Cartagena, Tuesday, 14 June 2022
Miami, Florida, United States. May 06, 2022. The Colombian city of Cartagena de Indias has reached a historic agreement with the world’s most successful Free Trade Zone to create an attractive home for international businesses seeking a foothold in Latin America.
The agreement with the Dubai Multi Commodities Center Authority (DMCC) and Dakia UVentures foresees the investors building one of the world’s largest free trade zones, opening up a host of exciting opportunities for foreign businesses that want to invest in Cartagena.
As part of the agreement, Colombia will become the first country in Latin America to have a Common Law District Arbitration Center, with a special delimited zone that reduces the risks associated with investment overseas, encouraging foreign investment and converting Cartagena into a business-friendly gateway to the region.
Thanks to the leadership of the Mayor of Cartagena, William Dau Chamat, the free trade zone will be located in Cartagena de Indias and governed by regulations based on English common law. It will also create an international trading platform with balanced arbitration facilities, risk insurance, trade and access to capital, among others.
Benefits of the International Trade Zone
According to the initial plan, the strategic alliance will establish the Cartagena International Trade Zone on similar lines to the commercial district of DMCC in Dubai, UAE, where foreign parties and international businesses can anchor all civil, financial contracts, agreements and commercial transactions under international guidelines.
By attracting foreign investors, the project is also likely to help improve Colombia’s credit rating.
To benefit from direct synergies with DMMC’s Dubai operation, the trade zone intends to issue a dual passport regime that would allow companies based in the International Trade Zone to strengthen their global reach.
The project was officially announced on Friday, May 6, by the President of the Colombian Senate, Juan Diego Gómez Jiménez, at FORUM#23 held in Miami, United States, in the presence of the Vice Ministers of Trade and Tourism of Colombia, Justice & Law, the mayor of Cartagena, William Dau Chamat, and representatives of DMCC and Dakia UVentures.
About Dubai Multi Commodities Center Authority
DMCC is the largest international free trade zone in the United Arab Emirates, established in 2002 by the Emirate of Dubai to provide the physical, market and financial infrastructure necessary to convert the city into a hub for global commodity trades.
Today, 18 years later, with more than 20,000 registered companies, over 100,000 people live and work in the Dubai Free Zone, lured by the quality of life in Dubai and the country’s air, sea and road links.
DMCC’s UAE venture has been named ‘Global Free Zone of the Year’ award by the Financial Times fDi magazine seven times.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said "We will be able to make an alliance where we make many things possible. The sky's the limit".
"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 in Cartagena de Indias, Colombia,” he added.
“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. DMCC's regulatory trade environment and free zone model shaped over 20 years is the blueprint for global market connectivity and growth. This blueprint will be instrumental in partnering to develop a new world leading free zone that drives FDI between two extremely dynamic markets, while providing transformational trade opportunities for the broader Central and South Americas through Dubai."
As an extension of the DMCC, the Dubai Diamond Exchange (DDE) was established in 2004 to facilitate the development of the diamond and coloured gems market converting Dubai into the world’s third largest diamond hub behind Antwerp and Mumbai, growing from $300 million (Dh1.10 billion) in trade in 2002 to $26 billion in 2016.
DMCC also offers financial products including Dubai Commodity Asset Management (DCAM), Dubai Shariah Asset Management (DSAM), DMCC Tradeflow, and the Dubai Gold & Commodities Exchange (DGCX) as well as the first ?rypto assets trading license in the UAE.
About Dakia UVentures
UVentures is an investment holding company specialized in designing, financing, developing, and operating international macro-scale projects in the hospitality, entertainment, technology and travel sectors, alongside institutional investors, governments and development companies.
"We are thrilled to embark on this endeavor with DMCC, the Colombia Sovereign Authorities, and our ecosystem of institutional partners. This remarkable 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." said Xavier Adsera?, Chief Executive Officer of UVentures.
The Vice Minister of Justice of Colombia, Francisco José Chaux, stated that "this project is a great step not only for Cartagena but for Colombia, and will lay the foundations for future development of the city, the region and the country."
The location of the project will be announced soon.
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