Ramat Gan: The Bahraini Minister of Industry, Commerce and Tourism Mr. Zayed R. Alzayani, the CEO of the Bahrain Bourse Sheikh Khalifa bin Ebrahim Al-Khalifa and other high level government officials visited the Israel Diamond Exchange (IDE) yesterday to sign a Memorandum of Understanding (MOU) between the IDE and the Bahrain Bourse.

This agreement comes after another historic event that took place at IDE this week with the inauguration of the representative office of the Dubai Multi-Commodities Center (DMCC), attended by Executive Chairman and CEO of the DMCC and the Dubai Diamond Bourse Mr. Ahmed Bin Sulayem.

The MOU with the Bahrain Bourse will enable the exchange of information and the promotion of business relations between the exchanges. The Bahrain Bourse and the Israel Diamond Exchange will seek to develop channels of communication in order to exchange knowledge and expertise, especially in the area of commodity-based assets trading, and to explore joint initiatives to create effective business opportunities for both parties.

Mr. Yoram Dvash, President of the Israel Diamond Exchange and President of the World Federation of Diamond Exchanges, and Sheikh Khalifa bin Ebrahim Al-Khalifa, signed the agreement at the diamond exchange. Israeli government and business officials and the Mayor of Ramat Gan Carmel Shama HaCohen also attended.

Minister Mr. Alzayani said, “I am proud to be here in Israel and I would like to thank you for the warm welcome. We are excited to work together with the Israel Diamond Exchange. We are looking forward to capitalize on trade opportunities, especially in Diamonds and we thank the Israel Diamond Exchange for exhibiting numerous avenues of cooperation between Bahrain and Israel.”

Mr. Dvash said, “The Memorandum of Understanding marks the beginning of the journey that the Israel Diamond Exchange and the Bahrain Bourse are embarking on together. We look forward to creating a dialogue with the Bahrain Bourse, to exchanging ideas and sharing information, and to exploring joint commercial initiatives. I am sure that this MOU will lead to economic opportunities for both sides. Most important, we hope that it will allow us to build a relationship of trust and mutual respect.”