We go with a steady step towards promoting economic diversification in Dubai

Yesterday, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense and Chairman of the Executive Council of the Emirate of Dubai, visited the Dubai Center for Multiple Commodities, the leading free zone in the world, and the authority affiliated with the Dubai government competent to trade commodities and projects, where His Highness made an inspection tour in the Dubai Diamond Stock Exchange, the largest stock exchange for diamond tenders in the world, and the visit coincided with the announcement of the center, recently, investigation A qualitative achievement with the circulation of more than a billion carats of rough and polished diamonds during the past five years, which established Dubai’s leading position on the map of international diamond trade.

His Highness was received upon his arrival at the Dubai Multiple Commodities Center, Chairman of the Center’s Board of Directors, Dr. Hamad Bouamel, the first CEO, the center’s executive, Ahmed bin Selim, and Vice Executive Director of Operations CEO at the Dubai Multiple Commodities Center, Ferial Ahmadi.

His Highness made a field tour, accompanied by the Minister of State for Artificial Intelligence, Digital Economy, and Action Applications, Omar Sultan Al -Ulama, in the Dubai Diamond Exchange facilities, during which he reviewed his highly selected and polished diamonds, and colorful dysfunctions, in addition to laboratory produced diamonds. His Highness also listened to a detailed explanation about the integrated system managed by the Center for Diamond Trading, including the strategic expansion of the American Institute of Gem of December within the center of the center of the center of the center.

His Highness said: «The Dubai Multiple Commodities Center is an essential tributary in stimulating the movement of global trade and investment flows towards Dubai, and consolidating the emirate’s position as an international business center.”

His Highness added: “We go with a steady pace towards strengthening the march of economic diversification according to the Dubai Economic Agency (D33), and the center comes at the forefront of this transformation, by building integrated economic systems, characterized by efficiency and openness to the world, drawing the best creators and innovators, competencies, and capital towards sectors of priority supporting the future of the emirate.”

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said, in a post on his official account on the X platform, yesterday: “I visited today, the Dubai Multiple Commodities Center, and I looked at his projects and initiatives to enhance global trade flows through Dubai, through an advanced infrastructure, flexible organizational frameworks, and an integrated services system, which contributes to enhancing the growth of 25 thousand companies from 180 countries based in the center. During the visit, the Dubai Stock Exchange was also inspected for the largest in the world, with a growth in the size of diamond trading by 177% in 5 years, to exceed one billion carats. They are proud of this center and its young leadership and its projects and initiatives in the new economies, and we look forward to greater contributions to the center in achieving all the targets of Dubai Economic Agency D33 ».

During the visit, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum reviewed the most prominent developments in the organizational environment, policies and infrastructure that contributed to the consolidation of Dubai and the UAE’s position as a leading global center on the map of raw diamond trade. The accelerated growth of the state in the polished and productive diamond sectors, in addition to its pivotal role as president and sponsor of the Kimberly process, contributed to strengthening Dubai’s position as a future center characterized by innovation and responsibility, and has increasing international confidence, and provides a model for distinguished in the global diamond industry.

The visit concluded by gifting His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum a special edition of the “Future of Trade 2024” report, issued by the Dubai Multiple Commodities Center, which monitors dynamic transformations in the world trade scene, and reviews the most important directions in drawing the features of international markets.

In conjunction with the visit, the Dubai Center for Multiple Commodities announced the launch of the “2033 strategy”, a new ambitious vision that sets specialized systems at the heart of its plan to expand and grow during the next decade.

The strategy includes the development of advanced global centers in the diamond, gold and energy sectors, as well as launching future platforms in the areas of artificial intelligence, the third generation of the web 3 network, blockchain, electronic games, with the aim of accelerating the growth of the vital global sectors through an integrated system of value -added services, which include specialized licenses, advanced infrastructure, and capital accessories facilities And specialized qualitative experiences.

The strategy relies on a firm business model, which has made the Dubai Multiple Commodities Center one of the most developed free zones in the world. As the upward momentum continues in all activities of the center, the number of registered companies is expected to exceed 26 thousand companies at the end of this year.

The center contributed to supporting the qualitative urban transformation witnessed by the Jumeirah Lakes and ABITON Dubai Towers, which were developed into two vibrant sides, combining the elements of modern living style and flourishing business societies, reflecting the pivotal role played by the Dubai Center for Multiple Commodities, and its contribution to forming the economic and urban scenes in the emirate.

The future of trade

The First CEO, Executive Director of the Dubai Multiple Commodities Center, Ahmed bin Selim, confirmed that the Dubai Multiple Commodities Center contributes to the formulation of the future of trade from Dubai, and added: “We expect that the number of companies registered with us will exceed the 26,000 barrier at the end of this year.”

Raw diamond

Since 2021, the UAE has succeeded in maintaining its position at the forefront of the global raw diamond trade, with a rapid registration in the polished and productive diamond sectors. The polished diamonds are currently about half of the total value of the diamond trade in the country, while the value of trading in the produced diamond sector has exceeded 3.7 billion dirhams only during the past year. The Dubai Multiple Commodities Center has played a pivotal role in establishing Dubai’s position as a leading global center in the manufacture of diamonds and gemstones, through the Dubai Diamond Stock Exchange and its integrated system, which includes more than 1350 specialized companies.

25 thousand companies registered

The Dubai Center for Multiple Commodities currently includes more than 25 thousand registered companies, and in recent years it has witnessed remarkable growth in the number of startups and entities operating among the new emerging sectors, such as the third generation technology of the web 3 network, Cripto, electronic games, and artificial intelligence.

The center derives its success from the balanced expansion in the traditional and emerging sectors alike. On the past five years, the gemstone system recorded a remarkable growth of 177%, the precious minerals by 74%, and the power sector by 72%, while the coffee and tea trade continued its strong performance. This continuous growth comes at a time when the center enhances its fundamental contribution to the Dubai economy, as it currently contributes about 15% of the total foreign direct investment flows to Dubai, and nearly 7% of the governorate’s gross domestic product.

Pioneer

The Chairman of the Board of the Dubai Multiple Commodities Center, Dr. Hamad Bouamim said: “The visit of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is a clear support for the pivotal role played by the center in consolidating the leading position of the UAE on the map of the international diamond trade, and strengthening the Dubai website a distinguished center within a wide range of future sectors, and through our long -term investment approach, our bold policies, and our international strategic partnerships, the center succeeded in the center. Building an integrated economic system, which supports growth in the sectors of goods, technology, services and innovation, and with the acceleration of the pace of achievement in implementing the goals of the Dubai Economic Agency D33, the center will continue from its integrated model its vital role in attracting investments and international companies, and consolidating Dubai’s position as a leading international destination for trade and the new economy ».

Hamdan bin Mohammed:

Dubai Multiple Commodities Center is a basic tributary in stimulating the movement of global trade and investment flows towards Dubai.