Dubai to host global headquarters of international trade confederation for pulses industry

This strategic move by CICILS/IPTIC, which represents more than 500 trading companies from 32 countries and 12 national trade associations, further reinforces the emirate's growing importance as a hub for international pulses trading and its global value as a base for agricultural commodity trading groups. With high protein content and health benefits legumes are in the spotlight as an answer to protein and food shortage in the world.

Established in 1963, CICILS/IPTIC is a non-profit confederation of national trade associations, governmental bodies and more than 500 commodities traders. CICILS/IPTIC enjoys observer status with United Nations, Food and Agricultural Organisation, World Heath Organisation, Codex Alimentarius Commission and the European Union.

Currently, the Middle East, North Africa and the South Asia (MENASA) region is the largest consumer, importers and producers of pulses worldwide, importing almost 4 million tons or
60 per cent of global trade in the pulses. The global production of pulses is about 60 million tonnes per annum of which only 6 million tonnes are available for international trade.

Dr. David Rutledge, DMCC's Chief Executive Officer of DMCC, said:

"Representing a $100bn industry, CICILS/IPTIC plays a significant role in facilitating and promoting international trade and consumption of pulses. DMCC has already ventured into agro-commodities such as tea, cotton and rice. Given the growing importance of pulses in food and protein security, CICILS/IPTIC's decision to move its global headquarters to Dubai will help us add greater value to our growing network of members across the agricultural commodities sector."

Rutledge added, "We are pleased to welcome CICILS/IPTIC to Dubai and to DMCC, and together we will explore opportunities to add value to the international pulses trade, including the provision of futures contracts for pulses. This move demonstrates to the fullest extent the scope for cooperative activity between DMCC and the global commodities trade."

Dr. Jose Maria Lazara, President of CICILS/IPTIC, said, "Dubai is strategically located between producing, importing and consuming countries in the MENASA region, which accounts for nearly two-third of the global trade. In addition, the emirate's excellent port, shipping and re-export infrastructure makes Dubai the ideal base for CICILS/IPTIC to expand its reach and facilitate the growth of the international pulses trade. Through our association with DMCC, we believe we can make substantial progress in promoting the trade and effectively achieve our key objectives regarding distribution and trade regulation."

DMCC offers resident companies highly attractive benefits, including a 50-year guaranteed tax holiday, 100% business ownership, and full ownership of business premises under a free zone status.