Expo 2020 Ambassadors visit to DMCC at Almas Tower, JLT Free Zone - Dubai
March 13, 2013
Labels: Arab Expo, Atlantis Dubai, Burj Al Arab, Burj Khalifa, DMCC, Dubai, Expo 2020, Ferrari World, Izmir 2020, JLT Free Zone, Russia 2020, Sao Paulo 2020, Turkey 2020, UAE Expo 2020, World Expo, World expo 2020
October 24, 2012
UAE Red Crescent announces personal contribution by Ahmed Bin Sulayem
Dubai, UAE; 23 October 2012: DMCC’s Executive Chairman, Ahmed Bin Sulayem, has demonstrated his support for humanitarian work by making a personal contribution to the UAE Red Crescent, the local arm of the International Red Cross and Red Crescent movement founded in 1861.
During a meeting at Almas Tower, Dubai, earlier today, Chairman of the Board of Directors, Red Crescent UAE, His Excellency Mr. Ahmed Humaid Al-Mazroui on receiving the cheque for AED 1,000,000, said:
“On behalf of UAE Red Crescent, I would like to express our sincere gratitude to Mr. Ahmed Bin Sulayem for his generous personal donation. It is truly inspirational to see a young and successful business leader recognising the importance of humanitarian work on a local and global scale. Mr. Bin Sulayem’s donation is invaluable to the UAE Red Crescent and our work here in the region and beyond”.
The UAE Red Crescent Authority was established in 1983 and gained international recognition under the leadership of His Highness Sheikh Hamdan Bin Zayed Al Nahyan in 1986, by becoming no.130 of the International Federation of Red Cross and Red Crescent Societies. The organisation is renowned for its humanitarian work across the globe, with 97 million volunteers, members and staff world-wide.
Ahmed bin Sulayem, Executive Chairman, DMCC, commented:
“Since I was first honoured by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister and Vice President of the UAE and Ruler of Dubai, to lead the DMCC initiative, I have dedicated the last 10 years of my life to delivering on his vision for Dubai. DMCC’s success is clear for all to see and whilst we are proud of our achievements we remain single minded in our focus on even greater delivery.
“Working at and leading DMCC has provided me the opportunity to develop both my professional and personal skills as well as receive recognition for my efforts and successes. Today I would like to recognise the efforts of others and have decided to make a personal donation to the Red Crescent in support of their work.
“My decision stems from my understanding that recognition is something that we are able to give as well as receive and most importantly the difference it makes to others in helping them to succeed. This is even more important in times of global uncertainty when people tend to save more and spend less, the issues remain and in fact the need for financial support intensifies.”
For further information about Red Crescent visit www.rcuae.ae.
October 16, 2012
Dubai, UAE; 14 October 2012: Reinforcing its position as a global commodity business hub and highlighting its consistent growth over the past decade, the Dubai Multi Commodities Centre Authority (‘DMCC’) announced it has surpassed the milestone of 5,000 member registrations within its Jumeirah Lakes Tower Free Zone (‘JLT Free Zone’).
Dubai is perfectly positioned as bridgehead for commodities trade and for those expanding into new markets at the crossroads of Africa, Asia and Europe.
Paired with DMCC’s multi-commodity and multi-origin products and services available for its member companies, the result is a thriving business and commodities hub for start-ups through to multi-nationals determined to innovate and expand whilst contributing to the local economy.
Ahmed bin Sulayem, Executive Chairman, DMCC, commented:
“DMCC has seen phenomenal growth in the 10 years since it was established as a strategic initiative of His Highness Sheikh Mohammed Bin Rashid Al Maktoum. We are delighted that we now enable over 5,000 companies to do business from the JLT Free Zone, either here locally or into regional and international markets.
“DMCC’s focus on providing a physical and market infrastructure, products and services has helped the JLT Free Zone grow and mature into a dynamic and safe place to do business and DMCC to become a global benchmark amongst commodities centres. Our 5,000 member companies are a testament to His Highness’ strategic vision and, in our view, only a point on a much bigger journey.”
Between January and August 2012, DMCC registered 1,315 companies, a 60% rise over the same period in 2011 and a 35% increase as of 1 January 2012. JLT is now registering an average of 160 companies a month, of which 85% are new to Dubai.
The relevance of Dubai’s strategic location between producing and consuming nations is further underlined by the diverse nationalities of DMCC’s member companies: 23% of members are from Europe, 17% from MENA, 21% from India and South Asia and the remainder from the rest of the world. Companies who have established themselves in the JLT Free Zone this year include Dunkin’ Group, GAC, Guerlain (LVMH Group) and Vertu. Guardian Glass, one of the world’s largest glass manufacturers, joined the Free Zone as the 5000th company.
