Free Trade Zones

DMCC strengthens Dubai-US relations via agreement with Brooklyn Chamber

Ahmed Bin Sulayem and Randy Peers sign the agreement.

DMCC – the world’s flagship free zone and the Government of Dubai’s commodity trading and business authority – has signed an agreement with the Brooklyn Chamber of Commerce in the United States 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 help New York-based companies establish operations in Dubai, using the emirate’s status as a gateway to some of the fastest growing markets in the world. Likewise, the partnership will seek to facilitate the expansion of DMCC member companies into the US market.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said, “DMCC is thrilled to partner with the Brooklyn Chamber of Commerce to create mutual new opportunities for growth across business and culture. New York and Dubai are hyper-connected business centers that share a dynamic and forward-thinking landscape for commerce. As Brooklyn continues to evolve, we look forward to working alongside the Brooklyn Chamber of Commerce, its forward-looking organization and its 62,000 members, providing them with a pathway to grow and prosper in Dubai.

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

The DDE has played a key role in developing the UAE’s position as a world leader in the diamond industry. The United Arab Emirates is now the world leader in the rough diamond trade, with over $22.8 billion worth of rough diamonds traded in 2021. As the United States remains one of the main consumer markets for the diamond industries and jewelry, the agreement with the Brooklyn Chamber of Commerce will seek to further develop the market for the polished diamond trade in the UAE.

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

With world-class business facilities and services and an unwavering commitment to making it easier to do business, DMCC has become home to over 21,000 member companies, from large multinationals to SMEs and entrepreneurs. DMCC is currently home to over 650 US companies.

Based in Dubai, DMCC is the most interconnected free zone in the world and the main trade and business hub for commodities.

Whether developing vibrant neighborhoods with world-class properties like Jumeirah Lakes Towers and the highly anticipated Uptown Dubai, or providing high-performance commercial services, DMCC provides everything its vibrant community needs to live. , work and prosper.

Built for trade, DMCC is proud to maintain and grow Dubai’s position as the go-to place for global trade today and in the future.

Meanwhile, last month, DMCC – the world’s flagship free zone and the Government of Dubai’s authority on commodity trading and business – signed a landmark memorandum of understanding to co-develop a shopping center and a free zone in Cartagena de Indias, Colombia.

According to the MoU, the Cartagena International Trade Zone will be developed and operated through a partnership between DMCC and Dakia U-Ventures (UVentures), working directly with federal and national government entities in Colombia. UVentures is an international investment holding company specializing in the conception, financing, development and operation of large-scale international projects.

The territory designated for free trade will be a common law district based on English common law, which will create an international trading platform with unique advantages such as balanced arbitration facilities, incorporated country risk insurance, global business networks and access to capital. Once established, the Cartagena International Trade Zone will become the first common law district arbitration center in Latin America.

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

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