Hamdan bin Mohammed visits world's largest diamond tender facility at DMCC
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, visited the Dubai Multi-Commodities Centre (DMCC), taking in a first-hand tour of the Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world.
The visit coincided with a defining moment for the UAE's diamond industry, as DMCC recently announced the milestone of over 1 billion carats of rough and polished diamonds traded over the past five years – reinforcing its position as the dominant force in global diamond trade.
H.H. Sheikh Hamdan, accompanied during the visit by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, was welcomed by Dr. Hamad Buamim, Chairman of the Board of DMCC; Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC; and Feryal Ahmadi, DMCC's Deputy Chief Executive Officer and Chief Operating Officer.
Sheikh Hamdan visited the Dubai Diamond Exchange tender floors, where he was apprised about the trade practices in place for rough and polished diamonds, coloured gemstones and lab-grown stones. He also received briefings on DMCC's comprehensive diamond ecosystem, including the strategic expansion of the Gemological Institute of America (GIA) into DMCC's new district, Uptown Dubai.
Sheikh Hamdan said, 'The visit provided the opportunity to see first-hand how DMCC continues to play a central role in driving global trade and investment flows to Dubai, positioning the emirate as a world-class business hub. As we advance our economic diversification journey under the Dubai Economic Agenda D33, DMCC is leading the way in building high-performance, globally connected ecosystems that attract innovation, talent and capital across priority sectors.'
H.H. Sheikh Hamdan was also updated on the regulatory, policy and infrastructure advancements that have propelled the UAE to become the leading hub for rough diamond trade worldwide. The accelerated growth of the UAE in polished and lab-grown segments – combined with its leadership role as both Chair and Custodian Chair of the Kimberley Process – has positioned Dubai as a future-ready, innovative, responsible and globally trusted centre of excellence for the diamond industry.
In parallel to the visit, DMCC unveiled the Strategy 2033 – a bold new vision that places its specialised industry ecosystems at the heart of its growth for the coming decade. From world-leading hubs in diamonds, gold, and energy, to future-focused platforms for AI, Web3, blockchain, and gaming, DMCC's strategy is designed to accelerate the growth of key global sectors through value-add services including tailored licensing, infrastructure, and access to capital and industry expertise.
The strategy builds on a model that has firmly established DMCC as one of the world's leading and fastest-growing free zones. With momentum accelerating across its entire ecosystem, DMCC is on track to exceed 26,000 member companies by year-end.
DMCC's success lies in the consistent expansion of both legacy and frontier sectors. Over the past five years, the precious stones ecosystem has surged by 177%, precious metals by 74%, and energy by 72%, while the coffee and tea trade continues to show resilient growth. Meanwhile, DMCC's newer technology ecosystems have scaled rapidly, mirroring Dubai's ascent as a global centre for innovation. This has coincided with a period of sustained growth for DMCC, which now accounts for 15% of Dubai's foreign direct investment and 7% of its GDP.
Sheikh Hamdan's visit also highlighted the wider transformation of the Jumeirah Lakes Towers (JLT) and Uptown districts into thriving business and lifestyle destinations – underscoring the role of DMCC in shaping the urban and economic landscape of Dubai. Today DMCC is home to over 25,000 companies and, in recent years, has seen exponential growth from companies in new industries such as Web3, Crypto, Gaming and AI.
The visit concluded with H.H. Sheikh Hamdan being presented with a deluxe edition of DMCC's 2024 Future of Trade report, which explores the shifting dynamics of international commerce and forecasts key trends shaping global markets.
Dr. Hamad Buamim, Chairman of the Board, DMCC, said, 'It was an honour to welcome H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC and the Dubai Diamond Exchange today. This visit is a powerful endorsement of DMCC's role, not only in positioning the UAE as the global leader in diamond trade, but also in advancing Dubai's position as a centre of excellence across a wide range of future-focused industries.
"Through long-term investment, bold policy frameworks and a commitment to international partnerships, DMCC has built an ecosystem that enables growth across commodities, technology, services and innovation. As Dubai accelerates the goals of D33, our integrated model will continue to be central to attracting global business and reinforcing Dubai as a leading hub for international trade.'
Ahmed Bin Sulayem said, 'It was a privilege to welcome H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to DMCC at this historic moment for our diamond industry. As we continue to scale our impact through our world-class districts of JLT and Uptown Dubai, attract global institutions, and lead industry dialogues across sectors, DMCC is shaping the future of trade from the heart of Dubai.
"From precious stones and energy to emerging fields such as AI, Web3 and blockchain, we are building the connected, future-ready ecosystems that global businesses need to thrive – and expecting to surpass 26,000 companies this year. By driving innovation, integrity and sustainable growth, DMCC is proud to support the national economic agenda and continue to cement Dubai's status as a world-leading hub for trade and commerce.'
Feryal Ahmadi added, 'From transforming the global tender landscape in diamonds to advancing growth in Web3, AI and sustainable trade, DMCC is building the next generation of global commerce. His Highness' visit is a strong validation of DMCC's Strategy 2033 that will elevate our future-ready, connected ecosystems to ultimately support innovation, ensure resilience and deliver long-term value. As international markets evolve, Dubai is perfectly positioned to meet the needs of businesses, investors and entrepreneurs across sectors, reinforcing its reputation as a dynamic, responsible and forward-looking global hub.'
