Cooperation to facilitate value-added services for DMCC members

From left to right - Ashok Gupta of Bank of Baroda and Ahmed bin Sulayem of DMCC signing the MoC

Dubai, August 17, 2010: Dubai Multi Commodities Centre Authority (DMCC), a Free Zone Authority dedicated to enhancing trade flows through Dubai, and Bank of Baroda, India’s third largest bank signed a Memorandum of Cooperation (MoC) at a ceremony held in DMCC’s offices in Almas Tower.

The MoC was signed by DMCC Executive Chairman Ahmed Bin Sulayem and Ashok K. Gupta, Chief Executive (GCC Operations), BOB to channelize synergies and maximise business opportunities.  

The MoC is designed to provide value-added services to DMCC-registered companies and to further enhance the proposition of operating in the JLT Free Zone. Companies licensed by DMCC will have access to a wide suite of financial products and services provided by BOB, including borrowings for property purchases in the JLT, working capital and long-term financing, trade and commodity financing and other commodity related services.  DMCC and BOB will also share knowledge through seminars, workshops and exchange of faculty.

“The UAE and India share a long-standing history of trade and partnership, and we are pleased to further build upon this,” said Ahmed Bin Sulayem, Executive Chairman, DMCC. “As one of the leading Indian Banks, Bank of Baroda has been providing banking services in the UAE for over 36 years. Indian traders constitute a considerable population of the commodities traders in the UAE, and we are confident that this cooperation will provide added convenience to DMCC members, especially those with business activities in India.”

Ashok K. Gupta, Chief Executive (GCC Operations), Bank of Baroda, said “We are pleased to enter into a MoC with DMCC, one of the leading free trade zones in the UAE. We are confident that our services will greatly add value to DMCC members, and we look forward to helping DMCC members with customised solutions for all their banking and financing requirements.”

Through its six branches and four Customer Service Centres in the UAE, BOB offers full-fledged banking services, including credit facilities to all segments i.e. individuals, SMEs, corporates, traders, new industrial projects, etc. BOB has an extensive network of over 3125 branches/offices in India. Internationally, it has operations in over 26 countries with 81 offices through which it can take care of banking requests of enterprises.

London event highlighted DMCC’s principal role as the commodities hub of the Middle East

Dubai, July 7, 2010: In a move to promote the benefits of Jumeirah Lakes Towers (JLT) free zone, the Dubai Multi Commodities Centre (DMCC) participated in the GCC Britain Expo which was held in London, UK from June 30-July 1, 2010. With a focus on facilitating bilateral trade and investment, the event was an excellent platform for DMCC to showcase its comprehensive infrastructure and a full range of facilities for the commodities sector.

At the DMCC exhibition stand, visitors had the opportunity to speak to officials about the attraction of its JLT free zone which has been equipped with state-of-the-art facilities designed to provide industry-specific support to DMCC member companies. The JLT free zone is today home to more than 2,200 local, regional and international companies.

“The UK is a valuable trade partner of the UAE and we see great potential in developing business opportunities and attracting companies from the UK,” said Malcolm Wall Morris, Chief Executive Officer of DMCC. “The GCC Britain Expo was an ideal event for DMCC to engage with British companies and highlight the compelling story of Dubai and DMCC as a place to establish or expand your business.”

DMCC showcased its infrastructure highlighting the free hold benefits and the dynamic community that is comprised of modern offices, spacious residences and expansive retail.

The GCC Britain Expo included over 50 companies from the Gulf region, with a full two-day seminar programme hosted by the UK Trade and Investment body covering key topics and issues. The event was also supported by the International Chamber of Commerce (ICC) World Chambers and The Middle East Association.

• Final US$20 million repayment on five-year Islamic bond made on schedule
• Demonstrates underlying financial strength of DMCC
• Underscores rapid growth and development of Jumeirah Lakes Towers

Dubai, May 10 2010: Dubai Multi Commodities Centre (DMCC), a Dubai Government initiative, announced today that it has redeemed its US$200 million Islamic bond, or sukuk, issued in May 2005. The final US$20 million repayment on this five-year sukuk was made on schedule.
 
