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Thursday, 10th November 2005 (4360 views)

The fledgling Dubai Gold and Commodities Exchange (DGCX) rounded up industry experts from around the world and gave a presentation on the exchange's potential impact on the UAE market.

The new marketplace - the first of its kind in the Middle East - will open its doors to traders at 10am on November 22nd.

Keynote speakers David Rutledge and Jignesh Sha presented 150 worldwide industry experts with their view on how the exchange marks a new era for the country's gold and commodities industry.

Brevity apparently isn't commodity traders' strong point - the presentation was wordily entitled "The beginning of a new era for the commodities markets in UAE".

The UAE precious metal market has shown opulent potential, with Dubai alone importing $10 billion in gold in 2004.

But the exchange's founders hope to complement this with a marketplace serving global traders and the hedging requirements of the local industry.

Silver, cotton, marine fuel oil and freight also feature in the exchange's portfolio.

The exchange hopes to have 100 members trading each day.

 

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