DMCC, US discuss boosting trade ties

Senior members of the Dubai Multi Commodities Centre (DMCC) held talks with a delegation of US diplomats to discuss ways to strengthen trade relations.

John Rakolta Jr., the United States’ Ambassador to the UAE, and Philip Frayne, the United States’ Consul General in the UAE, met with Executive Chairman and Chief Executive Officer, Ahmed bin Sulayem, at the DMCC headquarters on Thursday.

During the meeting, Bin Sulayem briefed them 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 (AED 66 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.

Bin Sulayem highlighted that the "discussions... underscore how important the trade, investment and economic relationship is between the two countries.

"Looking ahead, DMCC will work closer than ever before with American enterprises 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, 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.