Home Business framework Emirates NBD seeks to double funding for diamond trade by 2025 – News

Emirates NBD seeks to double funding for diamond trade by 2025 – News

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The bank said in a statement that it has worked with the Dubai Multi Commodities Center (DMCC) on the project to leverage its expertise and experience in shaping the global diamond trade.

Emirates NBD, Dubai’s largest banking group, on Monday announced plans to double its diamond financing portfolio by 2025, in line with its support for Dubai’s five-year plan to boost foreign trade to Dh2 trillion .

The bank said in a statement that it has worked with the Dubai Multi Commodities Center (DMCC) on the project to leverage its expertise and experience in shaping the global diamond trade.

“The collaboration is expected to boost Dubai’s economic transformation into the world’s leading diamond trading hub and support the UAE’s economic diversification strategy. It further aligns with Dubai’s five-year plan to increase Dubai’s foreign trade to 2,000 billion dirhams as the emirate strengthens its position as a global business hub, ”the bank said.

DMCC said it is entering into an agreement to offer strategic advice and help promote Emirates NBD’s financial products to diamond dealers in the United Arab Emirates, in particular more than 1,000 registered members of its Dubai Diamond Exchange (DDE), which houses the world’s largest diamond tender floor located in the Almas Tower at Jumeirah Lakes Towers, Dubai.

The statement said Dubai diamond traders will benefit from this collaboration through increased funding opportunities, while accessing a framework of trust for all aspects of the diamond trade through DMCC. “This would include a globally accepted framework of governance and business practices, dispute settlement and access to new markets. “

Dubai has become the second largest diamond trading center in the world, with the city’s diamond trade increasing from $ 3.5 billion in 2003 to $ 17.5 billion in 2020.

Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Banking Services at Emirates NBD, said this important initiative will boost the UAE’s flourishing diamond industry. “As the UAE’s premier bank, Emirates NBD is well positioned to provide trusted financial services to global diamond traders seeking to take advantage of Dubai’s established infrastructure and business-friendly regulations to develop and develop their activities. The collaboration is in line with our commitment to support industries critical to Dubai’s ongoing economic transformation as the emirate realizes its ambition to become the world’s leading diamond trading hub.

Ahmed bin Sulayem, Executive Chairman and CEO, DMCC and Chairman, Dubai Diamond Exchange, said Dubai’s current position as a world leader in the gold and diamond markets is intrinsically linked to the decision of the UAE cabinet to learn from past mistakes of other global economies and reverse the five percent value-added tax for wholesale-level investors in May 2018. tomes. Without this critical decision, Dubai would not even be in the conversation, ”he said.

Sulayem said that through the efforts of banks such as Emirates NBD, Dubai is also facilitating financial access to diamond dealers, which ushers in an exciting time for the international diamond trade. “We are sure the same success can be replicated for related businesses such as colored gemstones and lab-grown diamonds, which are currently non-existent, provided a similar level of support is given,” he said. -he declares.

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Issac Jean

Editorial Director of Khaleej Times, is a well-connected Indian journalist and economic and financial commentator. He has worked in mainstream journalism in the United Arab Emirates for 35 years, including 23 years with the Khaleej Times. A graduate in English and a graduate in economics, he has won more than twenty awards. Acclaimed for his genuine and insightful analysis of global and regional business and economic trends, he is respected for his astute understanding of the local business scene.