Originated in 2005, DMCC’s US$200 million issue met with a very positive response from financial institutions across the Middle East, Asia and Europe, based on the long-term strength of DMCC’s business model. Unique features of this innovative, Shariah-compliant financial instrument included the ability of investors to receive repayments in either US dollars or gold bars.
 
“We are extremely pleased to announce the successful repayment of the sukuk and would like to thank our sukuk holders for their confidence in DMCC,” said Ahmed bin Sulayem, Executive Chairman, DMCC. “Despite challenging financial conditions internationally, as well as ongoing volatility in global commodities markets, today’s announcement demonstrates the underlying strength of DMCC and the critical importance of Dubai as a hub for the worldwide commodities trade.”

The proceeds of the 2005 issue were used by DMCC to finance the construction of commercial towers in Jumeirah Lakes Towers (JLT).  These commercial towers,   dedicated for international commodities focused businesses, are within JLT, a 200- hectare mixed-use free-zone administered by DMCC.
 
“At the time the sukuk was issued, DMCC and our free zone Jumeirah Lakes Towers were nascent projects, distinguished only by our vision to bring value added services and efficiencies to the commodities supply chain and encourage the flow of commodities trade through Dubai” said Malcolm Wall Morris, Chief Executive Officer – DMCC. “Today, that vision is a reality with JLT now comprising of 47 towers housing over 2,000 companies and more than 10,000 residents.  We are on track to complete the project by mid-2012 and will continue to strive to meet our customers demands’.

Dubai International Pearl Jewellery Design Programme focused on the revival of UAE’s pearling heritage

Dubai, May 4, 2010: The Dubai Pearl Exchange (DPE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), announced today the winners of its prestigious Pearl Essence programme, the world’s first-ever global pearl design initiative encompassing all different types of pearls. Three talented winners were awarded from eleven finalists who were hosted and felicitated, along with their tutors, during the Gala and Awards Ceremony on May 2, 2010.

The ceremony was held alongside the 7th Dubai City of Gold Conference at the Almas Tower, the tallest office tower in the Middle East and fast emerging as the location of choice for the gold and precious gems industries. This year’s conference brought together over 400 participants from the global jewellery industry for discussions on current and future market trends for the gold industry.

The final round of judging was conducted between 11 finalists, shortlisted from 644 entries received from 46 institutes across 10 countries. The short-listed designs were fabricated into finished jewellery exclusively by DMCC-nominated manufacturers and pearl sponsors. The student awards required jewellery design students to create contemporary and innovative pieces using a variety of pearls with a focus on the revival of UAE’s pearling heritage.

DMCC showcased the finalist designs and pieces for the first time at the Gala and now have them on display for a further six months at Level 2 Almas Tower, home of the DPE.

“Pearls are integral to the history of the region, and DMCC is working towards revitalising the traditional Arabian pearl trade that once thrived through the ports of Dubai,” said Ahmed bin Sulayem, Executive Chairman, DMCC. “The response to the Pearl Essence programme has been phenomenal, further highlighting the cultural significance of this traditional gem and the need for initiatives that continue to establish Dubai as a premier hub for the trade.

Reinhardt Van Zyl from Tshwane University of Technology in South Africa was named the Pearl Essence winner for ‘Curvature,’ a unique, edgy piece created using Fresh Water pearls.

In second place was Catherine Buman’s “The Life Line”, a piece inspired by dhows and pearl divers, created from Mahogany wood, white gold and Akoya pearls, reflecting a refreshingly zen approach . The third prize was awarded to Belinda Koopman for “Dubai Night Sky,” an avant-garde piece with a beguiling story created in the Combination category from South Sea and Fresh Water pearls.

Van Zyl will be awarded a month-long internship with Stephen Webster in London, Buman will be awarded a week-long trip to the pearling operations and pearl farms of Paspaley Pearling Co. in Western Australia, and Koopman will be awarded a pearl course at the Gemmological Institute of America’s (GIA’s) New York campus, followed by exclusive meetings with GIA’s experts and trade visits for a total of five days. In addition, there will also be an online pearl course for all finalists sponsored by GIA.

