Emirates News Agency – DMCC and UVentures to develop and operate Cartagena International Trade Zone

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DUBAI, 10th May, 2022 (WAM) DMCC, the world’s flagship free zone and Dubai government authority on commodity trading and business, has signed a Memorandum of Understanding (MoU) with Dakia U-Ventures ( UVentures), to co-develop a commercial hub and free zone in Cartagena de Indias, Colombia.

According to the MoU, the Cartagena International Trade Zone will be developed and operated in direct collaboration with Colombia’s federal and national government entities. 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 forum (FORO#23) held in Miami, United States, in the presence of the Colombian vice-ministers of Commerce, Tourism, Justice and Law; the mayor of Cartagena; Ahmed bin Sulayem, Executive Chairman and Managing Director, DMCC; and representatives from UVentures.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said, “As the fastest growing free zone in the world with over 20,000 registered businesses, DMCC is delighted to partner with UVentures to establish a shopping center and a 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 has shaped over 20 years is the model for global market connectivity and growth. This model will be instrumental as we partner to develop a new world-leading free zone that stimulates FDI between two extremely dynamic markets, while offering transformational business opportunities for the wider Central and South Americas via Dubai.”

Xavier Adserà, Managing Director of UVentures, said: “We are delighted to embark on this venture 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 leading financial and commercial hub among global capital markets. “

The Cartagena International Trade Zone will be modeled after DMCC, which is the world’s leading and fastest growing free zone. Thanks to this project, Colombia is expected to significantly improve its standard credit ratings and attract foreign direct investment, thus creating business opportunities at the national and international levels.

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