Business | Economy
DMCC plans pearl trading hub at The World
Dubai is setting up a pearl trading centre to strengthen its position in the jewellery trade and capitalise on the UAE's cultural heritage to attract more tourists.
- By Shakir Husain, Staff Reporter
- Published: 23:40 February 25, 2008
Dubai: Dubai is setting up a pearl trading centre to strengthen its position in the jewellery trade and capitalise on the UAE's cultural heritage to attract more tourists.
The Dubai Multi Commodities Centre (DMCC), which is behind the Pearls of Arabia project on the "Antarctica" island of The World, said it will provide a "free trade environment" for pearl traders.
The destination will have a pearl-themed cultural heritage centre, a performing arts theatre, an exhibition gallery and a themed restaurant alongside boutique shops for leading pearl fashion houses.
"Pearls of Arabia presents age-old wisdom in a modern and contemporary fashion to revive the region's historic legacy for the benefit of future generations," said Ahmad Bin Sulayem, DMCC executive chairman, referring to the UAE's early pearl diving traditions. He did not say how much the project would cost. The centre will comprise 6,000 square metres and will be completed in 2010.
It is being developed in association with Australia-based Paspaley Pearling Company.
Dubai officials believe the pearl centre will further boost Dubai's status as a commodities trading centre. Gaiti Rabbani, executive director of DMCC's coloured stones and pearls division, said Dubai will begin promoting the project among industry players from April. A global pearl industry award is also being planned to create more awareness about the city.
Rabbani said easy rules and a tax-free business environment will help in attracting pearl companies to the planned hub.
She said initiatives are planned to set standards for the pearl industry to create consumer confidence, similar to what has been achieved by Dubai's gold trade.
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