Significant growth in the commodities sector has led the Dubai Metals and Commodities Centre (DMCC) to announce a change of name to the Dubai Multi Commodities Centre (also DMCC), effective from today. The new brand name has also been endorsed by means of an amendment to the decree from the Ruler’s Court which established the DMCC Authority in 2002. The change reflects DMCC’s growth and the evolving scope that will see the creation of new products and services in various commodity sectors including energy and agricultural commodities, aside from precious commodities.
“The move from ‘metals’ to ‘multi’ reflects DMCC’s increasing scope of activities and its status as a fully-fledged multi commodities centre,” said Ahmed bin Sulayem, Chief Operating Officer of DMCC. “DMCC was established to create a dedicated market place in Dubai and provide a world-class and supportive business environment through purpose-built infrastructure, and the facilitation and integration of the entire value chain of its key segments. We plan to build on the success that we have achieved with our current portfolio of commodities activities and open the doors to new sectors and markets. Our objective is to extend DMCC’s range to other commodities including possibly steel, coffee, pulses, food grains, cotton and others with the objective of creating a regional hub for these industries.”
“The re-naming of DMCC reflects our business strategy more precisely,” said Gaiti Rabbani, Chief Marketing Officer, DMCC. “The current name, whilst well recognized and respected as an acronym, DMCC, is restricting in its full form with a specific focus on ‘metals’. We anticipate that this change of name will build on DMCC's successes and open doors to new sectors and markets, strengthening the brand further.”
“DMCC currently has attracted over 720 registered free zone businesses representing various commodity sectors mainly gold and precious metals, diamonds and coloured stones, tea and energy. With the new name change and direction in strategy, DMCC will be well positioned to attract international and businesses across a much broader spectrum of commodities activities.” She added.
DMCC has been successful in providing industry-specific market infrastructure within its various commodity sectors, including but not limited to the successful launch of the Dubai Gold and Commodities Exchange, the Dubai Diamond Exchange, the Dubai Tea Trading Centre, the Dubai Gem Certification, the Dubai Gold and Commodity Receipts and the Dubai Cut Diamond.
The centre will continue its drive to innovate new products and services under the guidance of its expertise and experienced management and with the support of specialized advisory groups to ultimately promote the region’s commodities markets and increase the value and volume of commodities traded in and through Dubai and the UAE.
About the Dubai Multi Commodities Centre
DMCC was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity marketplace in Dubai. Rated 'A' by Standard & Poor's, 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, energy 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.
