Dubai yesterday hosted a conference of Dubai for precious metals with a select group of senior officials and executives in the gold sector and a group of prominent workers in the field of trade and the financing of trade in precious metals and gems.
The participants in the conference, which was inaugurated by Dr. Saeed Mohammed Al Shamsi, Assistant Secretary of State for International Organization Affairs at the pivotal role played by Dubai in the trade of gold and precious metals at the global level.
He estimated Ahmed bin Sulayem, Chief Executive Officer DMCC target size for gold and diamond trade through Dubai by the end of the current year by about $ 170 billion, or about 623 billion dirhams. And grown gold trade through Dubai from $ 56 billion in 2011 to $ 70 billion in 2012.
Ideal platform
He Dr Al Shamsi in his opening speech expressed his happiness presence of participants in Dubai most valuable cities in the world in the region where he will meet leaders cosmopolitans of the precious metals sector to discuss the future challenges and opportunities for the industry with a strong focus on strengthening the global supply chain of precious metals and shed light on the economic conditions and opportunities in emerging markets .
He said that the conference cemented his status one of the most prominent annual events specialized international, providing an ideal platform for workers from around the world to review all aspects of industry precious metals stressing that it is gaining paramount importance in strengthening partnerships and activating the mechanisms of cooperation, coordination and exchange of expertise and access to the application of international best practices on the face of emerging challenges in the area of trade in precious commodities.
And praised the vision of the leadership in establishing Dubai’s position as a gateway global trade precious commodities and create attractive climate for investments backed by legislation and route you take Dubai sat on the throne of trade in goods precious virtue of history and geographical location, advanced infrastructure and the creation of free zones and tax exemptions.
And called for the need to come to endorse and support the nomination of the City of Gold to host the World Expo “Expo 2020” and in particular that this support is linked to the prosperity of the precious metals industry globally.
And the price of the role of the Dubai Multi Commodities in the establishment of high-level forum to promote Dubai’s position at the crossroads between producing and consuming countries in the world which is used as a platform to reach the world referring to the strategic partnerships fruitful with both India and China and the African continent, Latin America and Western countries.
Shamsi reviewed the elements of the strengths of the state’s economy, which mainly stem from economic diversification and attractive investment environment and the complementary relationship with the global economy.
Attractive structure
The Assistant Secretary of State for International Organization Affairs importance of taking advantage of such an environment attractive provided by the UAE in all fields to deepen the base of mutual cooperation and to find more prospects Partnership trade and investment within the framework of the State’s keenness to strengthen its strategic partnerships with economic blocs world to get on a global Advanced achieve the vision “Emirates 2021.
He explained that it is not possible to return the credit for the rise of Dubai to this status to certain countries, pointing out that the guidelines of the Organization for Economic Cooperation on official gold contribute to the upgrading of the status of Dubai for more louder levels.
He pointed out that the organization has organized workshops in Almas Tower for the purpose of these guidelines definition, where the value of the business does not estimated the size of the gains of the money, but the size of the credibility and reliability that are pounds, a goal which is keen Center DMCC to achieve.
He pointed out that the UAE is the only country among the Gulf Cooperation Council (GCC), which adhere to these guidelines. And that it would ease of doing business, transparency and the adoption of best regulations and practices that make Dubai in a position to attract more business gold trade, especially with China and India, which تحتفظان bonds of strong business in the area of the gold trade with Dubai as well as the markets of the Gulf Cooperation Council.
Early vision
He revealed Bin Sulayem that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai may face when developing his foundation stone for the establishment of the Dubai Multi Commodities in 2002 to work on making Dubai account for 50% of the total gold trade world He pointed out that the center is already working on the implementation of these directives from the moment of its inception.
And that he had succeeded so far in contributing to raise the share of Dubai’s gold trade global reach to the proportion of 20%, and asking whether it was possible to accomplish the directives of His Highness Sheikh Mohammed bin Rashid hosting with Emirates Exhibition and Conference International Expo 2020, answered accent categorically that he expected to be implemented this at an earlier date facets of 2020.
Policies
In response to a question on the policies adopted by the Dubai Multi Commodities aimed to increase the share of the Emirate of Dubai gold trade global answered said Gautam Sahital Chief Operating Officer of the operational center of the Dubai Multi Commodities: would follow the guidelines of the Organization for Economic Cooperation and Development on strengthening the responsible management of supply Gold lead to an increase Dubai’s share of the global gold trade through the polarization of more business, is also keen Center DMCC to provide more services and products.
For example, is expected to contribute a gold immediate plans Dubai Gold and Commodities for inclusion in attracting more trading and more trade kind of went to Dubai, which offers more support that would strengthen the status of the emirate as a global hub for the alloy gold.
