The Dubai Multi Commodities Centre (DMCC), a UAE-based free zone promoting commodity trading, continues to enhance its position as a sophisticated hub for participants to engage in commodity commerce and trading.
The free zone authority bolstered its position as the central market place in the wider Middle East and South Asian region through a dedicated careers fair promoting its member’s product and services, as well as educating attendees on ways they can take advantage of the authority’s open and flexible trade practises.
The thirteen-year-old establishment which caters to the needs of physical and financial commodity traders saw over 4,000 attendees at the annual career fair on the 12th of February, according to local media. A number of DMCC members were present at the fair, including the country’s fastest growing multi-asset trading venue, the DGCX and forex & CFD broker, Kerford Investments. The fair’s key objectives were connecting employers from the DMCC with job seekers as the authority extends its position.
The DMCC was established in 2002 by the local government in a bid to create a commodity marketplace. The authority is a free zone and allows overseas participants to establish businesses without having a local Emirati partner. The DMCC’s figures show that over 6,800 member firms operate in the authority, in addition, over sixty thousand people are employed by member firms.
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“The DMCC has long been struggling to gain recognition as a viable business place, initiatives such as the career fair giving a much needed boost to members as they look for new business opportunities,” explained Asif Rafique, a commodity and forex trader based in Dubai.
The DMCC’s joint venture with Financial Technologies, an Indian listed technology vendor, resulted in the first electronic commodity derivatives trading venue in the country, the DGCX. The venue was also the first exchange to launch Indian rupee futures which have become the core instrument that generates volume.
The DMCC was widely used by forex and OTC derivative providers for its simple and casual membership procedure as compared to other authorities in developed countries. However, as the domestic markets have evolved, financial services firms that aim to offer forex and commodity derivatives in the Emirate, must become members of the DGCX and gain regulation under the Securities and Commodities of Authority, a lengthy and costly process.
Dubai continues its reign as the leader in forex volumes, according to Forex Magnates research, the city having the largest volumes in the GCC with daily volumes in excess of five billion dollars, notional in forex and gold.