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Dubai, Israeli Diamond Exchanges Sign Trade Deal

Dubai, Israeli Diamond Exchanges Sign Trade Deal

Thursday, 17 September, 2020 - 10:45
FILE PHOTO: Diamonds are pictured during an official presentation. REUTERS/Maxim Shemetov/File Photo

The Dubai and Israeli diamond exchanges announced Thursday they had struck an agreement to boost trade, just days after Israel signed agreements with the United Arab Emirates and Bahrain at the White House to normalize their relations.

The Israeli Diamond Exchange will open an office in Dubai, while the Dubai Multi Commodities Center, an economic free zone, will set up shop in Ramat Gan, Israel, the base of the Israeli exchange.

Ahmed Bin Sulayem, head of the DMCC and chairman of the Dubai Diamond Exchange, expressed excitement about the economic benefits for both sides, saying the agreement “will attract businesses to the emirate as well as boost the regional and international trade of this precious stone.”

Yoram Dvash, head of Israel’s Diamond Exchange, praised Dubai’s economic free zones and “convenient” business conditions.

Also on Thursday, Emirates Flight Catering, which supplies meals to Emirates Airlines and over 100 others, said it would establish a facility dedicated to making certified kosher food at its UAE headquarters, with production due to start in January.

With Israeli businessmen and tourists expected to start popping up soon, “demand for kosher food in the UAE and the region will grow quickly,” said Saeed Mohammed, CEO of Emirates Flight Catering.

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