At a press conference held in Dubai today, Mr. Shehab Gargash, Managing Director, Daman, said:
"This is a logical lateral expansion for Daman as we grow. Going forward, we see excellent opportunities in commodities and futures. Commodities have witnessed a remarkable interest as a new area for expanded services in the region, although the region has traditionally been home to many experienced customers."
"DGCX, which has established Dubai's name as a leading centre for commodities trading, has also registered increasing per day volumes in gold and silver futures. Thus the setting up of Daman Commodities at the DGCX could not have come about at a better time," Mr. Gargash added.
Gold prices have created successive 25-year records and silver prices have seen 23-year highs over the last few months. The trend is expected to continue well into the next few months, according to market experts.
"The new initiative is also part of Daman's plans to expand into related areas of strategic interest. We will continue to build our brand and look for opportunities to expand our portfolio and reach across a wider section of the investment community," Mr. Gargash remarked.
Mr. Ahmed bin Sulayem, Chief Operating Officer DMCC, and Director DGCX said: "In a very short period, the DGCX has gone from strength to strength and has begun to put its mark in the Middle East Region. Moreover, record gold prices have not had any impact either on the volume or deterred trading activities by investors and the business community at the DGCX. We see this as a sign of the DMCC increasingly aligning itself with other exchanges. We welcome Daman Commodities which will play an important role as a new member bringing their local market knowledge base as a solid structure for commencing trading activities."
The Daman Commodities DMCC office, will commence operations on June 5th,2006 and will begin trading in gold and precious metals. The office operation will expand to the full range of DGCX traded products in the future.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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