To strengthen Dubai-US relations, the Dubai Multi Commodities Centre (DMCC) has signed an agreement with the Brooklyn Chamber of Commerce. The agreement calls for the two parties to collaborate on a number of initiatives to promote bilateral trade. DMCC will collaborate with the Brooklyn Chamber to assist New York-based businesses in establishing operations in the emirate. Similarly, the partnership will seek to facilitate the expansion of DMCC member companies into the US market, according to the Dubai Media Office.
The Brooklyn Chamber of Commerce will also promote the services provided by DMCC’s Dubai Diamond Exchange (DDE), Tea Centre, and Coffee Centre to commodities businesses in New York. The UAE is a major player in the rough diamond trade, with over $22.8 billion traded in 2021, and the agreement aims to expand the country’s polished diamond trade market.
Ahmed Bin Sulayem, executive chairman, and chief executive officer, DMCC, said: “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 organization, and 62,000 members, by providing them a path to grow and thrive in Dubai.”
“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.”
Over 21,000 member companies, ranging from large multinationals to SMEs and entrepreneurs, have joined DMCC. Over 650 American companies are currently housed in the center.
In the first quarter of 2022, 665 new companies registered in the freezone, making it the best first quarter since its inception 20 years ago and a 25% increase over the five-year average.
