Tuesday, 10th January 2006 (2887 views)

Dubai's new gold and commodities exchange has helped the desert city consolidate its reputation as the leading financial hub in the Middle East, commentators have asserted.

Dubai is now perceived to be the region's top financial services centre ahead of Bahrain, Beirut, Abu Dhabi and Doha.

Part of that success has to be attributed to its recent push into the commodities market, a correspondent for the Khaleej Times has argued.

The Dubai Gold and Commodities Exchange (DGCX) debuted in November 2005, allowing trade in six forward months of gold futures. Gold options can be traded on the exchange from the first quarter of 2006.

According to the paper, this has "marked a milestone in its march towards becoming the financial services hub of the region" and "complemented its ambition of becoming a global financial services centre".

When the city began development of the Dubai International Centre (DIFC), critics dismissed it as a mere real estate project.

But Dubai has now attracted the world's biggest names in financial services, thanks to its all-encompassing approach, Khallej Times asserted.

Capital markets feature as one of six primary sectors of focus for the DIFC, the other five being banking services; asset management and fund registration; reinsurance; and Islamic finance and back-office operations.

 

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