supporting the national strategic objectives of Colombia and unlocking its enormous growth opportunities.


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