DMCC appoints Advisory Committee for Dubai Commodity Receipt system

DMCC recently announced the DCR, a system of commodity warehouse receipts to facilitate the storage, trading and financing of commodities, scheduled for implementation in early 2004.

The Committee, comprising leading members of the banking, warehousing and commodity trade sectors in Dubai, will play a key role in the development of the DCR system leading up to its implementation.

Welcoming members to the first Advisory Committee meeting today, DMCC's Executive Director, Commodities, Dr. David Rutledge, emphasised the Committee's role in providing feedback, from a user's perspective, on the design and operation of the DCR System. "DMCC's approach to the development of DCRs is to ensure that the system meets the needs of the marketplace," said Dr. Rutledge, who will chair the Committee's deliberations. "This can only be achieved if there is an active dialogue between the designers of the system and those who will use it commercially. The Advisory Committee will play a key role in facilitating this dialogue."

In addition to Dr. Rutledge, members of the Advisory Committee are:

Mr. Mohammed Shamim Anwar, Managing Director, Peninsula Shipping Company LLC; Mr. Faisal Galadari, Assistant General Manager - Retail & Commercial, Commercial Bank of Dubai; Mr. Haseeb Haroon, Head of Structured Inventory Products, ABN AMRO Bank N.V; Mr. Ravi Kashyap, Manager, Steinweg-Sharaf FZE; Mr. Simon Maddocks, Managing Director, B. Pacorini S.p.A.; Mr. Jonathan Morris, Head of Corporate and Institutional Banking-UAE, Standard Chartered Bank; Mr. Wasim Saifi, Head of Corporate Banking, Dubai Islamic Bank; Mr. Ed De Kwant, Director of Systems & Special Projects Henry Bath Group; Mr. Rohan Shetty, Managing Director, Scan-Trans Chartering LLC; Mr. Saeid Shokravi, Managing Director, Arveen General Trading LLC; Mr. Rohit Walia, Division Manager, Commercial Banking Group, Mashreqbank psc; Mr. Vikram B. Venkataraman, Head of Corporate & Institutional Banking, Dubai Bank; Mr. Ali Amer Al-Hashimi, Asst. Manager - Islamic Finance & Funds Management, Abu Dhabi Islamic Bank; Mr. Ramdas K., Manager - Credit Administration, Emirates Bank International PJSC.

DMCC was created in 2002 as a strategic goal of the Dubai Government to establish a commodity market place in Dubai. DMCC is committed in 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.