The recently established Dubai Metals and Commodities Center (DMCC) has appointed David Rutledge as executive director of commodities. Within his DMCC role, Rutledge will be responsible for commodities activities, with an initial principal focus on building relationships with key players in the field and developing the commodities business plan to its next level.
Established in April 2002, DMCC will provide a range of facilities for trading in gold, diamonds and other commodities. Once fully operational, DMCC plans to provide resident companies in the commodities trade with trading, communications and storage facilities. They also seek to ensure that these facilities are complemented by banking, finance and insurance services on terms that will make Dubai the regional hub for commodities trading activities.
In an effort to encourage a local supply of skilled personnel to meet the needs of the expanding commodities activities in Dubai, DMCC plans to work with local educational institutions to encourage appropriately qualified graduates. DMCC seeks to provide a strong base in Dubai to attract and facilitate business throughout the value chain in its three main areas of activity, these being gold, diamonds and other commodities.
The new Center will be a free zone offering 100 percent ownership and a 50-year tax holiday to resident companies. The facility will offer service to those organizations involved in gold trading with physical trading facilities, storage and assaying as well as package and delivery facilities available on-site. Three refineries will also be housed within the complex.
Trading facilities, a convention center, a training center and a gems lab will be available to DMCC resident companies in the diamond trade while the commodities industry will be provided with world-class trading, storage and logistics facilities. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
