Dubai: After DP World, another Dubai enterprise – DMCC – is taking its free zone development credentials overseas, with the setting up of a trade hub in Cartagena de Indias, Colombia.
The free-trade designated territory will be a ‘Common Law’ district based on English regulations. This will help create an international business platform with benefits such as ‘balanced arbitration facilities, incorporated country risk insurance, global trade networks, and access to capital’.
Once established, the Cartagena International Commerce Zone will become Latin America’s first Common Law District Arbitration Centre. For DMCC, the Colombia move represents a major international foray. Its track record has been solid in the precious metals space, with DMCC emerging as a centre for diamond trade and auctions.
“As the world’s fastest growing free zone with over 20,000 registered companies, DMCC is thrilled to partner with UVentures to establish a trade hub and free zone free zone in Cartagena de Indias, Colombia,” said Ahmed Bin Sulayem, Executive Chairman and CEO in a statement. “This will shape the future of trade by creating a new virtual and physical trading corridor between Colombia and Dubai, while supporting the national strategic objectives of Colombia and unlocking its enormous growth opportunities.”
Latin America move
Interestingly, Dubai and Dubai owned enterprises have been making good on a determined push into Latin American markets. DP World operates ports and terminals at some of the high-volume facilities on the Continent.
As per the MoU, the 'Cartagena International Commerce Zone' will be developed and operated in a partnership between DMCC and Dakia U-Ventures (UVentures), in collaboration with federal and national government entities of Colombia. UVentures is an international investment holding company specialised in macro-scale projects.
"DMCC’s regulatory trade environment and free zone model shaped over 20 years is the blueprint for global market connectivity and growth. This will be instrumental as we partner to develop a new world-leading free zone that drives FDI between two extremely dynamic markets.”
This project has all the elements to be a worldwide success, posing a historical opportunity for the country to expand its international presence, and for Latin America to develop a leading financial & commercial hub referent amongst global capital markets