Malcolm Wall Morris, Chief Executive Officer, DMCC, commented:
“In recent years we have witnessed a generational shift of business, people and finance, from West to East and North to South. As a result, companies are looking to broaden their reach, be they Western firms looking to expand into Asia and other emerging markets, or companies from growing economies looking to access customers in established markets.
With our ability to accommodate every aspect of the value chain and allow companies to effectively operate from a transparent, secure and sophisticated business hub, DMCC is ideally situated and equipped to serve this trend.”
DMCC remains equally committed on delivering a successful free zone to its 50,000 workers and residents. The 200-hectare community serves the needs of both businesses and residents by offering 61 mixed-use towers, over 150 retail outlets and six children’s playgrounds.
August 27, 2012
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July 17, 2012
CIBJO appoints DMCC Executive Chairman as representative for Western Asia
Dubai, UAE; July 14, 2012: The Dubai Multi Commodities Centre Authority (‘DMCC’), the licensing authority for the Jumeirah Lakes Towers (‘JLT’) Free Zone, is pleased to announce that its Executive Chairman, Ahmed Bin Sulayem, has received UN accreditation to represent Western Asia on behalf of CIBJO, the international jewellery confederation of national trade organisations.
The accreditation is testament to Bin Sulayem’s contribution to the complete value chain of the jewellery, gemstone and diamond business over the last 10 years. Initiatives spearheaded by the DMCC Executive Chairman include the creation of the Dubai Diamond Exchange, one of the top three global diamond trading centres; the establishment of the only Kimberley Process office in the Middle East; as well as the publication of OECD guidance for responsible gold supply chain management.
Ahmed Bin Sulayem, Executive Chairman of DMCC commented:
"DMCC has worked hard over the last 10 years to build Dubai into the regional leader in commodities trade and provider of a unique commodity-focused ecosystem. To have been asked to represent Western Asia on behalf of CIBJO to the UN is a proud moment for me and a direct result of our efforts in the international precious stones and metals sector.Going forward, we look to further increase our global engagement by working with industry participants and governments on best practice standards, and supporting initiatives that enhance sustainable economic and social development in the international jewellery trade.”
CIBJO has been a consultative member of ECOSOC, the United Nations Economic and Social Council, since 2006. ECOSOC is one of the largest agencies operating under the United Nations umbrella, and is a coalition involving government, civil society and the business community.
CIBJO’s cooperation with the UN demonstrates the commitment of key jewellery industry players to join a coalition with key governments, in tackling the common development challenges that matter to the future of the business community and civil society at large.
July 4, 2012
Organises exclusive networking event in London to promote Dubai as international trading hub
Dubai, UAE; July 4, 2012: The Dubai Multi Commodities Centre Authority (‘DMCC’), the licensing authority for the Jumeirah Lakes Towers (‘JLT’) Free Zone, continues its drive to attract foreign investment to Dubai by organising international events, briefings and road shows.
Most recently, DMCC organised an exclusive networking dinner in the City of London, attended by over 50 C-suite executives from leading government bodies and finance, trade and investment institutions including Citigroup, HSBC, JP Morgan, Rothschild, Xstrata, DeBeers, Department for Trade and Industry UK, and the UAE Embassy in London. The event aimed to promote Dubai and DMCC as a world-class business and trade hub, and an ideal destination for those looking to expand their presence in the region.
|DMCC’s Executive Chairman Ahmed Bin Sulayem addresses participants |
at DMCC’s annual London networking event
Ahmed bin Sulayem, Executive Chairman of DMCC, comments:
“Since its inception 10 years ago, DMCC has worked hard to fulfil His Highness Sheikh Mohammed Bin Rashid Al Maktoum’s vision, by providing the infrastructure required to cement Dubai’s status as a leading trade destination and making us the Middle East’s only commodities hub.The attractiveness of our unique value proposition is demonstrated through our strong growth in the JLT Free Zone. Since the start of 2012, DMCC has registered 975 companies; a 60% rise over the same period in 2011 and bringing the JLT Free Zone’s membership to over 4,600 companies.”
Spread across 200 hectares, the JLT Free Zone combines both business and community living, with 61 completed towers and over 50,000 people living and working in the free zone.
