In his opening remarks, H.E. Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, said: “Despite uncertain prospects in global markets and fluctuations in oil prices, the UAE economy is surging ahead. Strong fiscal stimulus, both at the federal and emirate level, as well as the Expo 2020-related infrastructure push, should see the country benefit from a surge in FDI, estimated at 15 per cent for 2019. Recent landmark investment reforms as well as the UAE’s strategic location and its introduction of business-friendly laws are further increasing the ease of doing business and cementing the country’s position as the Middle East’s most diversified economy.”
H.E. Navdeep Suri, Ambassador of India to the UAE: “According to the IMF, the Indian economy is projected to grow 7.6% in 2019. In 2013, we were ranked 190 by the World Bank’s indicator for “ease of doing business”. Last year, we rose to the 77th place - no country has ever climbed that far in such a short timeframe. We recognise that there is no country better positioned than the UAE to take advantage of the Indian growth story. Our strategic partnerships with the UAE began decades ago and we are confident that bilateral relations will continue to strengthen in the coming years, particularly in the fields of energy and investments.”
Gautam Sashittal, Chief Executive Officer, DMCC, added: “We are witnessing numerous geo-political events unfolding concurrently – Brexit, US government shutdown, the rise of populism and nationalism in Europe and South America – to name a few. As such, it is challenging to predict the impact on the global economy, on trade, on the supply/demand of commodities and on the price outlook for commodities. However, at DMCC, we remain committed to attracting, facilitating and promoting trade and in turn, supporting Dubai’s economic growth journey and secure its status as a global commercial hub.”
Paresh Kotecha, Chairman and Managing Director of Richcomm: “We must recognise that we have a challenging year coming ahead with the current shifting political landscape, as well as continuous market volatility. In addition, trade is rapidly evolving due to the rise of blockchain and other technologies; and therefore, we need to adapt fairly quickly. Despite this chaotic backdrop, we have two aligned nations, the UAE and India, which are capable of coping with this uncertainty and realising untapped opportunities, while focusing on growth prospects.”
The conference kicked off with discussions around the global economic and energy outlook moderated by Les Male, CEO of DGCX. The next session focused on agriculture commodities namely tea, coffee, grains and oilseeds followed by a panel of experts making the business case for sustainability and the importance of responsible global citizenship.
Additional GCOC panellist quotes
SESSION | Global Economy, Energy and FX Outlook
“Last year was one of the most unpredictable for the commodities sector. At this stage, it is hard to say where markets will head in 2019. Worldwide, we have noticed growing uncertainty in commodity trading with investors paying increasingly closer attention to global affairs and taking cues. As a result, more traders are seeking protection and various mechanisms to mitigate that anticipated risk.”
Les Male, Chief Executive Officer, DGCX
SESSION | Agriculture Commodities – Grains, Oilseeds, Coffee and Tea
“Looking at the short-term trends, agri commodities’ pricing remains fairly stable due to a balanced scheme of supply and demand. However, we must start thinking about the middle to long-term trends, especially in terms of where to grow the essential crops, such as beans, wheat and corn. Regionally, the UAE remains a pivot point for global trade and a convenient place to work, due to its connectivity and concentration of knowledge.”
James Wild, Chief Executive Officer at Wild Agri
SESSION | Future of Trade
“The rise of technology, the move towards sustainability and the development of new financing solutions are fuming the future of trade. In addition, traditionally exporting countries, such as China and India, are changing the entire trade ecosystem with the growth of their middle class, transforming them into consuming countries.”
Franco Bosoni, Director, Commodity Services at DMCC
SESSION | Precious Metal and Base Metals Outlook
“In Q1 of 2019, we have seen central banks buying a significant amount of gold bullions and increasing their gold reserves to mitigate the anticipated risks, resulting in uncertainties in the global economic and political landscape.”
Dilshad Khan, Head of Trading at Dijlah Gold
PR & Corporate Communications
Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future.
Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 200 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise and commodities.
About Richcomm Global Services
Established in 2007, Richcomm Global Services is a Dubai-based international commodity services company, registered with the Dubai Multi Commodities Centre (DMCC), as a broker and a clearing member of the Dubai Gold and Commodities Exchange (DGCX) and regulated by the Emirates Securities and Commodities Authority (SCA). In 2017, the company was approved as an investment manager by the Malta Financial & Securities Authority (MFSA).
© Press Release 2019