Mr Malcolm Wall Morris, CEO - DMCC
The remarkable growth witnessed by Dubai Multi Commodities Centre (DMCC) since its inception in mid 2002 is evidence of the importance of commodities to Dubai and the wider region. DMCC continues to play a crucial role in providing market participants vital support in the rapidly changing business environment in the Middle East.
Established with the objective of delivering a world-class and specialised market infrastructure to the commodities industry, DMCC has served to support commodities trading by providing value added services to the commodities supply chain, establishing and promoting the concepts of transparency and good governance as well as implementing international best practice.
We offer our customers an extensive range of products and services covering both physical commodities and financial markets. In the physical commodities space we have initiatives covering Precious Metals, Precious Stones & Pearls, Tea, Cotton and other commodities. Such facilities include the Coloured Stones and Gems Certification Services, Dubai Good Delivery Standard for Gold, inventory trade finance tools via our Global Commodity Receipt portfolio and warehousing, blending and packaging for tea in our Dubai Tea Trading Centre.
For financial markets, DMCC has created offerings in terms of derivatives, Exchange Traded Funds (ETFs) and asset management services. DMCC was the inspiration behind the creation of the Dubai Gold & Commodities Exchange (DGCX) which is the region’s largest derivative exchange and the launch of Dubai Shariah Asset Management (DSAM) which is the only asset manager in the MENA region and globally with an exclusive focus on Shariah compliant hedge funds.
In order to fully support the above initiatives and provide a purpose built home for the many companies involved, DMCC has also created a physical mixed use free zone called Jumeirah Lakes Towers (JLT). JLT comprises today of 87 purpose built towers and supporting infrastructure providing 179,000 square metres of both commercial and residential real estate. JLT is the only commodity specific free zone in the Middle East and houses not only DMCC’s headquarters, but approaching 2,000 other local, regional and international firms. The significant 200-hectare development is fully equipped with state-of-the-art facilities designed to provide industry-specific support to our members. We believe that JLT is a community that caters to both businesses and residents.
The success of DMCC’s strategy is apparent from the fact that our fast-growing list of member includes well-known regional and international industry players such as Dhamani, Rosy Blue, MacSteel, SCG Plastics, Antwerp Diamond Bank, Driesassur as well as other major clients. However, DMCC has only taken the first steps on the road to creating a commodities hub in Dubai, and there is much that remains to be done.
At the launch of DMCC, His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai said: “We have to make history and approach the future with steady steps - not wait for the future to come to us.”
We continue to be guided by this inspiring vision and ensure that DMCC’s goal is to become the centre for commodity trade in the Middle East whilst servicing the wider region as a whole. DMCC aims to be first ‘port of call’ for any individual or business involved with commodities in the region and cement ourselves as an international commodity centre.
In the current global economic climate, the road ahead is full of challenges but also immense opportunities and we look forward to the continued support and guidance of our members and industry leaders willing to travel with us on the road to achieving greater successes.