Dubai Trade Body Opens Shenzhen Office

RAPAPORT... The Dubai Multi Commodities Centre (DMCC) has launched a representative office in Shenzhen, China, paving the way for tighter business collaborations between the two markets.The office will make it easier for Chinese companies to navigate the process of setting up operations in Dubai, the DMCC said last week. The DMCC established the outpost in partnership with corporate service provider Yingtian Global, which has helped more than 300 Chinese businesses expand in the Middle East and North Africa.The diamond trade will be among the beneficiaries - although the move encompasses all industries, the DMCC noted."Dubai is fast becoming one of the leading diamond-trading hubs in the world, and China remains one of the leading jewelry manufacturers and consumer markets for diamonds," a DMCC spokesperson said. "By connecting the two, barriers to business are lowered, trade is opened up, and the diamond industry as a whole is supplied a boost."The DMCC signed a trade agreement with the Guangzhou Diamond Exchange earlier this year, following a 2019 deal with the China Gems and Jade Exchange.The industry body plans to announce similar collaborations in 2021 and beyond, the spokesperson added.Image: The Shenzhen skyline. (Shutterstock)