Reaffirms 'A' long-term and 'A-1' short-term foreign and local currency ratings

Reaffirms 'A' senior unsecured debt rating on Gold Sukuk dmcc

Rating confirms DMCC's role in Dubai's economic development

Dubai, December 3, 2008: Standard & Poor's Rating Services (S&P) has reaffirmed its 'A' long-term and 'A-1' short-term foreign and local currency ratings on the Dubai Multi Commodities Centre (DMCC). The centre's strong operational ties with the Government of Dubai are crucial to its long-term role in the economic development of Dubai, according to Standard & Poor's.

According to Standard & Poor's: "DMCC is expected to play an increasingly important role in Dubai's economic development in the next few years, both through free zone activities, and through development of other projects and brands, such as the Business Park and hotels at Jumeirah Lake Towers."

At the same time, Standard & Poor's reaffirmed its 'A' senior unsecured debt rating on the US$200 million floating rate trust certificates (sukuk al-musharaka), due in May 2010, issued by Gold Sukuk dmcc. The outlook on all ratings is stable.

Ahmed bin Sulayem, Executive Chairman, DMCC, said: "We are pleased with the recent reaffirmation of our credit ratings by Standard & Poor's as it further establishes DMCC's increasingly important role in Dubai's economic development. Despite turbulent times in the global financial markets, DMCC has maintained its credit soundness by continuously developing and growing our commodities portfolio. We have undertaken various initiatives such as commodity-backed investments, encouraging the soft commodity trade and developing exchange traded funds to further position Dubai as a centre for the global commodity trade. Fully established in its own premises at the Almas Tower, DMCC is currently delivering on its promise of creating a one stop comprehensive commodities trading hub in Dubai."

With an open economy, a thriving port, and strategic geographical location, Dubai has established itself as the regional centre for commodities trade. As economies across the world experience economic downturns, more and more businesses are relocating to Dubai to take advantage of the emirate's business friendly environment.

DMCC recently relocated to its own offices at Almas Tower, a 65-floor tower located within the Jumeirah Lakes Towers development. Almas Tower is now poised to represent the new growth engine for commodity trade in Dubai.                                                              

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About DMCC
DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. Rated 'A' by Standard & Poor's, it provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.

For further information, please contact:
Anusyia Nathan / Sudha Hemmad / Nicholas Nesson
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Email: a.nathan@asdaa.com / s.hemmad@asdaa.com / n.nesson@asdaa.com

© Press Release 2008