However, Gautam Sahital in his explanation of the elements supporting the ambitions of Dubai on increasing its share of the gold trade world, saying: In addition to the initiatives mentioned above, the cabinets of precious metals located in Almas Tower plays a big role in attracting more gold in kind, as well as products futures contracts listed on the Stock Exchange Dubai Gold and Commodities Exchange, as well as gold coins in various categories, and lead this diverse mix of products and services to make Dubai in a position to attract more of the global gold trade.
And on whether the Dubai Multi Commodities plans to increase the storage capacity of the cabinets of precious metals, said Gautam Sahital It depends on demand, if there was a growing demand for these cabinets, the center will certainly increase energy storage cabinets to meet the growing demand, pointing out that the services of precious metal cabinets diamond tower is characterized as a high degree of competitiveness in comparison with its counterpart coffers in global financial centers, and that there are no plans to reduce these fees cupboards.
Share
A report by the Center DMCC The Dubai attracts 20% of the total gold trade, pointing out that the total volume of gold trade in 2012 reached $ 70 billion, compared with $ 56 billion in 2011,
The report also pointed out that the role of the Dubai Multi Commodities is not doing business in itself itself, but is structured this role on facilitating business through the provision of appropriate services and infrastructure developed, and then it is like the commitment of all workers in the supply chain, gold rules of the Organization for Economic Cooperation and Development relation to gold in charge, that leads to the reception Dubai more gold trade legitimate, which in turn leads to give the position occupied by Dubai is more momentum, to be a global hub for alloy gold, and it is more than the place they occupied at the moment.
Metals expert: Dubai enjoys huge logistical advantages for marketing gold
Predicted Gerhard Schubert head of precious metals at Emirates NBD increase gold trade through Dubai to $ 100 billion by the end of this year, pointing out that the increase in the gold trade to this figure is an ambitious target and involves challenges, but it is believed that it is possible to achieve this goal , if they were considered to Dubai enjoys advantages as a logistical hub for gold trade, and given also to the Emirates center the networking between Dubai and various regions of the world.
Said Gerhard Schubert’s vision of the Dubai Multi Commodities and Dubai Group Advisory gold target widen the circle of priorities and concerns towards East Asia in general and China in particular, so as to supply China with gold through Dubai, pointing out that these areas are characterized flourishing demand for gold, making the goal of raising the volume of gold trade through Dubai to $ 100 billion as an achievable goal.
He explained Gerhard Choprat to sign a booming gold trade through Dubai issue is broken related to economic conditions the world, pointing out that if they were to look at China, for example, it is one of the major consumers of the yellow metal, although it is considered a major producer of gold, but the size of the demand exceeds domestic production, which makes it annually imports about 600 tonnes, as well as in the case of India, which thrives where the demand for gold, even though it is not on the site’s most gold-consuming.
Hence, Such flows reflect strong demand for gold in South and East Asia, and pointed out that the rules established by the Organization for Economic Cooperation and Development on raising the moral values of gold trade through anti-gold, which is used in funding conflict and civil wars, will have a strong impact on the gold markets, where the center of the Dubai Multi Commodities management of this initiative.
Domestic consumption
He estimated Schubert that domestic consumption accounted for by between 70 to 80% of the total gold trade through Dubai, while being re-export the remainder, pointing out that there are several advantages derive Banks gold bullion, if they had stockpiled gold in the Emirate of Dubai in order to be ready to supply Most markets demand for gold such as the Asian markets.
Schubert said that Emirates NBD is the region’s banks most committed to financing trade gold bullion, even though he entered the newly in this area, which is looking to increase its contribution to this activity.
Opening banks
Said Alison Burns, head of precious metals in the region, Standard Bank in the gallery responding to a question about how open appetite of banks to finance the gold trade that Standard Bank supports the gold markets in the region over many years and that he is committed to continue in this direction, as it offers a combination of services aimed at facilitating trade finance, indicating that banks around the world currently focused on recapitalization, as the funding was not an easy issue during the past few years, and of course, the funding would be a case by case basis.
New products in the Dubai Gold and commodities
Detection Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities that processing DME platform electronic new will provide many products and new contracts, pointing out that being the study of the inclusion of a spot gold, as well as the study of the inclusion of the Fund traded shares on the stock exchange and powered with gold, He pointed out that given the inclusion of the Dubai oil futures contract and the Oman crude futures contract.
He pointed out that the rupee futures contract has achieved unprecedented success, and it is being considered to broaden the base currency contracts traded, where they are studying the inclusion of holding the Chinese currency (RMB).
