• Polished diamond market flourishes with volumes traded increasing by more than 150 percent  in 2009
• India, Belgium and Hong Kong are top trading partners

Dubai, March 30, 2010: Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA) announced today that Dubai’s total trade of diamond volumes reached 182 million carats for the 12 months ending December 31, 2009 an increase of 22 percent over 2008. According to figures from the Dubai World Statistics Department, a total of 80 million carats of polished diamonds were traded through the emirate in 2009 increasing by more than 150 percent from 2008 when 32 million carats were traded.

Rough diamond trade increased marginally by a little over 3 percent and reached 97 million carats in comparison to 94 million carats in 2008. The impact of lower global diamond prices was reflected in the reduced value of trade, which saw a 13 percent decline, reaching US$18 billion in 2009 compared to US$20.76 billion in 2008.

Polished diamonds imports to the emirate grew by nearly five per cent during 2009, to reach US$6.9 billion from US$6.6 billion during the same period in 2008. Exports in the same period were up 30 percent from US$ 5.4 billion to US$ 7 billion.

“Globally, the consumption of luxury goods has been impacted due to the prevailing economic challenges,” said Ahmed bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre Authority. “Despite such tough market conditions, these encouraging trade figures reflect the strong trade and consumer market in the region. The trend underlines the Middle East’s growing significance as a flourishing diamond consumer market, and more importantly, Dubai’s established role as the trade hub through which this market can be accessed.

“Dubai’s strategic location continues to be a significant advantage to leverage the trade in global rough and polished diamonds. We look forward with a great degree of optimism as we expect the trade to rebound strongly with consumers returning to purchasing diamonds on a larger scale than compared to last year.”

Dubai’s diamond trade was mainly driven by India, Belgium and Hong Kong, which were the top trade partners for Dubai with growing trade from new markets such as Angola, Switzerland and the USA.

• Annual imports stand at 576 tonnes; exports reach 403 tonnes
• Average gold price US$973 per ounce
• India continues to rank as top export and import partner

Dubai, March 7, 2010: Dubai Multi Commodities Centre Authority (DMCCA) announced today that the total gold trade through Dubai stood at US$29 billion in 2009, matching the value of gold traded in 2008. This data was compiled by the Data and Statistics Reporting division of Dubai Trade, an innovative, simple and secure portal that combines all electronic services provided by DP World, Economic Zones World, Dubai Customs and Dubai Multi Commodities Centre.

For the 12 months ending December 31, 2009, a total of 576 tonnes of gold was imported into Dubai, compared to 674 tonnes in the previous year. Although imports in tonnage terms saw a 15 per cent decline compared to the record set in 2008, it was 16 per cent higher than the average import of 498 tonnes since 2001. In 2009, gold exports from Dubai reached 403 tonnes, an increase of nine per cent compared to 371 tonnes in 2008.

Ahmed bin Sulayem, Executive Chairman, DMCCA, said: “Given the tough economic conditions and the resulting impact on the gold trade globally, Dubai’s US$29 billion gold trade is impressive. The past year witnessed a period of high price volatility with all time record-high prices. Despite these factors, Dubai sustained the all-time high value of gold trade.”

He added, “The value of the gold trade in the emirate has increased by over six times since 2001; the same for 2009 is more than double the average trade in the past nine years. These figures demonstrate the emirate’s increasingly important role as a centre for regional and global gold trade. With growing stability in global economic conditions, we are confident that Dubai will continue to perform well in 2010 and further strengthen its status as a global hub for gold trade.”

In 2009, gold prices broke the record-high level of US$1,200 per ounce before averaging to US$973 per ounce. More than 130 countries served as gold import partners into Dubai in 2009. India continues to remain Dubai’s top gold trading partner, signifying Dubai’s role as a gateway to the gold trade in the Indian subcontinent.

• Biennial event held under patronage of HE Sultan Bin Saeed Al Mansoori
• More than 300 delegates to attend from over 30 countries across value chain of tea industry

Dubai, March 6, 2010: As further testimony of its significant role within the UAE economy, Dubai Tea Trading Centre (DTTC), an initiative of Dubai Multi Commodities Centre Authority (DMCCA), announced today that its 3rd Global Tea Forum will be held under the patronage of His Excellency HE Sultan Bin Saeed Al Mansoori, UAE Minister of Economy. The only event in the region specific to the global tea industry, the forum is expecting over 350 delegates, representing the entire value chain of the tea industry.

