DMCC focuses on expanding regional steel and base metals sector

DMCC also announced the appointment of John A. Short as Executive Director - Steel and Base Metals, who will lead the development and launch of the Steel Rebar Futures Contract. The DGCX expects to launch this contract in early May 2007.

"The steel and iron industry in the Middle East has witnessed significant growth in recent years, with a 41.5 per cent increase in the production of steel between 2000 and 2005," said Dr. David Rutledge, Chief Executive Officer, DMCC. "Driven by the establishment of huge infrastructure projects in the region, the GCC states are also among the leading consumers of steel and iron products in the world today. Individual consumption in the GCC states reaches over 378 kg of steel per person annually, against the global average of 182 kg."

"Regional investment in this sector has risen considerably in the last five years with a total of US$2.84 billion invested in steel and iron factories across the GCC. Regional leader Saudi Arabia is currently home to 22 such factories followed by the UAE with nine units,"

said Dr. Rutledge. "Exports and re-exports from the UAE have also witnessed high annual growth rates of 23 per cent and 20 per cent, respectively, in the last five years," he added.

The appointment of John Short as Executive Director - Steel and Base Metals is also expected to bolster the steel and base metals sector. Among Short's core responsibilities will be to forge even stronger ties between the DMCC and the steel and base metals industry. He will be also in charge of the launch of physical and market infrastructure products, and will provide innovative concepts to facilitate the growth of the steel business in Dubai.

Short joins DMCC after having worked for the past 19 years with leading steel and ferrous metals companies and investment banks in Europe, Asia and the Middle East, including previous stints in Dubai.

Commenting on the appointment, Dr. Rutledge said: "Short's appointment is evidence of DMCC's commitment to providing a range of services to the region's steel sector. His expertise and extensive experience, both regionally and globally, will be an invaluable asset for us. We are pleased to welcome him to the growing international family of sector experts at DMCC."

Prior to joining DMCC, Short was Director, Strategy and Projects for Duferco Participation Holdings, parent of Switzerland-based Duferco, the world's largest steel trading and production group. Previously, he served as Global Head of Steel for Standard Bank London Limited, and as General Manager of Stemcor's Middle East operations and Managing Director of Stemcor Projects and Contracts. Holding an MBA from the University of Oxford, Short is also a founding partner of Steel Derivatives, a Dubai-based consultancy offering financial price risk management services to clients involved in the steel supply chain worldwide.