Signing ceremony of Memorandum of Understanding
Dubai Multi Commodities Centre (DMCC), Dubai's and the region's global gateway for commodity trade and enterprise, yesterday signed a Memorandum of Understanding (MoU) with the United States Chamber of Commerce
(USCC), the world's largest business federation representing the interests of more than 3 million American businesses, to further promote trade between the UAE and USA.
The two countries are strategic trade partners and have been cooperating on a number of fronts for many years. The UAE is America's single largest export market in the Middle East, with over US$ 22.5 billion in exports in 2012 and over 1,000 firms have an on-the-ground and expanding presence in the UAE, 294 of which are based in the DMCC Free Zone and include Sri International, Water Technology, Harley-Davidson MENA, Hawker Beechcraft International, Chiquita Brands, Dunkin' Brands, Core Industries, Nas Jota and General Mills.
Signed in Almas Tower, the tallest commercial tower in the Middle East, the MoU aims at strengthening commercial relations and builds on the existing economic and strategic ties between the two nations. The US delegation present at the signing ceremony included US Chamber of Commerce Chief Operating Officer and Executive Vice President, David Chavern; Vice President of Turkey and Middle East Affairs at the US Chamber of Commerce, Khush Choksy; Director of Turkey and Middle East Affairs at the US Chamber of Commerce, Steve Lutes; and, President of the American Business Council of Dubai and Northern Emirates, Ramsey B. Jurdi. Ahmed Bin Sulayem, Executive Chairman, DMCC.
Commenting at the signing ceremony, Ahmed Bin Sulayem, Executive Chairman, DMCC said: "The US continues to be an important trading partner for the Emirate with UAE being home to over 1,000 US firms, more than 29% of which operate from the DMCC Free Zone. Today, approximately 200 dynamic international companies choose to invest in Dubai each month through establishing their presence here at the largest and fastest growing Free Zone in the UAE.
The US remains a key market for both DMCC and Dubai, and our MoU and further collaboration with the US Chamber of Commerce is the natural next step in enhancing the strong trading relations between the two nations as we continue to actively contribute to growing the Dubai economy."
David Chavern, the US Chamber of Commerce Chief Operating Officer and Executive Vice President, added:
"This milestone in our relationship speaks to our commitment to promote Dubai as a global hub for trade and finance, as well as our shared desire to take the US - UAE trade relationship to new heights. Ultimately, we want to make it easier for the more than 1,000 firms operating in the UAE to do more business here, and we want to open up opportunities for Emiratis to do more business in the United States. We look to the DMCC to help maintain and expand the trade relationship between our two countries, and you can count on the US Chamber of Commerce to be a partner in these efforts."
Based on the terms of the MoU, both DMCC and USCC will assist each other in arranging reciprocal trade and market research missions. Both parties will work to establish beneficial business contacts and further promote mutual trade.
With 66 mixed-use commercial and residential towers and over 220 operating retail outlets, there are currently over 80,000 people working and living within the DMCC Free Zone in Dubai. With an average of 200 companies choosing to join DMCC each month and a 94% retention rate, DMCC remains the UAE's largest and fastest growing Free Zone.