Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said talks have been initiated with the trading community to expand the futures contract basket. Image Credit: DGCX

Dubai: The Dubai Gold and Commodities Exchange (DGCX) today announced that it is in talks with its members and the wider trader base on the possible listing of a Black Pepper Futures contract.

In 2013, the Dubai Multi Commodities Centre (DMCC) held the first edition of the International Pepper Conclave (IPC) to provide opportunities for producers, importers, exporters, manufacturers, and retailers to strengthen relations. The DMCC plans to host the IPC again in the near future.

The discussions were initiated following a virtual meeting between Ahmed Bin Sulayem, Chairman of DGCX, and Ahmad Sultan Bin Harib Alfalahi, the UAE’s Commercial Attaché to India, to strengthen the bilateral relations between the UAE and India, and the major role that DMCC plays in the trade relationship.

According to Bin Sulayem, “Black pepper is one of the most prevalent spices exported and traded from India. The potential listing of a Black Pepper Futures contract on the DGCX would not only add great value to investors and traders in the region, but further position the UAE as the global gateway for commodities trade.”