DMCC to establish exchanges for Dubai's Gold, Diamond and Commodity trade

Each exchange will be based in a separate purpose-built tower within DMCC's 300-hectare development on Sheikh Zayed Road. Alongside the exchanges, each building will provide commercial and support facilities for market participants in DMCC's specialized segments; gold and precious metals, diamonds and coloured stones, and other commodities.

Commenting on the establishment of the exchanges, CEO, Tawfique Abdullah stated, "As the region's only diamond exchange, The Dubai Diamond Exchange will capitalize on the rapidly expanding trade flow of diamonds through the Middle East. Through our discussions with diamond traders and leading site holders, we have established the need for such a facility within Dubai. The Dubai Diamond Exchange will allow members to trade in rough and polished diamonds. This is a first step towards membership of the World Federation of Diamond Bourses."

During the announcement of DMCC's ambitious plans, details of the first tower were also revealed. Named 'Almas Tower', (Almas meaning 'diamond' in Arabic) the 56-floor Tower will be the focal point of diamond trade, housing the Dubai Diamond Exchange.

The dramatic glass skyscraper located at the centre of DMCC will provide a base for the large numbers of local and international companies expected to establish operations at the impressive facility by 2005. Built as an ever-decreasing spiraling cylinder that soars towards the sky with a number of elegant spires, the tower plays with geometrical design and light to create a delight for the eye, surrounded by a lake in the centre of the DMCC development.

In addition to the region's only diamond exchange, the tower will house vaulting facilities to cater to the needs of the market for safe custody of diamonds and other precious commodities. A premium business hotel will occupy the higher floors, whilst there will also be a serviced business centre for visiting international companies and business executives.

This second phase of infrastructure development at DMCC offers participants the chance to purchase or lease business premises within a complex dedicated to the needs of this specialized industry. DMCC is now registering expressions of interest, while the tower will be open for purchase and lease opportunities shortly.

"DMCC is more than just a physical base for manufacturing and trading operations. DMCC's core objective is to provide the market infrastructure for its three core segments - Gold, Diamonds and Commodities. It will also seek to facilitate introductions and create opportunities for industry networking, bringing together businesses and individuals who wish to establish commercial operations in Dubai and/or trade through Dubai. To sum up, we want to see participation from every link in the gold, jewellery and diamonds value chain, while also establishing a commodities marketplace," added Tawfique Abdullah.

"The Almas Tower will be a symbol of DMCC and a magnificent new landmark for Dubai," said CEO Mr. Tawfique Abdullah. "We chose the name Almas, because it translates as 'diamond' in Arabic and symbolizes the clarity and purity of a diamond. This effectively highlights the aims of DMCC to become a strategic base for businesses trading in gold, diamonds, precious metals, coloured stones,and other commodities."

David Rutledge, Executive Director of Commodities, highlighted the strategic developments towards the establishment of the proposed exchanges, "DMCC recently announced plans to launch a system of commodity warehouse receipts - the Dubai Commodity Receipts (DCR) - to facilitate the storage, trading and financing of a range of commodities, starting from early 2004. The DCR's are a key step towards facilitating and further enhancing the trading of commodities within Dubai and naturally lead towards the next step of establishing a trading platform for commodities."

The announcement was made at a press conference in Dubai during the annual meetings of the World Bank Group and the International Monetary Fund. DMCC is also participating in the high-profile regional exhibition, taking place alongside the Annual Meetings.

At the time of the announcement, Mr Abdullah said, "The eyes of the world are focused on Dubai during the Annual Meetings, and we have used this wonderful opportunity to highlight the rapid progress DMCC is making in developing Dubai as a regional and global market place for precious metals, stones and commodities."

Additionally, DMCC has enjoyed tremendous success in placing the first phase of its unique manufacturing complex with gold and jewellery manufacturers purchasing workshops in purpose-built facilities. There are also a number of gold refineries under construction at the site, with the first one expected to be operational within 6 months.

The Dubai Metals and Commodities Centre (DMCC) was created as a strategic goal of the Dubai Government to establish a commodity market place in Dubai. DMCC is committed to its role as innovator and regulator, to serve the needs of participants in the Dubai gold, diamonds and commodities market.

DMCC offers resident partners numerous benefits, including a secure regulated environment, special freight rates, a fifty-year tax holiday and the benefit of ownership of business premises.