Gold market participants to benefit from discussions between DMCC and DRX

Notes and media contacts

The Dubai Metals and Commodities Centre (DMCC) was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serving the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.

The Dubai International Financial Centre (DIFC) is being established as part of the goal to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East.

The Dubai Financial Services Authority (DFSA) is a critical part of the DIFC. The DFSA is an independent unitary regulatory authority, responsible for the regulation of asset management, banking, securities trading, Islamic finance, re-insurance and a regional financial exchange. The DFSA is being created using principle-based primary legislation modeled closely on that used in London and New York, and its regulatory regime will operate to standards that meet or exceed those in the world's major financial centres. The Authority expects to license blue-chip institutions operating in a variety of industry sectors with a primary focus on the wholesale markets.

For more information contact:

DIFC:

Gilbert Halaby, Manager Corporate Communications, DIFC on Tel +9714 3191994, Mobile: +97150 6578922

John Hobday, Incepta Middle East, on mobile: +97150 4648706

DMCC:

Gaiti Rabbani, Business Development Manager, DMCC on Tel +971 50 3903899

Debbie Cleary, Account Director, Bates PanGulf PR, +971 50 4582284, Mobile +971 50 4582284