Labels: Almas Tower, Buildings, Commercial Rent Property, Community in Dubai, Dubai Property, Free Zone in UAE, JLT Free Zone, Property in Dubai
June 26, 2012
Labels: Agro Club, Almas Tower, Commercial Rent Property, Commodities, Diamond, DMCC Gold, DMCC Tradeflow, Dubai, JLT, JLT Free Zone; UAE; Dubai;
May 29, 2012
Dubai, UAE – May 24, 2012- More than 20 students from Year 3 Financial Services at Higher Colleges of Technology –Dubai, Women’s Campus, recently attended a training session conducted by Dubai Multi Commodities Centre (“DMCC”), the Middle East’s leading commodities authority.
The event aimed at providing the Financial Services students with an understanding of the online platform DMCC Tradeflow that is used to facilitate Trade Financing in Dubai as part of their “International Trade and Finance” course.
DMCC Tradeflow offers a central, web-based registry of ownership for commodities and other assets in Dubai and the UAE. Owners can store their goods in the country and request the warehouse to issue a warrant (Tradeflow Warrant), allowing for legal representation of ownership. In turn, the owners can pledge these Tradeflow Warrants to financiers in exchange for trade financing. DMCC Tradeflow Warrants are endorsed and administered by DMCC as the governing authority and central registrar.
The session involved practical demonstrations and hands-on training which enabled the students to further understand collateral based trade finance structures and solutions. Upon completion the students were presented with an official DMCC Tradeflow training certificate.
Ahmed bin Sulayem, Executive Chairman, DMCC said: “DMCC has played a critical role in establishing Dubai as the region’s only commodities centre through its unique value proposition, industry infrastructure, and innovative products and services. The DMCC Tradeflow platform was developed to meet the increasing demand from the international commodity trade finance market for fast, reliable and secure financing solutions in the region, as well as drive the growth and success of Dubai and the UAE as a global trading hub.
"As industry pioneers, DMCC is committed to sharing its expertise and experience with our future business leaders. Meeting and interacting with students at HCT-Dubai was a great way to showcase the strength and diversity of Dubai’s finance and commodities industry, as well as the integral role DMCC has played within it. We thank HCT-Dubai for inviting us to visit their prestigious establishment and we look forward to supporting more initiatives that educate our youth.”
“This training session was organized as part of HCT-Dubai’s efforts to provide opportunities for students to achieve experiential learning. It was an invaluable session for the students as they were trained in the latest and advanced online platform used to facilitate Trade Finance. This has also paved the way for future student-industry interaction mutually benefitting the students and the industry,” added Dr. Sitalakshmi Ramanan, Business Faculty at HCT-Dubai.
HCT-Dubai Financial Services student Maryam Obaid Saif Bintrais Al Qemzi said, “The lecture we attended was placing theory into practice, it was a new experience for us because each group was assigned a certain task and we all were anticipating events which made us understand how our studies were actually used in real life. The Guest lecturers made the learning process easier for us to grasp concepts and the reason of certain documents. It was one of the most unique lectures I have attended because the guests made our learning process closer to an activity.”
May 8, 2012
Labels: Colored Stones, Community, DDE, Diamond, Diploma, DMCC, Emerald, Emirati, Exchange, GIA, Jewelry, JLT Free Zone, Jumeirah Lakes Towers, Property, Ruby, Sapphire, Silver, Traders
Labels: DMCC, DMCC Diamond, DMCC Gold, DMCC Tradeflow, Dubai Property, Emirate, JLT Community, JLT Free Zone, JLT Property, Jumeirah Lakes Towers
Shoppers in the Emirates cannot seem to get their fill of bling. Ahmed bin Sulayem, the executive chairman of the Dubai Multi Commodities Centre (DMCC), discusses what it took for Dubai to rise as a global diamond trading hub, doing about US$40 billion (Dh146.92bn) of business last year.
Give us an idea of Dubai's growth in the diamond trading business.
The DMCC story started in 2002. Before the establishment of the DMCC, the diamond trade in Dubai was worth around US$2 [million] to$3m … and we expect the numbers that come out of 2011 might well be over $40bn. And you are talking about an initiative that did not even start 10 years back.
What attracts "diamonteers" to Dubai over the traditional centre of the diamond trade - Antwerp?
In the last 20 years, the diamond trade has become more diverse, but the authorities [in Antwerp] are not accepting that new look. Africans have no chance of setting up offices there. The Indian and Lebanese communities have seen a bit of hostility when it came to Antwerp.
The diamond trade moved from Amsterdam to Antwerp on the basis that there are no taxes on the trades. I would have expected Antwerp to match what Dubai provides, to stay competitive, but I didn't see that. They hiked the tax rate, and big players that have always been committed to Antwerp are moving off now.
How does Dubai work with India, a giant in the diamond industry?
I'm not there to take the manufacturing from Surat.
