Tuesday, Jan 25, 2011
(This story was originally published Monday)
DUBAI (Zawya Dow Jones)--The Dubai Multi Commodities Center, the Dubai-based commodities-focused free zone, has no debts and good cash flow, and is seeing increased interest from international energy companies, its chief executive officer said Monday.
"We have a good cash flow and we are debt free," Malcolm Wall Morris said at a briefing in Dubai.
DMCC was set up in 2002 as a free-trade zone for gold and precious metals, pearls and colored stones, steel and base metals, diamonds and other commodities. DMCC's Jumeirah Lake Towers Free Zone, or JLT, is still under development.
"We have been debt free since June 2010. The free zone has grown 40% year on year in 2010," Wall Morris said.
DMCC in May announced that it had redeemed its $200 million Islamic bond, or sukuk, issued in May 2005 after making the final $20 million repayment on schedule.
"We have seen interest from oil and energy companies in being present in our free zone. (Russia's) Lukoil moved in here and they have acquired as lease eight floors. We are always interested in attracting companies of such scale," Wall Morris said.
-By Leila Hatoum, Dow Jones Newswires; +971-4-446-1686; leila.hatoum@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
25-01-11 0345GMT
