DMCC announces strategic organizational appointments for key senior positions

Mr. Tawfique Abdullah, the former Chief Executive Officer has been promoted to the position of Vice Chairman of the company and Dr. David Rutledge, who was earlier the Executive Director is the new acting CEO of DMCC. Both Mr. Abdullah and Dr. Rutledge have played important roles in taking the organization to where it is today.

Mr. Abdullah has been instrumental in positioning DMCC as a leader in the gold and diamond industry internationally, through developments of successful initiatives such as the creation of the Dubai Diamond Exchange and the implementation of the Kimberley Process Certification Scheme in the UAE. Having been closely involved in the project from its initiation he assumed overall responsibility for all aspects of DMCC following its formal launch. He will now have overall responsibility for DMCC, give strategic directions and maintain high level customer relationships.

Driving the activities in the Commodities sector for DMCC, Dr. Rutledge was responsible for the creation and successful implementation of the Dubai Commodity Receipt and the Dubai Gold and Commodities Exchange. He has a wealth of international experience in the commodities, financial and related derivatives markets both within Australia and the US.

Dr. Rutledge, who hails from Australia, has most notably held positions as Managing Director, Zurich Capital Markets; Chief Executive, Sydney Futures Exchange; Chief Executive of the Queensland Sugar Corporation; Vice President and Chief Economist at the New York Comex Exchange; Senior Vice President - Market Development, New York Board of Trade. He will assume the role of Acting CEO of DMCC while still keeping his current portfolio as head of Commodities.

Ahmed bin Sulayem will continue in his strategic role as Chief Operating Officer for DMCC.
Commenting on the two appointments, Sultan Ahmed Bin Sulayem, Executive Chairman, DMCC said: "These are the two most decisive organizational announcements for DMCC. We decided to make these changes to enable DMCC's current senior management to play a more important and strategic role in moving DMCC even further forward. On behalf of the entire team, I congratulate them and wish them success in all their endeavours."

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 serve the needs of participants in the gold, diamonds and commodities markets. Resident are offered highly attractive benefits under a free zone statues, including a 50-year guaranteed tax holiday, 100 percent ownership, full ownership of business premises, and secure regulated environment.