Malcolm Wall Morris appointed Chief Executive Officer of DMCC

1. DGCX CEO takes over DMCC; draws upon professional background and expertise in commodities sector
2. Outgoing DMCC CEO Dr. David Rutledge retires following more than six years at DMCC and decades in international commodities, financial and derivatives markets

Dubai Multi Commodities Centre (DMCC) announced today the appointment of Mr. Malcolm Wall Morris, formerly Chief Executive Officer of the Dubai Gold & Commodities Exchange (DGCX), as its new Chief Executive Officer. Mr. Wall Morris replaces Dr. David Rutledge, who is retiring after more than six years of service at DMCC, including the previous five as Chief Executive Officer.  Dr. Rutledge has served as both Chairman of DGCX and more recently as an active Board Member working closely with Mr. Wall Morris on the development and management of the region’s largest derivatives market.

A commodities expert with over 15 years of professional experience, Mr. Wall Morris was appointed CEO of DGCX in 2007, following his tenure as Head of Business Development, Commodity Products, at Liffe, the derivatives business of NYSE Euronext. At DGCX, which is 51 per cent owned by DMCC, Mr. Wall Morris led the exchange into the next stage in its strategic growth, consolidating its position as the leading derivatives exchange and preferred platform for executing commodities and currencies business in the Middle East.

During his tenure as CEO of DMCC, Dr. Rutledge led the expansion of the organisation’s focus from only precious metals to encompass a much broader array of commodities, including tea, cotton, precious gems, plastics, pulses and energy. Since he joined DMCC, the Centre has realised its long-term goal of establishing Dubai as a hub for the global commodities trade. Last year DMCC opened its new permanent offices at the Almas Tower in Jumeriah Lakes Towers (‘JLT’).  JLT is DMCC’s master planned free-zone community, which as of the end of August 2009, had registered over 1,700 companies wishing to avail themselves of the state-of-the-art infrastructure designed to support the needs of the global commodities trade.

Over the previous decades, Dr. Rutledge held a range of senior positions at leading firms active in the commodities and financial markets in the United States and his native Australia.

“Dr. Rutledge has made an enormous contribution to the sustained growth and diversification of DMCC, and we will all miss his astute professional guidance and personally gentle nature,” said Mr. Ahmed Bin Sulayem, Executive Chairman of DMCC. “At the same time, we are extremely pleased to welcome Mr. Malcolm Wall Morris as the Centre’s new Chief Executive. A partner and colleague who provides fresh energy and keen industry insights, he will guide DMCC to the next stage in its ongoing expansion.”

“The last six years have been tremendously satisfying, both professionally and personally,” said Dr. Rutledge. “During that time, through an array of industry-leading initiatives, DMCC has raised its global profile enormously, contributing to the economic growth and diversification of Dubai and the wider region. With my experienced colleague Mr. Malcolm Wall Morris at the helm, I am confident that DMCC will reach even greater heights.”

“I have had the good fortune to work alongside Dr. Rutledge during my tenure at DGCX, and share his vision for the future of DMCC and its role in the development of Dubai,” said Mr. Wall Morris. “Today, despite the current volatility in the global commodities sector, I firmly believe that DMCC is extremely well positioned to capitalise upon significant opportunities in a wide range of commodities. I look forward to realising those opportunities with my colleagues at DMCC and our partners in the commodities sector across the globe.”

An announcement on the appointment of DGCX’s new CEO will be made shortly.

About DMCC

DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. DMCC 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.