The cost is still no comparison. Dubai is more about trading, and Indians will likely have branches here. They've made their money and grown, and the next step is expanding and being closer to the GCC as a consuming market, with a very strong focus on Saudi Arabia, particularly Dammam and Jeddah.
For a very long time, they called the DMCC diamond success story an Indian story. They no longer say that. We have a very diverse number of diamonteers. This year we anticipate to capture well over 200, which would make the total of diamond companies 1,000.
How has the recession played into the DMCC growth story?
Living in Dubai is not an issue as it was before. Before the recession, it was much more difficult. You couldn't find residential units. Now it is a great opportunity to set up shop in Dubai.
That played a big role. We took advantage of that, big time. There is not one year that passed during the recession where I did not do one or two road trips to Antwerp or other diamond centres, just to make sure they know we're here, and we're still moving. And that paid dividends.
We moved into Almas Tower [in Jumeirah Lakes Towers Free Zone] in 2007. A lot, if not most, of our members moved in, too. We were blessed with the timing. In a recession, the diamond industry is usually the first to suffer, as people move from luxury to necessity. But the last instalments for Almas Towers were paid up before the property market was hit.
Labels: DMCC, DMCC Diamond, DMCC Gold, DMCC KP, Dubai Property, Emirate, JLT Community, JLT Free Zone, JLT Property, Jumeirah Lakes Towers, Kimberley Process
May 6, 2012
Dubai, UAE; 5 May, 2012: The UAE’s Kimberley Process office, under the jurisdictional authority of the Ministry of Economy and regulated by the Dubai Multi Commodities Centre (DMCC), recently hosted a private, high-level workshop with the Dubai Police Airport Security and Dubai Customs. The main topic of discussion was a plan to establish additional security measures at the Dubai International Airport around the import and export procedures for rough diamonds.
“We are constantly reviewing our security measures in accordance with international best practice and the federal authority. Passengers at Dubai Airport are expected to increase to 90 million and growth in the number of Kimberley Process Certificates issued is expected to increase by 33% in 2012. With this growth in mind, we held a multi-stakeholder working group including, Dubai Police and Dubai Customs, to discuss various initiatives to boost security by checking and apprehending passengers, prior to boarding, on suspicion of carrying non-KP approved rough diamonds.”
Brigadier Pilot Ahmad bin Thani, Director General of the Department of Airport Security in Dubai Police comments:
“We want to ensure best efforts are made to reduce the risk of illegal diamonds entering or exiting, while not inhibiting the legal trade. We are considering various options and have also put into practice several initiatives to meet attempted smugglings. Finding the balance is not an easy task, but we are working diligently to lead that effort. We want to make the UAE one of the most secure countries in the world.”
Also present at the workshop were Mr. Ali Fayel, Director of Certificate of Origin at the Ministry of Economy; and Mr. Ali Al Mugahwi, Director of Airport Operations in Dubai Customs.
Mr. Ali Fayel added:
“The Ministry of Economy complements the broader aim of the UAE Government Strategy. To ensure continued growth and prosperity of the diamond trade in the UAE all the stakeholders must be committed to implementing the Kimberley Process, only then can the UAE become the global hub for diamonds.”
Labels: DMCC, DMCC Diamond, DMCC Gold, DMCC KP, Dubai Property, Emirate, JLT Community, JLT Free Zone, JLT Property, Jumeirah Lakes Towers, Kimberley Process
May 2, 2012
Based in India but want to set up your business in Dubai? The JLT Free Zone will explain how at two introductory events in Mumbai and Delhi.
Labels: JLT Free Zone; UAE; Dubai; India; Mumbai; Taj Palace; Grand Hyatt; UAE Free Zones; ; Tax free; Dubai Business; Dubai Free Zones; Emirates; Investment; Free Trade Zone
May 1, 2012
- Practical guidance available at the Inaugural DMCC Dubai Precious Metals Conference for the first time today
Dubai, UAE: 30 April 2012 – The Dubai Multi Commodities Centre (“DMCC”), the licensing authority for the Jumeirah Lakes Towers Free Zone, has today issued a risk management reference manual, entitled: ‘Practical Guidance for market participants in the Gold and Precious Metals Industry’ (“guidance” or “document”). Its purpose is to assist DMCC-licensed members and other industry participants in the UAE to enforce acceptable standards of due diligence and responsible supply chain management when sourcing gold and precious metal from conflict-affected and high-risk areas. The document is based on Due Diligence Guidance on gold trade issued in Spring 2012 by Organisation for Economic Co-operation and Development (OECD).
