Local Business

DMCC, US discuss boosting trade ties

Filed on November 6, 2020
Executive chairman and chief executive officer of DMCC Ahmed bin Sulayem

Two sides discussed ways in which DMCC and organisations from the United States can collaborate and form strategic alliances to increase bilateral trade

DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – welcomed John Rakolta Jr, the United States’ ambassador to the UAE, and Philip Frayne, the United States’ Consul-General in the UAE, to its headquarters on Thursday for a meeting with executive chairman and chief executive officer Ahmed bin Sulayem.

During the meeting, Bin Sulayem briefed the Ambassador on DMCC’s recently launched flagship thought leadership report, the Future of Trade, which sets out a series of recommendations for governments, policymakers and businesses to boost global trade by $18 trillion (Dh66 trillion) over the coming decade. The group also discussed ways in which DMCC and organisations from the United States can collaborate and form strategic alliances to increase trade ties between the US and the UAE. DMCC is currently home to almost 600 American companies, as well as the American Business Council Dubai, AmCham.

“The Ambassador’s visit to Almas Tower illustrates that the diplomatic ties between the UAE and the United States are special, strategic and strong. The productive discussions held today also underscore how important the trade, investment and economic relationship is between the two countries," Bin Sulayem said.

Home to nearly 600 US firms, he said DMCC is a key conduit between the UAE and the United States -- the world’s largest economy.”

“Looking ahead, DMCC will work closer than ever before with American enterprise and significantly increase the number of US member companies in DMCC. This will be achieved by maximising the trade opportunities presented through professional services, technology, innovation, energy, diamond, coffee and tea, among others.

"DMCC has an ambitious growth plan in place that will continue to promote Dubai as a top destination for US investment, and connect American companies with trade flows,” he added.

John Rakolta Jr added: “The US government congratulates DMCC on becoming a world-class centre for trade, contributing significantly to the robust US-UAE trade relationship.”

Following the meeting, Bin Sulayem gave Rakolta Jr. a tour of the Dubai Diamond Exchange (DDE), a state-of-the-art diamond tender facility located within Almas Tower.

As one of the world’s leading diamond trading hubs, Dubai plays a vital role in the diamond supply chain, and in turn, is an important part of bringing the precious stone to the US, one of the world’s largest consumer market for diamonds.

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