The Israel Diamond Exchange (IDE) has opened a branch office in Dubai's Almas Towers to facilitate business for Israeli diamond companies doing business in the United Arab Emirates.
Following the Dubai Diamond Conference, the IDE opened its doors in its new location. As announced by the Dubai Multi Commodities Centre (DMCC) on Wednesday, it will be located at the Dubai Diamond Exchange (DDE), which is part of the DMCC complex.
This year's opening, which was attended by DMCC CEO Ahmed Bin Sulayem, International Diamond Exchange (IDE President Boaz Moldawsky, and Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), is expected to strengthen diamond-industry ties between the two countries, the DMCC said.
Immediately following the signing of a peace agreement, Israel signed a trade agreement with the United Arab Emirates (UAE). The DMCC established a representative office in the Israeli stock exchange in December of that year. As a result, a number of Israeli companies have established branches in Dubai.
To reach $1.8 billion in 2021, Israel's rough exports will have increased by 109 percent. The United Arab Emirates, including Dubai, received $188 million, or 10% of the total.
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