Dubai and China strengthen trade relations

1. DMCC hosts high-profile government and trade delegation from Shenzhen, China
2. Delegation discusses cooperation in precious gems
3. Visit follows DMCC’s earlier MoU with China for jewellery trade

In a move to further strengthen Dubai-China trade relations, Dubai Multi Commodities Centre (DMCC) hosted today a high-profile government and trade delegation from Shenzhen, China. The delegation discussed the scope of bilateral trade, particularly in diamond, jewellery, pearls and coloured stones.

The 10-member Shenzhen delegation was led by Mr. Ni Zewang, Member of the Standing Committee of the CPC Committee of Luohu District, and Executive Vice-Governor of the People’s Government of Luohu District and Ms. Gao Lin, Vice-chairman of the Luohu District committee of Chinese People’s Political Consultative Conference.

“Both Dubai and Shenzhen have risen over the decades from once small fishing villages to global economic centres. In that sense, the two cities share a common history,” said Ahmed Bin Sulayem, Executive Chairman, DMCC. “We are pleased to engage in this dialogue with the Government of Shenzhen and explore new business and trade opportunities that will further strengthen Dubai’s trade relations with China. We are confident that this collaboration will facilitate an even more conducive business environment for both sides and prove beneficial for commodities traders in both Dubai and Shenzhen.”

Last year, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, visited China to strengthen ties between the UAE and China. In line with that visit, DMCC signed a memorandum of understanding (MoU) with the People’s Government of Panyu District, China, for increased cooperation towards mutual growth and the promotion of jewellery trade between both countries, with a special focus on diamonds and coloured stones.

In November 2008, DMCC hosted the first Middle East-China Diamond & Jewellery (MECDJ) Summit, with an aim to bring together two of the fastest growing regions in the world, the Middle East and China. Focussing on further growing business opportunities between the two regions, the summit saw the participation of over 850 global traders and jewellery retailers.

Alongside the annual gathering of the World Federation of Diamond Bourses, held in May 2008 in Shanghai, DMCC and the Gems & Jewellery trade association of China (GAC) also signed a memorandum of understanding for increased cooperation towards the promotion of diamond and jewellery trade between both countries.

Situated north of Hong Kong, Shenzhen is a major financial centre in southern China. Owing to China’s economic policies, Shenzhen became China’s first and most successful Special Economic Zone. Like Dubai, Shenzhen’s novel and modern cityscape is the result of the vibrant economy made possible by rapid foreign investment since the late 1970s. Shenzhen is also the second busiest port in mainland China, ranking only after Shanghai.

About DMCC
DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. Rated ‘A’ by Standard & Poor’s, it provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.