SFOA hails Dubai's emergence as modern economic powerhouse

Dubai was the "Guest of Honour" at this year's meeting of the SFOA, a professional non-profit Swiss association for the purpose of promoting the derivative financial instruments industry.

Delegates at the meeting were given a comprehensive overview of the UAE and Dubai by a high-level delegation from the emirate. Dubai's participation at the event was jointly led by the Dubai Multi Commodities Centre (DMCC) and its joint venture initiative, Dubai Gold and Commodities Exchange (DGCX). Into its second year of operations, DGCX is the Middle East's first online international commodities exchange.

Speaking at the official opening of the event, Mr. Paul Meier, Chairman, SFOA, said: "Dubai's emergence and growing significance on the Middle Eastern and global economic scene is of great consequence for the financial derivatives industry. The financial services industry in the emirate effectively fills the gap between the time zones of the East and the West, enabling all stakeholders to link seamlessly into financial markets across all time zones."

He added:

"Dubai's growing role as a modern economic powerhouse is of special interest to the SFOA because we are committed to serving the industry in the widest possible sense, and help set the standards of quality and service. We are happy and honoured to welcome the delegates from Dubai, and offer our members a first-hand experience of life in the emirate."

Mr. Farid Mohammed Ahmed, Secretary General to the Board of Directors, Dubai World Group of Companies, said: "While the economic achievements of the UAE are myriad, one emirate has garnered the lion's share of international recognition - and for good reason. Home to the world's tallest building, the world's only seven-star hotel, an indoor ski slope, manmade islands in the shape of palm trees and the world itself, Dubai has become synonymous with ambition and the realisation of dreams."

"Today, Dubai generates headlines the world over for its spectacular property developments and equally spectacular economic growth. Dubai continues to serve as an engine for economic growth and a model for economic reform in the region. The government of the emirate encourages open trade with its neighbours, which boosts the regional economy and increases investments originating from Dubai," he continued.

The delegation from Dubai also included senior representatives from the Emirates Securities and Commodities Authority (ESCA), the Dubai Multi Commodities Centre, the Dubai Gold and Commodities Exchange and HSBC, who detailed the various facets of Dubai's economic policies, its financial services industry and the regulatory policies of its financial markets.

Introducing Dubai's fast-growing commodities market to the participants at the SFOA meeting, Dr. David Rutledge, Chief Executive Officer, DMCC, said: "Dubai has become the preferred destination for commodities trading in the region, backed by the emirate's growing importance both globally and in the region. DMCC plays a crucial role in growing and streamlining this trade, through offering value-added initiatives to all stakeholders of the commodities industry in a wide range of sectors."

"That we have attracted 1,000-plus members in the short span of five years since inception is an extremely strong statement of confidence in DMCC by members of the global commodities trade" he added.

The DMCC and DGCX hosted an "Arabian Nights" extravaganza and gala dinner on the theme "Expressions of Dubai," providing a cultural and gastronomic experience for the delegates. Delegates at the SFOA meeting were given a complete Arabian experience that included a taste of Arab culture and traditions, and detailed Dubai's journey from pre-oil days to a modern metropolis. Traditional aspects of Dubai's culture that were showcased included a calligrapher, henna artist, falconers, a typical Arab style dinner, the sheesha experience, majlis-style seating and Arabic coffee and dates.

The SFOA has organised this exclusive executive gathering every year since its establishment in 1980. The SFOA membership is composed of industry associations, derivative exchanges and clearing houses from all over the world, along with brokers, bankers and other service providers.