- DMCC and UVentures will develop and operate the Cartagena International Trade Zone, in collaboration with Colombian government entities
- Colombia will become the first country in Latin America to have a common law district arbitration center
- The new free zone will support trade between Dubai and Colombia and open up opportunities for Central and South America
- The DMCC will serve as a model for the new mall and free zone
Dubai, United Arab Emirates / Miami, USA: DMCC – the world’s flagship free zone and the Government of Dubai’s authority on commodity trading and business – has signed a landmark memorandum of understanding to co-develop a shopping mall and free zone in Cartagena de Indias, Colombia.
According to the MoU, the Cartagena International Trade Zone will be developed and operated through a partnership between DMCC and Dakia U-Ventures (UVentures), working directly with federal and national government entities in Colombia. UVentures is an international investment holding company specializing in the conception, financing, development and operation of large-scale international projects.
The territory designated for free trade will be a common law district based on English common law, which will create an international trading platform with unique advantages such as balanced arbitration facilities, incorporated country risk insurance, global business networks and access to capital. Once established, the Cartagena International Trade Zone will become the first common law district arbitration center in Latin America.
The DMCC and the Cartagena International Trade Zone aim to provide their member companies with passporting rights between the two free zones, which will enhance bilateral business opportunities and provide greater access to global markets.
The project was officially announced by the President of the Colombian Senate, Juan Diego Gomez Jimenez, during the FORO#23 forum held in Miami, United States, in the presence of the Colombian Vice Ministers of Trade and Tourism and justice and law; the mayor of Cartagena; Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC; and representatives from UVentures.
Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, mentioned: “As the fastest growing free zone in the world with over 20,000 registered businesses, DMCC is thrilled to partner with UVentures to establish a mall and free zone in Cartagena de Indias, Colombia. This will shape the future of trade by creating a new virtual and physical trade corridor between Colombia and Dubai, while supporting Colombia’s national strategic objectives and unlocking its enormous growth opportunities. DMCC’s regulatory business environment and free zone model, shaped over 20 years, is the model for global market connectivity and growth. This plan will be instrumental as we partner to develop a new, world-leading free zone that drives FDI between two extremely dynamic markets, while providing transformational business opportunities for Central and South America through Dubai.
Xavier Adserà, Managing Director, UVentures, mentioned: “We are excited to embark on this endeavor with DMCC, the Colombian sovereign authorities and our ecosystem of institutional partners. This remarkable project has all the elements to be a global success, posing a historic opportunity for the country to expand its international presence, and for Latin America to develop a financial and commercial center of reference among the world’s capital markets.
The Cartagena International Trade Zone will be modeled after DMCC, which is the world’s leading and fastest growing free zone. As a global hub for commodities and businesses, DMCC has spearheaded the development of the physical, commercial and financial infrastructure needed to stimulate international trade flows and create market connectivity.
As a result of this project, it is expected that Colombia will significantly improve its standard credit ratings and attract foreign direct investment, thereby creating business opportunities nationally and internationally.
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Based in Dubai, DMCC is the most interconnected free zone in the world and the main trade and business hub for commodities. Whether developing vibrant neighborhoods with world-class properties like Jumeirah Lakes Towers and the highly anticipated Uptown Dubai, or providing high-performance commercial services, DMCC provides everything its vibrant community needs to live. , work and prosper. Built for trade, DMCC is proud to maintain and grow Dubai’s position as the go-to place for global trade today and in the future. www.dmcc.ae