Dubai Metals and Commodities Centre (DMCC) has announced the appointment of its advisory committee for the Dubai Commodity Receipt (DCR) system. DMCC recently announced the DCR, a system of commodity warehouse receipts to facilitate the storage, trading and financing of commodities, scheduled for implementation in early 2004.
The committee, comprising leading members of the banking, warehousing and commodity trade sectors in Dubai, will play a key role in the development of the DCR system leading up to its implementation.
DMCCs executive director, commodities, is David Rutledge. Other members of the committee are: Mohammed Shamim Anwar, managing director, Peninsula Shipping Company LLC; Faisal Galadari, assistant general manager – retail and commercial, Commercial Bank of Dubai; Haseeb Haroon, head of structured inventory products, ABN Amro Bank; Ravi Kashyap, manager, Steinweg-Sharaf FZE; Simon Maddocks, managing director, B Pacorini SpA; Jonathan Morris, head of corporate and institutional banking-UAE, Standard Chartered Bank; Mr. Wasim Saifi, Head of Corporate Banking, Dubai Islamic Bank; Ed De Kwant, director of systems and special projects, Henry Bath Group; Rohan Shetty, managing director, Scan-Trans Chartering LLC; Saeid Shokravi, managing director, Arveen General Trading LLC; Rohit Walia, division manager, commercial banking group, Mashreqbank psc; Vikram Venkataraman, head of corporate and institutional banking, Dubai Bank; Ali Amer Al-Hashimi, assistant manager – Islamic finance and funds management, Abu Dhabi Islamic Bank; K Ramdas, manager – credit administration, Emirates Bank International PJSC.
DMCC was created in 2002 as a strategic goal of the Dubai government to establish a commodity market place in Dubai. DMCC is committed in its role as innovator and regulator, to serve the needs of participants in the Dubai gold, diamonds and commodities market.
DMCC offers resident partners numerous benefits, including a secure regulated environment, special freight rates, a fifty-year tax holiday and the benefit of ownership of business premises.