DMCC and HKME Sign MoU to Promote Bilateral Trade

DMCC, Dubai Multi Commodities Centre, the UAE’s largest free-trade zone has signed a Memorandum of Understanding (MoU) with the Hong Kong-Middle East Business Chamber Limited (HKME) to promote innovation and bilateral trade.

The MoU was signed after DMCC concluded its roadshow to Shenzhen and Hong Kong, further strengthening the longstanding bilateral relationship with China and exploring new opportunities for economic cooperation, trade and foreign direct investment.

The agreement will see both entities collaborate on the exchange of market best practices, transfer of knowledge and professional expertise, as well as the provision of trade and logistical support. In turn, this will support the objectives of the Belt and Road Initiative, strengthening economic cooperation between the countries along the proposed “Belt and Road” route.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said that the UAE will continue its path of strong and collaborative growth and China occupies a key position as one of DMCC’s top strategic markets, while DMCC has become a preferred destination for Chinese businesses with more than 800 now established in our award-winning community.

With over $77 billion in non-oil trade recorded last year between China and the UAE, we expect this cooperation to be even further boosted through the UAE’s impending membership of BRICS, which will enhance the strength and capacity of the One Belt One Road initiative, he said.

 “We will continue to roll out customised services to further support the growth of our Chinese members and stakeholders, and the MoU with HKME continues to underscore our unwavering commitment to enhancing the business environment, fostering increased trade volumes and promoting shared economic growth,” he added.

Shaikh Saoud Ali Almualla, Consul General of the UAE in the Hong Kong Special Administrative Region, said that business and trade are at the forefront of economic growth and prosperity.

“The UAE and China share a vision of mutual growth and prosperity, and our collective responsibility is to nurture and expand these ties. I must thank DMCC for standing as a beacon of excellence and innovation in this endeavour, providing a driving force for trade facilitation and fostering greater connectivity between major trade hubs such as Dubai and Hong Kong,” he added.

Sulayem Receives Award

During the roadshow, Ahmed Bin Sulayem was awarded the Extraordinary 40 Award, alongside prominent industry leaders, for his role in driving the global diamond and jewellery industry forward. He also participated in a panel discussion at the Jewellery & Gem World Hong Kong (JGW), one of the world’s most prominent jewellery events, titled “From Rough To Brilliant: Charting A Course For An Exciting Future,” during which he shared insights on Dubai’s journey to becoming a leading global diamond trading hub.

The visit also saw DMCC release a special edition of its Future of Trade thought leadership report focused on lab-grown diamonds (LGDs), titled “Coming of Age – The Future of Lab Grown Diamonds”. The report examines the dynamics that have driven the meteoric rise of the LGD market segment over the past few years. The release of the LGD-focused report comes following a successful inauguration of the LGD Symposium hosted by DMCC in July 2023.

This roadshow series marks the second visit to China this year, following the Made for Trade China roadshow across the commercial and trade hubs of Shanghai, Guangzhou, and Chongqing in June 2023.

DMCC showcased Dubai’s thriving business environment and how DMCC acts as a central platform and business district of choice for Chinese companies to expand in Dubai and internationally.

DMCC has made it a priority to attract Chinese businesses to Dubai by creating a customised ecosystem, including the Yingtian Chinese Business Centre DMCC and a Mandarin version of its website.

To further assist Chinese companies, DMCC opened a China Service Centre in Almas Tower with Mandarin onboarding support across all client touchpoints. In 2020, DMCC also opened a representative office in Shenzhen to facilitate the setup process for Chinese businesses.