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DMCC And Hawkamah Sign MoU

September 15 2013
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DMCC and Hawkamah sign Memorandum of Understanding

To enhance corporate governance practices amongst DMCC member companies

 

The Dubai Multi Commodities Centre Authority (‘DMCC’), the Government of Dubai authority dedicated to establishing the Emirate as the global gateway for commodity trade, today signed a Memorandum of Understanding (‘MoU’) with Hawkamah to develop corporate governance practices amongst DMCC Free Zone’s small and medium enterprises (SMEs).

 

The MoU will see Hawkamah work alongside DMCC and its members to raise awareness of corporate governance and offer in-depth training courses providing practical tools on how to construct governance frameworks. Hawkamah will also offer advisory services for individual DMCC companies to support the implementation of their corporate governance strategies.

During the signing ceremony held at Almas Tower, Ahmed Bin Sulayem, Executive Chairman, DMCC, said:

“One of the many reasons regional and international companies of all sizes choose DMCC is our tailored industry regulatory structure. As the authority of the Free Zone committed to developing Dubai into a global hub for trade and enterprise, we have played a leading role in assisting DMCC member companies demonstrate best practice corporate governance.

As the number of Free Zone members continues to grow and the regulatory landscape continues to evolve, we want to ensure that our SME members can trade with confidence whilst having the appropriate toolkit to enhance their corporate governance practices. Our new association with Hawkamah is part of our programme to assist members in achieving this.”

Regulatory initiatives established by DMCC include the first UAE Kimberley Process office in the Arab world operated on behalf of the UAE Federal Government in order to regulate the flow of rough diamonds through Dubai; the creation of the Dubai Good Delivery standard for gold and silver bars in 2005; and in 2012, the establishment of the DMCC Practical Guidance to promote the responsible sourcing of gold.

Leonardo Peklar, CEO of Hawkamah, added:

“I am pleased to sign an MOU with DMCC, as this landmark initiative will pave the way for further collaboration between the two organisations in our efforts to assist DMCC Free Zone members strengthen their corporate governance frameworks and further improve corporate governance practices.

In order to be successful, free zone companies have to compete at a global level in respect of the quality of goods and services being offered. The businesses registered with DMCC are very diverse and it is essential for them to focus on good governance as this leads to increased investor confidence and is one of the catalysts for attracting foreign investment and developing the capital markets.”

Hawkamah is an international association of corporate governance practitioners, regulators, and institutions advancing home grown yet globally integrated corporate governance best practices in the Middle East and North Africa region. The Institute was founded in 2006 in partnership with international organisations including the Organisation for Economic Cooperation and Development (OECD), the International Finance Corporation (IFC), and the World Bank GCGF, as well as regional organisations with the aim of promoting corporate sector reform and good governance, and assisting regional companies in developing and implementing sustainable corporate governance strategies adapted to national requirements and objectives.

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