

Dubai enhanced its repetition as an international marketing hub with the announcement that it is setting up a fully-fledged metals and commodities centre that will operate as a free zone and cater to worldwide players.
The Dubai Metals and Commodities Centre (DMCC) will grant 100 per cent ownership and a 50-year tax holiday to resident companies while offering a full service to those involved in gold trading with physical trading facilities, storage and hallmarking/assaying as well as packaging and delivery facilities available on-site, a Dubai government statement said. Three refineries will also be housed within the complex.
Trading facilities, a convention centre, a training centre and a gems lab will be available to DMCC resident companies in the diamond trade while the commodities industry will be provided with world-class trading, storage and logistics facilities.
"The Dubai Metals and Commodities Centre will provide a superb proposition for global players in the gold, diamond and commodity business," said DMCC financial adviser Hamid Kazim. "Strategic location, world-class facilities, a secure, regulated environment - all of these qualities will be available to companies that decide to base themselves at DMCC. The physical location of Dubai is a huge asset in this project as the city is close to many of the key markets. We also have the opportunity to build on the established infrastructure that we have in place particularly in the gold trade."
The DMCC will have an Advisory Board whose responsibilities will be to agree the strategic priorities for the Centre and who will also be tasked with development plans. Its members were named as Kazim, Terry Smeeton with specific responsibility for gold, Farouq Rattonsey (diamonds), Tim Walker (commodities) and Sultan Ahmed bin Sulayem. There will also be specific, individual management committees for gold, diamonds and commodities.
Kazim said the regulatory framework was being developed but stressed that "transparency and flexibility are our key objectives in establishing a regulatory environment that is of international standard."
Strategic partners for resident companies in the gold industry will include banks, refineries, jewellery/coin dealers, and central banks. Those from the diamond industry will be partnering with banks, jewellery dealers as well as other international centres while commodities organisations will work with trading companies and international exchanges.
The DMCC will have the broadest possible geographical reach working with organisations and companies throughout Asia, Africa, Europe, the U.S, South America and Australia.
Kazim is managing partner of Andersen, Dubai. He has worked with the company for more than 20 years both in the US and in the Middle East, leading many major consulting assignments in the region covering a variety of industries including banking (commercial and Islamic), hospitality, trading and high-tech.
From 1999 through 2000 Kazim was seconded to DIC as an advisor on the start up of the project. He advised the decision makers on key matters including DIC's strategy, the setting up of the company and the design and implementation of the IT/telecom infrastructure. Through the course of the project he was also extensively exposed to the e-commerce and telecommunication industries.
Kazim is a graduate of the University of California, San Diego, with a BA in economics and minor in electronic engineering. Prior to joining Arthur Andersen & Company, he worked in various managerial positions at Dubai Islamic Bank. He then joined Andersen and worked in the Washington DC office where he obtained his CPA qualification with high distinction in 1986.
Smeeton worked for 37 years at the Bank of England rising to the position of head of foreign exchange. For the last 25 years of his time at the Bank of England he worked exclusively on the foreign exchange and bullion business.
He also served as an alternate director of the Bank of International Settlements in Basle, Switzerland.