Gold rush leads to golden moment for Dubai centre
Dubai's commodity hub claimed a performance worthy of an Olympic gold medal yesterday - after announcing an increase in gold trade to a record $56 billion last year.
The golden rise is a staggering 35 per cent high on figures for the precious metal from 2010 for the Dubai Multi Commodities Centre.
And that’s proof, says DMCC executive chairman Ahmed Bin Sulayem, that all that glitters truly is gold.
“When DMCC was first announced, gold refining was the backbone,” said the gold chief.
“We can see demand increasing - when blue chip financial markets struggle commodities and gold volumes increase.
“The more this (the financial crisis) has being going on a global level, the more people who want to save turn to gold.”
While the current world hubs for gold trading and storage still remain London, Zurich and New York - that’s beginning to change. Fast.
Bin Sulayem plans on being at the forefront of the billions of bullions beginning to migrate east.
“Our strategy is to continue enhancing commodity trade flows through Dubai by enabling businesses to access new markets as they shift from West to East and North to South,” he said.
Other figures announced by DMCC showed a record-breaking 60 per cent surge in new companies joining during the first six months of the year compared to the same period in 2011.
The total number of businesses operating in the Jumeirah Lakes Towers freezone, for whom DMCC is the licensing authority, is now more than 4,600 - with some 975 firms having signed up since January, the commodity hub said.
More than 50,000 people now live and work in the 61 towers of the JLT freezone.
Five more towers are expected to be added to its roster this year.
Other stats showed Dubai Tea Trading Centre provided warehouse facilities for a hefty 3.2 million kg of tea during the first six months of 2012.
That’s the equivalent of about 19 full-sized jumbo jets.