UAE - Mubasher: Emirates NBD has partnered with the Dubai Multi Commodities Centre (DMCC) to foster the Dubai diamond industry's finance and double the bank's diamond financing book in the UAE by 2025.
Through this collaboration, Emirates NBD and DMCC seek to place the emirate as the world's largest diamond trading hub and contribute to the UAE's economic diversification strategy, according to a press release on Sunday.
Meanwhile, the collaboration is in line with Dubai’s five-year plan to increase its foreign trade to AED 2 trillion.
DMCC will also help strengthen the bank's financial products to UAE diamantaires, especially over 1,000 registered members of the Dubai Diamond Exchange (DDE).
The Senior Executive Vice President and Group Head, Corporate and Institutional Banking, Ahmed Al Qassim, said: "As a leading UAE bank, Emirates NBD is well-positioned to deliver trusted financial services to global diamond traders looking to leverage Dubai’s established infrastructure and business-friendly regulations to grow and expand their business."
The Executive Chairman and CEO of DMCC and Chairman of Dubai Diamond Exchange, Ahmed bin Sulayem, commented: "Dubai's current position as a global leader in both the gold and diamond markets is intrinsically tied to the UAE Cabinet's decision to learn from the past mistakes of other global economies and reverse the five percent value added tax for investors at a wholesale level in May 2018."
