DMCC signs three China commodity trade deals

dubai — The Dubai Multi Commodities Centre (DMCC) has concluded Dubai Week in China, Shanghai, with three significant commodity trade agreements.

DMCC’s event attracted over 130 senior government officials, business leaders and financial institutions including Abdulla Al Saleh, Under Secretary of the UAE Ministry of Economy for Foreign Trade and Industry Affairs; Consul General Ibrahim Al Mansouri, Consulate General of The United Arab Emirates of Shanghai; Jiao Jinpu, chairman, Shanghai Gold Exchange; Gautam Sashittal, chief executive officer, DMCC; as well as several other senior officials.

Gautam Sashittal said: “The DMCC partnership agreements we announced at Dubai Week in China, Shanghai, are evidence of the deep links between China and Dubai, and the growing role Dubai trade has in bringing our worlds closer. China is Dubai’s number one trading partner. The relationships that we have cemented here with the Shanghai Gold Exchange, Agricultural Bank of China, Mega Capital, and Yunnan State Farms Group will further underpin the role that DMCC

abdulla al saleh, ibrahim al mansouri, jiao jinpu, Gautam sashittal and other senior officials at the signing ceremony.

dMcc is boosting the commodities trade along the West to east corridor — connecting directly into china’s belt and road Initiative

Gautam Sashittal, Chief executive officer, DMCC

is playing in boosting the commodities trade along the West to East corridor — connecting directly into China’s Belt and Road Initiative.”

The Dubai Gold and Commodities Exchange (DGCX) announced the first yuan-denominated gold future product to be offered outside — Supplied photo of China, obtaining a license from the Shanghai Gold Exchange (SGE) to list Shanghai Gold Futures in Dubai using the Shanghai Gold Benchmark Price. DGCX also announced that teh Agricultural Bank of China (ABC) has become the first market maker for the Shanghai Gold Futures contract to be listed on its exchange.

DMCC also signed an agreement with Mega Capital Halal (MCH), a Hong Kong-based holding company, to import coffee annually from China’s Yunnan State Farms Group to Dubai for world distribution. The agreement will see MCH export up to 140,000 tonnes of Chinese Arabica beans from the Yunnan State Farms Group to Dubai.

— business@khaleejtimes.com