Since 2021, the UAE has led the world in rough diamond trade and is rapidly expanding its presence across polished and lab-grown segments. Polished diamonds now represent nearly half of the total diamond trade value, while the lab-grown segment has exceeded AED3.7 billion in trade in the past year.
DMCC has played a foundational role in Dubai's rise as a global powerhouse for the diamond and precious stones sector. Through the Dubai Diamond Exchange and its wider ecosystem of more than 1,350 member companies, DMCC has built the specialised infrastructure, regulatory support, and international connectivity required to enable seamless trade across all diamond segments.
In 2024 alone, the DDE hosted 85 tenders, underscoring its pivotal role as a central platform for the global diamond community. This position is reinforced by the presence of the Kimberley Process Office, the DMCC Vault and a suite of high-impact networking and industry initiatives, including the Tender Best Practice Forum – all of which ensure the highest standards of security.
The DMCC continues to play a catalytic role in shaping the future of trade across multiple sectors. As home to over 25,000 member companies from 180 countries, DMCC provides cutting-edge infrastructure, regulatory frameworks and industry-specific ecosystems that support growth in commodities, financial services, and emerging technologies. Through specialised centres such as the DMCC Crypto Centre, the Gaming Centre, the AI Centre and the Tea and Coffee Centres, DMCC is reinforcing Dubai's status as a hub for traditional and digital trade, while actively enabling the next generation of enterprise, innovation and global business.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
an hour ago
- Khaleej Times
Study abroad criteria for UAE students: All you need to know
The UAE's Council for Education, Human Resources, and Community Development has approved a set of standards and regulations governing the enrollment of Emirati students in higher education institutions abroad. These standards require students to enrol in internationally recognised universities and academic programmes, ensuring the quality of academic qualifications and their alignment with the needs of the national labour market and future development directions. For students currently pursuing their studies abroad, they can adjust their status in accordance with the newly adopted criteria. To ensure fairness and account for special cases, especially students studying abroad, Emirati students continuing their education overseas, whether self-funded or sponsored, will have a one-year grace period from the date this decision takes effect to adjust their academic status. This was announced during a virtual media briefing on Wednesday. New adjustments Speaking to Khaleej Times, Dr Mohamed Ebrahim AlMualla, Undersecretary of the Ministry of Higher Education and Scientific Research, clarified that the decision applies to all citizens wishing to study abroad or those already on scholarships to pursue education outside the UAE. This is regardless of whether they are sponsored by official entities, self-funded, or nominated by their employers. The decision applies to all levels of higher education, from diploma to PhD, and encompasses professional qualifications equivalent to these academic degrees. AlMualla explained, 'There are two categories of students currently studying abroad. The first category includes those who meet the criteria, and they are only required to ensure that their current university and major fall within the approved standards.' 'As for the second category, which does not meet the criteria, they have two options: the first is to adjust their academic path by switching to another major within the same university — if that major is classified or meets the criteria — or to transfer to another university that does meet the criteria.' He confirmed that the Ministry will provide the necessary support to students in the process of adjusting their status, by guiding them to universities that meet the standards and assisting them through embassies and cultural attachés abroad, enabling them to make the required changes. AlMualla also added that students may apply for an exemption through the Ministry's website. The exemption request will be referred to the Exemptions Committee, chaired by the Council for Education, Human Resources, and Community Development, which will review the applications and decide whether to grant the exemption or request that the student adjust their academic situation. He stated, 'Today, we are announcing a decision that reflects the UAE's commitment to regulating the education of its citizens abroad to ensure they receive high-quality education in line with the best global standards. Studying abroad is an investment by the student, the sponsoring entity, and the employer if the student is employed. It is also an investment of the student's own time and effort. Therefore, this investment must be properly placed, and this is what the decision seeks to ensure.' He explained that the decision is based on rigorous global university rankings. Students are required to enroll in the top 50 universities for their major, or among the top 100 universities in countries with high student populations, such as the United States and Australia, and up to the top 300 universities in non-English-speaking countries — an approach aimed at promoting both academic and cultural diversity. He elaborated, 'We rely on two primary rankings: the overall university ranking and the specific major ranking. Students must be enrolled in a university ranked within the top 100, 200, or 300, depending on the country, and in a major that falls within the approved rankings. As for exemptions, they are received through the Ministry and forwarded to the committee chaired by the Education Council." The Council emphasised the importance of adhering to the specified standards to avoid non-recognition of degrees obtained from abroad. Failure to meet the criteria may affect the use of such qualifications for employment, promotion, study leave, exam leave, thesis defense, or qualification-based benefits within the federal government sector in the UAE. Also, the Ministry's website offers services related to the recognition of higher education qualifications, providing a set of digital tools to help users make informed decisions. These tools include a search service for approved study programmes, a list of eligible universities and majors, and an online platform for submitting exemption requests. These services are available to all students, parents, and sponsoring institutions.