DMCC has worked with the OECD advisory group which developed the responsible gold guidelines and has engaged Dubai based gold refiners, traders, companies and representatives to facilitate their implementation in an efficient and cost-effective manner. The document incorporates a ‘5-Step’ framework that relies on each stakeholder within the supply chain to collectively work together to ensure due-diligence is carried out at the highest level.
““The premier position of Dubai as a global trading hub for precious metals is testament to DMCC’s success in enhancing commodity trade flows through the Emirate. DMCC recognises the imperative to ensure that Dubai remains at the forefront of this global trade sector, which requires the highest regulatory and ethical standards for both our member companies and the global trade of gold. The objectives of the guidelines are three-fold: to provide clear benchmarks; to ensure all efforts are made to produce conflict-free gold; and to enable companies to continue to operate in difficult investment environments.Sustainable development requires that an appropriate balance be struck between economic, environmental and social goals. Finding that balance is not an easy task, but we are working diligently to lead that effort in the UAE and to the benefit of the local and regional market players.
The Practical Guidance document will be made available at the Dubai Precious Metals Conference (DPMC), which takes place on the 29 and 30 April 2012 at the Almas Tower in Jumeirah Lakes Towers. The conference will cover trends and latest development in the global precious metals market, such as the trade of gold, risk management and trade finance; as well as examining several issues such as marketing, technology and regional growth and opportunity.
April 12, 2012
April 5, 2012
5 Apr 2012
The Mena FM Power 50 represents the best and brightest of the industry’s fund managers – from the innovators who have emerged during tough times, to the long-term players who know their markets better than anyone. Over the past few months, we have been surveying industry professionals from across the region, asking them to nominate the best and brightest of the industry today.
The list runs in alphabetic order by company name and only one representative per company was allowed. A number of individuals have been singled out as ‘industry leaders’ due to their ongoing influence in the industry, while a few ‘rising stars’ have also been identified. The result is a melting pot of new and established industry-shapers, who you are sure to hear a lot of in the year ahead.
The full list is printed in the April issue of Mena FM magazine.
Sulayem was the driving force behind DSAM’s genre-defying Kauthar Gold Fund, bringing it to market early this year as the world’s first Shariah-compliant gold-focused hedge fund for retail clients. With a three-year track record under its belt, and regulatory approval in Cayman and the UAE, the fund is already being distributed by the likes of Mondial and Friends Provident International.
April 3, 2012
Apr 3, 2012
Dubai traded more than US$40 billion (Dh146.9bn) of diamonds last year, a record reflecting the emirate's growing stature in the global market.
The city's proximity to markets and producers, its logistics infrastructure, and a low-tax and light-regulation regime have made it an attractive location for the diamond industry, according to the head of the Dubai Multi Commodities Centre (DMCC), the authority in charge of the free zone in Jumeirah Lakes Towers that houses the diamond trade.
"We want to make sure that we've utilised all of Dubai's advantages and potential. By doing that, we've made Dubai one of the top and still growing centres,"
said Ahmed bin Sulayem, the executive chairman of the DMCC.
Definite figures for last year have yet to be released by the auditors, and Mr bin Sulayem said the $40bn figure was an estimate. Dubai's diamond trade was valued at about $35bn in 2010, and $20bn in 2009, he added.
Trade numbers are boosted by rising prices for the precious stones. Over the past decade, the price for a one-carat stone almost doubled, rising from $15,000 to $29,000, according to Ajediam,a diamond trader based in Antwerp.
A rise in the value of trading is expected to coincide with further growth in the number of market players in Dubai.
"This year we anticipate to capture well over 200 companies, which would put the total of diamond companies at 1,000,"
said Mr bin Sulayem.
Dubai acts as a gateway to the GCC consumer market, and the city benefits from its proximity to India, a large refiner of diamonds. It is also well positioned for Africa, where much of the world's diamond mining takes place.
Dubai's development as a global transport and logistics hub has also facilitated its position.
"I would not be talking to you about these numbers if the ports and airports had not expanded,"
said Mr bin Sulayem, whose father is the chairman of DP World.
The absence of a transaction tax on diamond trades has further helped Dubai's cause, allowing it to take market share from competing hubs such as Antwerp, the long-time centre of the world's diamond trade.
"I would have expected Antwerp to match what Dubai provides, to stay competitive, but I didn't see that. They hiked the tax rate, and big players that have always been committed to Antwerp are moving off now,"
said Mr bin Sulayem.
The DMCC's status as a global gold-trading hub also remains intact. Last year, Dubai accounted for 18.5 per cent of physical worldwide gold trades, according to Emirates NBD, and is expected to maintain this market share. Last year, 950 tonnes of gold were shipped from Dubai to India, the world's largest gold importer.
Source: The National