By: Amr Adel
Dubai - Mubasher: The executive chairman of Dubai Multi Commodities Center Authority (DMCC), Ahmed Bin Sulayem, said that the centre will target this year attracting companies from new destinations with a focus on Latin America.
Bin Sulayem also told reporters on Wednesday that it is planned to increase the size of its operations in the UK, Germany, India, and China.
The focus on attracting companies from the UK is attributed to the appealing business environment in Dubai and the UAE in general, and not Brexit.
The centre aims at raising the number of companies joining in 2017 to 2,000 companies, to increase the total number from 13,500 to 15,500 by the end of this year.
The project of Tower 2020 is progressing as scheduled, as final touches were added to the main designs last year.
The project will be carried out through four stages, with a height of 600 metres, making it the tallest office building in the Middle East and one of the four tallest in the world, Bin Sulayem added.
Financing the tower project may be through the company’s own resources in the first stage, as the financing of the remaining three stages will be decided later, as it could also be self-funded or through bank loans.
Mauritius, Angola, Panama, and Cayman Islands are all seeking to benefit from the Emirati expertise in the DMCC, Bin Sulayem revealed, noting that the centre’s role will not be limited to exchanging technical knowledge and experience, and not related to management or operations.
DMCC is planning to establish a 4,500 square metre coffee centre, which will serve small, medium, and big companies that are looking for storage units or office spaces in Dubai.
The project’s construction is set to be completed by March 2018, he added.
The centre's purpose is to add a new commodity every year, with four new commodities including black pepper, halal meat, and saffron.
The tea centre saw a growth of 200% in 2016, with a total volume of 41.6 million kilogrammes, from 13 countries that included Kenya, India, Sri Lanka, Indonesia, Malawi, Rwanda, Tanzania, Mozambique, Vietnam, Japan, Uganda, and China.
When asked about the awaited “Dubai Tea” brand, which is expected to be launched this year, the executive chairman indicated that the goal is promotion not profits, as the product will mostly be directed to gifts, and later it can be sold in its own stores without being distributed in big chains.
Bin Sulayem also ruled out any negative effects of the elimination of the customs incentive for gold and diamond traders since January, as tariffs are not applied to the centre’s alloys or companies; however, it would affect gold and diamond trade in the emirate, he added.