Pearls for the pieces have been provided by exclusive pearl sponsors - Paspaley Pearling Co., Robert Wan Tahiti and Euro Pearls. All finalist designs have been crafted into pieces of jewellery by leading international manufacturers including ARY Jewelers, Damas, Dhamani, Gellner, Hof & Co, Liali Jewellery, Mahallati Jewellery, Mikura Pearls, Pinctada, Taiba and Universal Pearls (Umi Pearls).

Pearl Essence is also supported by Bonnington Hotel and International Diamond Laboratories (IDL).

Other Pearl Essence Finalists

• 644 entries received from 46 institutes across 10 countries
• Programme focused on the revival of UAE’s pearling heritage

Dubai, April 25, 2010: The Dubai Pearl Exchange (DPE), a subsidiary of the Dubai Multi Commodities Centre (DMCC), announced today that it will honour the eleven student finalists, of Pearl Essence. The eleven students will be felicitated during the 7th Dubai City of Gold Conference 2010 at a combined Gala & Awards Ceremony on the May 2, 2010. The ceremony will be hosted at Level 2, the Almas Tower, home to the Dubai Pearl Exchange. Pearl Essence is the world’s first-ever global pearl design initiative encompassing all different types of pearls.

Pearl Essence was conceived by the DPE as an International Pearl Jewellery Design programme specifically focused on pearl-based jewellery designs, influenced by the rich pearling heritage of Arabia and represented in a modern and contemporary fashion.

The competition saw an overwhelming response with 644 entries from jewellery design students in 46 institutes across Australia China, Hong Kong, India, Japan, Lebanon, South Africa, Singapore, Sri Lanka and Turkey.

The short-listed designs have been fabricated into finished jewellery by DMCC chosen manufacturers and pearl sponsors. The designs and final pieces will be unveiled for the first time at the Gala and also be featured in an exhibition, where finalists will enjoy visibility through the display and catalogues.

“DMCC is pleased to honour the finalists of Pearl Essence,” said Ahmed bin Sulayem, Executive Chairman, DMCC, “The overwhelming number of entries highlights the enormous design talent across the global student community that is interested to work with and showcase the beauty of pearls. The enthusiastic participation also reflects the importance of programmes such as this in increasing the visibility of pearls in the fashion industry and reiterates the pioneering initiative and involvement of Dubai and the DMCC in the international pearl community.”

The programme’s winner, to be announced at the Gala on May 2, 2010, will be awarded a month-long internship with Stephen Webster in London. The second prize is a week-long trip to the pearling operations and pearl farms of Paspaley Pearling Co. in Western Australia. The third prize is a pearl course at the Gemmological Institute of America’s (GIA’s) New York campus, followed by exclusive meetings with GIA’s experts and trade visits for five days. In addition, there will also be an online pearl course for all finalists, sponsored by the GIA.

Pearls for the pieces were provided by world leaders in the pearling industry; Paspaley Pearling Co., Robert Wan Tahiti and Euro Pearls. All finalist designs were crafted into pieces of jewellery by leading local and international manufacturers including ARY Jewellers, Damas, Dhamani, Gellner, Hof & Co, Liali Jewellery, Mahallati Jewellery, Mikura Pearls, Pinctada, Taiba and Universal Pearls (Umi Pearls).

Pearl Essence is also supported by Bonnington Hotel and International Diamond Laboratories (IDL).

• Delivers 750 metric tonnes of Indian organic cotton to Malaysia
• Facilitates re-export of 45,700 metric tonnes of raw cotton fibre valued at US$70 million since inception
• Promotes trade flow of organic cotton

Dubai, March 23, 2010: Dubai Cotton Centre (DCC), the cotton trade facilitation arm and a fully owned subsidiary of DMCC, announced its expansion into the global cotton trade by completing the sale of 750 metric tonnes Indian organic cotton to Malaysia between December 2009 and February 2010 in a move aimed at adding value to the supply chain in this niche market.

