DUBAI: Dubai Multi Commodities Centre (DMCC) ended Dubai Week in Shanghai with three commodity trade agreements.
It obtained a licence from the Shanghai Gold Exchange to list its futures in Dubai at eh Shanghai Gold Benchmark Price, marked the Agricultural Bank of China as the first market maker to be listed on its exchange, and signed a deal with Hong Kong-based Mega Market Halal to import coffee from the Yunnan State Farms Group to Dubai for world distribution.
Gautam Sashittal, CEO at DMCC — Dubai’s Government authority on trade, enterprise and commodities — said, “The DMCC partnership agreements we announced at Dubai Week in China, Shanghai, today is evidence of the deep links between China and Dubai, and the growing role Dubai trade has in bringing our worlds closer.
“China is Dubai’s number one trading partner. The relationships that we have cemented here with the Shanghai Gold Exchange, Agricultural Bank of China, Mega Capital and Yunnan State Farms Group will further underpin the role that DMCC is playing in boosting the commodities trade along the West to East corridor — connecting directly into China’s Belt and Road Initiative.”
Dubai Week, organised by DMCC, attracted more than 130 senior government officials, business leaders and financial institutions, including Abdullah Al Saleh, Under Secretary of the UAE Ministry of Economy for Foreign Trade and Industry Affairs; Ebrahim Al Mansouri, Consulate General of the UAE in Shanghai; Jiao Jinpu, Chairman, Shanghai Gold Exchange; Gautam Sashittal, Chief Executive Officer, DMCC; Mathew Pang, Managing Director of Mega Capital; and Zhongua-Chi, General Manager of Yunnan State Farms Group.
DMCC also launched the latest in a series of reports on ‘The Future of Trade’, hosting a round-table of experts to discuss the ways that trade is changing the world. The report focus heavily on the potential for digitalisation to impact trade, stating that as many as 350 million businesses would begin exporting goods for the first time if they were to adopt an end-to-end digital strategy.
