DMCC to seed commodity-linked investment products
United Arab Emirates: Wednesday, March 19 - 2008 at 11:02
The Dubai Multi Commodities Centre has announced that it has applied for a license to set up a UAE investment company - Dubai Commodity Asset Management DMCC - that will develop and seed commodity-linked investment products for distribution in the UAE and other markets. DCAM will be registered as a DMCC Free Zone company, and established with an initial capital of Dhs25m ($6.8m). DMCC also announced that it will develop and manage a range of Shariah-compliant investment products focused on commodities, through a joint venture initiative between DCAM and Shariah Capital, a US-based, publicly-traded company on the Alternative Investment Market of the London Stock Exchange. The joint venture entity, Dubai Shariah Asset Management, will be owned 51% by DCAM and 49% by Shariah Capital.
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Jeff Florian, Senior ReporterWednesday, March 19 - 2008 at 11:02 UAE local time (GMT+4)
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