The event, will be held from March 9-10, 2010 at the Westin Dubai Mina Seyahi Beach Resort and Marina, and is set to feature industry specialists from across the globe. Key speakers will include HE Sheikh Sultan bin Saeed Al Mansoori; Ahmed bin Sulayem, Executive Chairman, DMCC; Sanjay Sethi, Director, DTTC; Basudeb Banerjee, Chairman, India Tea Board; William Gorman, Executive Chairman, UK Tea Council; and Sicily Kariuki, Managing Director, Kenya Tea Board; Louise Roberge, President, Tea Association of Canada, amongst many others. There will also be presentations and panel discussions from tea industry players from Sri Lanka, China, Iran, Pakistan, Russia, Vietnam, and many more.

“The third biennial Global Dubai Tea Forum represents a significant opportunity for industry participants worldwide to gather together and share insights and experiences,” said Ahmed bin Sulayem, Executive Chairman, DMCC. “The forum has further established Dubai as the hub of the regional tea trade as it brings together the major players of the sector and highlights trends, opportunities and potential threats that the tea industry faces.”

“The weather patterns impacted global tea production in 2009,” said Sanjay Sethi, Director, DTTC. “As we enter a new era and a period of stabilisation, it is more important than ever to play a leading role in promoting dialogue within the industry.”

He added: “Building upon our past success in attracting high-profile government and private-sector representatives from both Dubai and across the globe, we look forward to welcoming delegates from a wide range of tea-producing and consuming nations.”

Dubai remains the second largest export destination for both Indian and Sri Lankan tea, playing a pivotal role in the supply chain for the industry. Sri Lanka, India and Kenya are Dubai’s top trading partners, contributing over 65 per cent of the total tea trade through Dubai.

The DTTC presently stocks teas from 13 producing countries, comprising Kenya, India, Sri Lanka, Indonesia, Malawi, Rwanda, Tanzania, Zimbabwe, Ethiopia, Vietnam, Nepal, China and Iran. In keeping with its mandate to further increase the tea trade in and through Dubai, the DTTC also facilitates sales with buyers in the GCC countries, Iran, Iraq, Jordan, Libya, Morocco, Pakistan, Afghanistan, UK and the CIS countries and has plans to expand its services to other Middle East and European markets.

DMCCA-led division leads discussion on new opportunities in gold trade

Dubai, February 14, 2010: Over 35 experts from the Dubai gold industry recently gathered together to mark the sixth anniversary of the formation of the Dubai Gold Advisory Group (DGAG) - an initiative of the Dubai Multi Commodities Centre Authority (DMCCA).  The Group’s mandate is to provide strategic insights, advice and expertise to develop the gold industry in the emirate.

At a reception held at DMCC’s flagship property, the Almas Tower in Jumeirah Lakes Towers, top industry officials celebrated the achievements of the Group during the past year, including the awarding of ‘Certificates of Appreciation’ to the oldest serving members of the DGAG. The awards were presented in recognition of their efforts and significant contributions to the development of the gold industry in Dubai.

Later in the evening, Ahmed Bin Sulayem, Executive Chairman, DMCC announced the name of the winner of the DMCC Gold Convention 2009 Gold price Prediction Competition. A one-ounce ‘Visions of Dubai’ gold coin sponsored by INTL Commodities DMCC was presented by Jeff Rhodes, CEO Intl Commodities DMCC to the winner, Mr. Farook Kassim, Managing Director Al Bogari Holdings.  Mr. Kassim predicted the closing price of the nearest delivery DGCX gold futures contract on last trading day of the year of US$1096 an ounce, a figure that was within 40 cents of the actual price of US$ 1096.4.

The Dubai Gold Advisory Group was constituted in 2003 as an independent advisory body to work with the DMCC to position Dubai as an international hub for precious metals by contributing ideas, insights and expertise that would enhance Dubai’s reputation as an international precious metals refining, production, financing, trading and jewellery manufacturing hub.

The Group convenes every month at DMCC’s premises and provides a forum where developments impacting the industry are discussed and solutions are sought for a wide variety of issues. The Group also provides a live communication channel with the local market participants.

• Innovative fund-of-funds up more than 41 per cent for full year; one of top-performing commodity funds among all funds-of-hedge-funds and Shariah-compliant funds-of-funds
• Gold Fund receives ‘Outstanding Performance & Innovation Award’ from MENA Fund Manager; fund up nearly 68 per cent in 2009
• Global Resources and Mining Fund up 55 per cent; Energy Fund up 41 per cent; Natural Resources Fund records nominal gains

DSAM Kauthar Commodity Funds record industry leading growth in 2009

Dubai, January 26, 2010: Highlighting the sound underlying investment strategy of its fund managers and innovative product development strategy, Dubai Multi Commodities Centre Authority (DMCCA) announced today that its Shariah-compliant Dubai Shariah Asset Management (DSAM) Kauthar Commodity Funds recorded industry leading gains in the 12 months ending December 31, 2009.

