Standard & Poor's reaffirms credit ratings for DMCC

The centre's strong operational ties with the Government of Dubai are crucial to its long-term role in the economic development of Dubai, according to Standard & Poor's.

According to Standard & Poor's:

"DMCC is expected to play an increasingly important role in Dubai's economic development in the next few years, both through free zone activities, and through development of other projects and brands, such as the Business Park and hotels at Jumeirah Lake Towers."

At the same time, Standard & Poor's reaffirmed its 'A' senior unsecured debt rating on the $200m floating rate trust certificates (sukuk al-musharaka), due in May 2010, issued by Gold Sukuk dmcc. The outlook on all ratings is stable.

Ahmed bin Sulayem, Executive Chairman, DMCC, said: "We are pleased with the recent reaffirmation of our credit ratings by Standard & Poor's as it further establishes DMCC's increasingly important role in Dubai's economic development. Despite turbulent times in the global financial markets, DMCC has maintained its credit soundness by continuously developing and growing our commodities portfolio. We have undertaken various initiatives such as commodity-backed investments, encouraging the soft commodity trade and developing exchange traded funds to further position Dubai as a centre for the global commodity trade. Fully established in its own premises at the Almas Tower, DMCC is currently delivering on its promise of creating a one stop comprehensive commodities trading hub in Dubai."

With an open economy, a thriving port, and strategic geographical location, Dubai has established itself as the regional centre for commodities trade. As economies across the world experience economic downturns, more and more businesses are relocating to Dubai to take advantage of the emirate's business friendly environment.

DMCC recently relocated to its own offices at Almas Tower, a 65-floor tower located within the Jumeirah Lakes Towers development. Almas Tower is now poised to represent the new growth engine for commodity trade in Dubai.