DMCC to host international gold forum in Dubai

1.‘DMCC Gold Convention’ to be held on April 27 at Atlantis, The Palm
2. Gold commands attention with investment demand registering 27 per cent increase in 2008
3. Dubai to strengthen ‘City of Gold’ status amid challenging business conditions globally

Dubai Multi Commodities Centre (DMCC) announced today that it will host a major international gold forum on April 27, 2009, at the Atlantis, The Palm. The “DMCC Gold Convention” will be addressed by industry experts from organisations such as Standard Bank Plc, the World Gold Council, McKinsey & Co., GMFS Ltd. and Dubai Gold Securities.

Gold continues to command significant attention both in global and regional markets with investment demand registering a year on year increase of 27 per cent in 2008. While jewellery sales rose by 17 per cent to touch AED13.7 billion in 2008, there has been a significant drop in this segment during the first quarter of 2009 as a result of the economic downturn.

Organised against the backdrop of considerable volatility being witnessed in both global and regional gold trade, the “DMCC Gold Convention; 2009: Year of the Bull or Bear?” will encourage debate and discussion on the key factors impacting this sector. The half-day summit will bring together bankers, traders, investment professionals, jewellers, miners, refiners and other stakeholders to discuss and gain insights into price trends, demand-and-supply dynamics and other issues that impact the gold industry.

“As an asset class, gold has retained its allure and ‘safe-haven’ appeal amidst the current challenging economic environment,” said Ahmed Bin Sulayem, Executive Chairman of DMCC. “Sustained strong levels of gold trade through Dubai, and the opening up of a range of gold financing and investment opportunities here, demonstrate Dubai’s continued leadership in the sector. As a key facilitator of the gold industry, DMCC is pleased to host the ‘Gold Convention,’ which will reaffirm the Emirate’s position as the City of Gold.”

The day’s programme includes presentations from Standard Bank on the relative position of gold in the commodities spectrum, the investment case for gold by the World Gold Council; price and demand-supply trends by GFMS Ltd; strategic insights from McKinsey & Co; and the latest innovations in Shariah-compliant gold investments by Dubai Gold Securities.  The presentations will be followed by a panel discussion that will include local and international experts who will discuss their views on the outlook for the price of gold.

“The DMCC Gold Convention will explore the various opportunities and business possibilities that present themselves within the context of the current challenges,” said Harendra Kailath, Director, Gold, DMCC. “The vulnerability of particular segments of the industry to the effects of the global slowdown, the value of the US dollar relative to other currencies and inflation are all factors that have a bearing on the outlook for gold. We look forward to an engaging dialogue on how these and other issues can be addressed to support Dubai’s premier position as a hub for the global gold trade.”

GFMS is the world’s foremost precious metals consultancy
The DMCC Gold Convention is supported by Standard Bank and the World Gold Council as the main sponsors, while CNBC Arabiya is the official broadcaster for the event.

About DMCC:
DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. The Centre provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.