Dubai Multi Commodities Centre (DMCC) has begun exploring opportunities to strengthen ties with Angola in the area of diamond trade.
Dubai’s delegation comprising Ahmed Bin Sulayem, Executive Chairman of DMCC, Peter Meeus, Chairman of Dubai Diamond Exchange and Paul Motmans, an expert on the Angolan economy, met with senior government officials of Angola at Luanda, Angola, earlier this month.
Dubai and Angola are in the preliminary stage of outlining areas for cooperation to increase rough diamond trade volumes, in addition to other initiatives that can benefit the entire value chain of the diamond industry.
Speaking about the venture, Ahmed Bin Sulayem said, “In this era of globalization, the increasing economic integration between the Middle East and Africa is important for our shared growth.”
“The diamond trade between both regions, in particular, represents our complementary strengths. We hope to cooperate more closely to promote growth and transparency of the diamond trade and to create long-term sustainable benefits for both Angola and Dubai,” he added.
Peter Meeus, Chairman of Dubai Diamond Exchange, said “Angola is DMCC’s largest trading partner in rough diamonds. The diamond industry is by far the largest revenue generating sector of Angola, with diamond output constituting 95 per cent of the country’s non-oil GDP. It is also estimated that more than 60 per cent of the country is still yet to be explored. Together, these factors make Angola a significant market for global trade of diamonds through Dubai.”
Meeus added that Dubai is uniquely positioned to service the needs of the diamond sector in the wider region. The emirate has a robust infrastructure of ports, a well-connected transport system, open trade policies and a service-oriented approach.