The DSAM Kauthar Commodity Fund (DKCF), an equally-weighted fund-of-funds comprised of four single-strategy, commodity-focused funds that invest exclusively in Shariah-compliant long/short equity hedge funds on the Al Safi Trust platform, was up 41 per cent at the end of last year. During the same period, DKCF managers returned roughly double the average return of their equity and commodity benchmarks. The fund-of-funds total assets under management stood at US$250.1 million as of December 31, 2009.

In 2009, the DKCF was one of the top-performing commodity funds among fund-of-hedge funds globally, based on Bloomberg and Eurekahedge data.  DKCF ranked in the 99th percentile of the Bloomberg Active Index for Islamic Funds as well as the 99th percentile of the Eurekahedge Fund of Funds Index.  Indeed, excluding funds with less than US$100 million in assets, the DKCF is the top-performing commodity fund-of-funds and the leading Shariah-compliant fund-of-funds, according to hedgefund.net. 

The Al Safi Trust is a comprehensive Shariah-compliant platform designed specifically for hedge funds and launched by Barclays Capital and Shariah Capital.  Distributed under the DSAM Kauthar label, the four funds underlying the index have been seeded with US$50 million each by DMCCA.

In addition, DMCCA announced today that its DSAM Kauthar Gold Fund, one of four funds distributed under the DSAM Kauthar label, has received the “Outstanding Performance & Innovation Award” from MENA Fund Manager, the region’s leading industry title.

For the full year 2009, the gold fund was up nearly 68 per cent, ranking #1 out of 344 Islamic funds followed by Eurekahedge, representing all investment strategies and markets from around the world. The DSAM Kauthar Gold Fund also ranked first globally out of 673 hedge funds with between US$50-250 million in assets under management, according to HedgeFund.net. 

The DSAM Kauthar Global Resources & Mining Fund, which recorded gains of more than 55 per cent in 2009, is ranked in the 99th percentile of the Reuters Lipper TASS Energy Index, putting it in the top 10 of 2,150 funds reporting to Lipper. Meanwhile, the DSAM Kauthar Energy Fund was up 41 per cent as of December 31, 2009. Finally, the DSAM Kauthar Natural Resources Fund was up slightly more than three per cent at the end of the same period.
 
“At DMCCA, we are committed to supporting the expansion of the Islamic financial services sector, and our innovative DSAM Kauthar Funds represent the future for that high-growth sector,” said Ahmed Bin Sulayem, Executive Chairman, DMCCA. “We are aware that these relatively new products were launched during a global downturn, and recognise that investors are now understandably conservative in their approach. Therefore, we will continue to focus on educating the market, highlighting to investors the sterling performance of the funds and underscoring their long-term appeal.”

“The award-winning performance of the DSAM Kauthar Gold Fund as well as the exceptional gains recorded by the DSAM Kauthar Global Resources & Mining Fund and Energy Fund place them at the top of worldwide indices,” said Malcolm Wall Morris, Chief Executive Officer, DMCCA. “These cutting-edge, Shariah-complaint alternative investment products have been specifically developed to meet the needs of regional investors, while also appealing to conventional institutional investors. Based on past performance, we are confident that we will continue to expand and diversify our client base in 2010.”

“The strength of our fund managers, who were selected on the basis of their outstanding track record in commodities over the past two decades, is clearly second to none,” added Eric Meyer, Chairman and Chief Executive Officer, Shariah Capital. “Each of the partners involved in the development and marketing of these exceptional products is extremely proud of our success in 2009, and we look forward to sustaining our performance in the 12 months to come.”

DMCC free zone to serve as SCG Plastics’ Middle East base

Jumeirah Lakes Towers  continues to develop as regional hub for international energy, petrochemical and plastics industry

From left to right: Ahmed Bin Sulayem, Executive Chairman of DMCC, and Ommai Sirilertsombat, Managing Director of SCG Polyolefins Co., Ltd., subsidiary of SCG Chemicals.

Dubai Multi Commodities Centre Authority (DMCCA) announced today that Thailand-based plastic resin trading company – SCG Plastics Co., Ltd., will begin operations from Almas Tower as a DMCC-registered company, following the DMCC license in April this year. Read the full story

• DMCCA issued 281 registrations in first six months of 2009 Read the full story