The consignment is the first initiative by DCC to facilitate the trade in Indian cotton, which is a highly competitive and booming export product. The development also marks a new chapter in DCC’s successful efforts to increase its value and presence in the international cotton industry by expanding the sourcing origins according to client requirements. These initiatives have focused on the supply of US, Brazilian and West African cotton apart from Indian cotton with Jebel Ali in Dubai emerging as a pivotal international cotton hub.

“Dubai’s growing prominence as a trading hub in the global cotton trade has reached new heights with the sale of Indian organic cotton to the Far East,” said Ahmed Bin Sulayem, Executive Chairman, DMCC. “Our unique mix of services and physical location is helping to facilitate increased quantity in cotton trade flows with beneficial impacts felt across the entire value chain encompassing producing countries as well as the ultimate buyers across the globe.”

During four months of operations in 2009, DCC facilitated a re-export volume of 17,600 metric tonnes of raw cotton fibre valued of US$25 million. In the first quarter of 2010, DCC facilitated re-export by a further 28,100 metric tonnes valued at US$45 million. Since inception, the Centre has facilitated re-export of 45,700 metric tonnes of raw cotton fibre with a total value of US$70 million.

Worldwide, the production of organic cotton is increasing, with the incorporation of organic fibre into product lines becoming the norm, rather than the exception. In 2009, the market for organic textiles exceeded US$5 billion according to figures from Organic Exchange, a charitable organization committed to expanding organic agriculture, with a specific focus on increasing the production and use of organically grown fibers such as cotton.

The organic cotton market has experienced exponential growth for a number of reasons. The foremost reasons are innovative thinking on the part of brands and manufacturers about the social and environmental impact of their products and improved consumer awareness of sustainability issues. The adoption of organic fibre by many large-scale brands has also brought a tremendous breadth of organic products to the marketplace.

• Dubai Shariah Asset Management recognised as ‘Best Shariah Compliant product provider’
• DSAM Kauthar Commodity Fund wins ‘Best Funds of Funds Award’

Dubai, March 3, 2010: In recognition of the outstanding performance of DMCC’s Dubai Shariah Asset Management (DSAM) Commodity Funds in 2009, DMCCA Executive Chairman Ahmed Sultan bin Sulayem was presented with the “Middle East Investor Award” by the Hedge Funds World Middle East Conference 2010. This announcement was made today by Dubai Multi Commodities Authority (DMCCA). In addition, DSAM was also recognised as “Best Shariah Compliant product provider” and DSAM Kauthar Commodity Fund wins “Best Funds of Funds Award.”

Held at the Jumeirah Beach Hotel in Dubai, the 11th Annual Hedge Funds World Awards recognised companies and individuals that have demonstrated an unparalleled ability to succeed and continually set standards of excellence in the hedge fund industry.

“I would like to thank Hedge Funds World Middle East and the award judges for recognising the efforts of DMCC in strengthening Dubai as a commodity trading centre” said Ahmed Sultan bin Sulayem.

“Despite the challenges that we all face, we see DMCC is a shining example of the character of Dubai and the leadership of His Highness. Under whose guidance of His Highness the impossible became possible. It was the creation of Jebel Ali port which led to the exponential rise in the flow of the commodity trade through Dubai directly leading to the establishment of DMCC. In recognition of his leadership and vision, I dedicate this award to NO OTHER than His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prim Minister of the UAE and Ruler of Dubai.”

In addition, DMCCA also received nominations for “Best Hedge Fund Manager” for DSAM Kauthar Global Resources & Mining Fund and “Best Performing New Fund” for DSAM Kauthar Gold Fund, Ltd.

DSAM is a joint venture between Dubai Commodity Asset Management (DCAM), a wholly-owned division of the DMCCA and Shariah Capital, Inc. DMCCA has invested US$50 million into each of the initial four DSAM Kauthar funds as the seed investor, representing a total investment of US$200 million. DSAM manages the DSAM Kauthar Commodity Fund (DKCF) which offers investors exposure to Shariah compliant hedge fund strategies diversified over a range of commodity sectors.

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