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- Agreement aims to further enhance Dubai's collective regulatory and
supervisory standards for the commodities sector
Dubai - DMCC, one of the world's leading commodity hubs for trade and enterprise and the largest and fastest growing Free Zone in the UAE, today signed a Memorandum of Understanding (MoU) with the UAE's Security and Commodities Authority (SCA)., The two entities will collaborate to further enhance Dubai's regulatory and supervisory standards with a focus on the country's commodities sector.
The ceremony was attended by the Executive Chairman of DMCC, Ahmed Bin Sulayem, and H.E. Abdulla S. Al Turifi, Chief Executive Officer, the Security and Commodities Authority.
H.E. Abdulla S. Al Turifi, Chief Executive Officer, the Security and Commodities Authority, commented:
"The Security and Commodities Authority and DMCC share many common goals and the MoU that we have signed today will help these materialise further and faster. We want this market to thrive in a safe and controlled context for investors, and further enhancements within the commodities sector's regulatory and supervisory framework will help us achieve this objective."
Ahmed Bin Sulayem, Executive Chairman, DMCC, added:
"At DMCC we value the importance and impact of strategic partnerships and mutual collaboration between government entities. The key purpose of the MoU with the Security and Commodities Authority is to enhance and improve regulatory standards, technical efficiencies and ease of doing business for the benefit of industry participants in Dubai such as traders, suppliers and financiers.
"The goal of the projects we are about to embark on is central to our strategy of continuously enhancing Dubai's position as the global hub for trade and enterprise and we look forward to progressing this initiative with the Securities and Commodities Authority".
The terms of the MoU cover a number of areas such as mutual regulation and supervision in the financial services sector; the exchange of and mutual support for new policy initiatives and organisation of technical training to enhance sector expertise.
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About Dubai Diamond Exchange (DDE)
Dubai Diamond Exchange (DDE) is a DMCC platform and a leading diamond centre based in Almas Tower. From buyers to sellers to service providers - everything the industry require in terms of infrastructure and a marketplace is available under one roof in a secure environment at Almas Tower including: DDE, vaulting, boiling, polishing, certification, transport and logistics services and the Kimberley Process Certification Scheme.
About DMCC - Made For Trade
DMCC is dedicated to enhancing Dubai's position as the global gateway for commodity trade.
The most successful markets create conditions that enable producers, traders and consumers to thrive. DMCC is a Dubai Government Authority committed to developing these ideal conditions for trade and enterprise. DMCC has a strong track record in commodity trade facilitation and we encourage and support business through the platforms we provide. These include our Free Zone, commodity exchanges, legal and regulatory frameworks and our strong real estate offering. As part of our DMCC Free Zone expansion strategy to provide large corporates with a commercial property offering unique to the Dubai marketplace - DMCC is developing the 'Burj 2020 District' with the world's tallest commercial tower, the 'Burj 2020', as its centrepiece.
www.dmcc.ae
Media Enquiries:
DMCC
Henriette Svensen
PR & Corporate Communications Manager
+971 4 375 2207
henriette.svensen@dmcc.ae
© Press Release 2015
