DMCC to establish exchanges for Dubai's gold, diamond and commodity trade
The Dubai Metals and Commodities Center (DMCC) has announced plans to launch the Dubai Diamond Exchange along with the Gold and Commodity Exchanges. The first phase of the Dubai Diamond Exchange will be operational by the first half of 2004.
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 colored stones, and other commodities.
DMCC was created as a strategic goal of the Dubai Government to establish a commodity market place in Dubai. 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.
DMCC is currently the only United Arab Emirates (UAE) center ownership of business premises in addition to all other standard freezone services. DMCC's facilities will include a commercial tower, refineries and manufacturing complex. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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