Dubai Eye
an hour ago
- Dubai Eye
UAE, Kuwait sign multiple agreements to boost cooperation
The UAE and Kuwait have signed a comprehensive set of agreements aimed at deepening bilateral cooperation across sectors including AI, health, energy, education, defence and diplomacy. The agreements were formalised at Kuwait's Bayan Palace during the official visit of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court of the UAE. In the defence sector, UAE's EDGE Group signed a AED9 billion (US$2.45 billion) contract with Kuwait's Ministry of Defence for the acquisition of 'Falaj 3' class missile boats. It represents the largest naval shipbuilding export in the region and ranks among the most valuable naval exports globally. Additionally, Kuwait Real Estate Company, through its subsidiary IFA Hotels and Resorts, signed a AED198 million contract with UAE-based Darwish Engineering to execute infrastructure works for the Al Tay Hills residential project in Sharjah. Another agreement saw Kuwait Investment Authority joining the Artificial Intelligence Infrastructure Partnership along with MGX, BlackRock, Global Infrastructure Partners, and Microsoft, to boost AI infrastructure investment. The newly signed Memoranda of Understanding (MoUs) also cover health, diplomacy, road and land transport infrastructure, social development, advanced technology, education, oil and gas, energy and investment. Several MoUs also address cooperation in combating human trafficking, legal cooperation, data protection and information exchange in joint security initiatives. These agreements reflect a shared commitment to expanding bilateral relations and fostering sustainable economic and technological development in both countries.
Khaleej Times
2 hours ago
- Khaleej Times
UAE: Food rescue, drone tree planting startups win awards at Sustainable Impact Challenge
A company that rescues imperfect fruits and vegetables and a startup that uses drones to plant trees received top honours at the Sustainable Impact Challenge. Organised by Majra — National CSR Fund, the challenge picked projects with the maximum impact and gave away Dh600,000 to winners to continue their work. The first prize went to Herogo which was awarded Dh300,000. The initiative collects fruits and vegetables that are too big, too small or don't meet the requirements to be sold at supermarkets and delivers them to UAE residents at a discounted rate in an effort to reduce food waste. Buyers can save up to 30 percent of their grocery bills by subscribing to a Herogo box. 'It's a platform that is empowering millions of people to access affordable and healthy meal while fighting food waste,' said Daniel Solomon, founder of the company. 'In 2024 alone, we rescued over 400,000kg of fruits and vegetables from going to the landfill. That's about 1 million CO2 saved from nutritious food.' He added that with the prize, the company will be expanding its reach to reach more homes in the UAE and other Gulf countries. Recognition Majra is a UAE federal government entity dedicated to supporting the private sector in amplifying their impact in the space of CSR, ESG and sustainability. The Sustainable Impact Challenge identifies and celebrates outstanding CSR initiatives led by private sector companies, third-sector organisations, universities, and other institutions. The initiative saw a total of 228 entries, of which 100 were selected by an internal committee. These were then whittled down to the top 20 projects which were on display at the SEE Institute at Dubai Sustainable City. Each of the 20 projects were given a surprise cash award of Dh20,000 each during the announcement ceremony. According to Sarah Shaw, CEO of Majra, the projects were selected based on specific factors. 'These 20 projects are more capable at scaling and creating bigger impact if they scale,' she said. 'We want to give visibility to projects that are really impactful, and we give the verified impact stamp to those projects. We're limiting social washing and greenwashing in the nation to really support private sectors' contributions.' Other winners The second place in the competition went to online tutoring firm Thiqa Education's 'One Dirham makes an impact' initiative. The firm donates Dh1 for every tutoring hour that is purchased from them to educational initiatives. 'In May we delivered more than 3,000 tutoring hours so we will donate more than Dh3,000,' said Hamdan Karmustaji, co-founder and CFO of the company. 'With this prize money, we are aiming to expand our impact to reach more people to create our pre-recorded lessons and sessions platform that will reach the targeted audience. Our vision is to make education accessible to everyone and everyone.' The third prize of Dh100,000 was won by Distant Imagery Solutions for their 'Rooted in Innovation' project that has been transforming mangrove planting in the UAE and internationally. With the prize money, the company is going to launch an initiative in Tonga. 'They've had a lot of tsunamis recently, and the areas behind the mangroves suffered the least because the mangroves really broke the surge,' said Cory Rhodes, co-founder of the company. 'We're we're going to work with them to co-develop and design the tech to figure out exactly how we need to tweak it. Then we're going to teach the communities how to build everything and maintain it and operate it and then leave them with all of the tools that they need so that the project is sustainable in the long term.' Ajman University received a special mention and Dh50,000 cash award for their project of getting students to plant mangrove trees. 'We have had over 1200 volunteers planting 3500 trees and 45 percent of our volunteers were below the age of 18,' said Maya Haddad, sustainability manager at the university. 'We get school children with us from schools that are underprivileged. Usually, they don't have access to inclusive, sustainable education that is hands-on, and this is a great opportunity for them.'
