Daily Archives: September 1, 2019

For first time, DGCX trades over 3 million contracts in a month

DUBAI, In August, for the first time, the Dubai Gold and Commodities Exchange, DGCX, traded over three million contracts in one month, surpassing its previous record of 2.38 million contracts set in July.

The 3.22 million lots traded and cleared in August were valued at US$52.72 billion, also a new record.

The exchange recorded its highest-ever daily volume on 5th August, 2019, trading over 220,000 contracts, with a notional value of $3.86 billion. The Average Daily Volumes, ADV, last month reached 146,502 per day, up 54.97 percent year-on-year, Y-O-Y.

The best performing asset class in August was the Indian rupee product suite, breaking all previous volume records. The best performer within the product suite was INR Quanto Futures, the index pricing of the Indian Rupee US dollar currency pair, which registered its best month ever, with a total of 1,585,110 contracts traded. The DGCX’s flagship Gold Futures product also witnessed strong interest and participation, trading 58,421 contracts last month, up 274.04 percent Y-O-Y.

Regarding the volume of trading, Les Male, CEO of the DGCX, said, “Trading over three million contracts in a month and 220,000 contracts in a single day are significant milestones for the DGCX Group, and attest to our growing marketplace and sustained investor confidence in the exchange. These records came as investors looked for new hedging tools in a particularly volatile period in which the ongoing United States and China trade war stoked fears of an economic recession, and India’s Prime Minister, Narendra Modi, announced that his government would withdraw Kashmir’s special constitutional status.”

“As geopolitical tensions continue to simmer, the DGCX Group continues to offer investors access to a wide range of products that help manage risk on a robust, fully regulated and secure platform, and we remain on track to break our previous AVR of 22.3 million contracts that we set last year,” he added.

Source: Emirates News Agency

UAE to host 41st meeting of Joint Committee of the Regional Metrology Organisations

DUBAI, For the first time in the Middle East and North Africa, the UAE will host the 41st meeting of the Joint Committee of the Regional Metrology Organisations, JCRB, of the International Bureau of Weights and Measures BIPM, in Dubai, which oversees and follows up on metrology activities throughout the world.

The event, on 9th September, 2019, is to be organised by the Emirates Authority for Standardisation and Metrology, ESMA, and will see attendance by 40 officials from around the world.

The event is the largest gathering of metrologists in the world, aimed at establishing strategies for the development of metrology and specialised scientific research in the field of high accuracy measurements, which supports important economic and productive sectors, such as industry, production and the chemical and electrical fields.

The event will be attended by the President of the BIPM, Dr. Hilal Alkaabi, Secretary-General of the Abu Dhabi Quality and Conformity Council; Saud Al-Khusaibi, Secretary-General of the GCC Standardisation Organisation, and the Presidents of national institutes in Europe, Asia, the Americas and Africa, as well as the Gulf Metrology Organisation.

Abdullah Abdul Qader Al Maeeni, Director-General of ESMA, the host and organiser of the event, said that the UAE’s hosting of this global event reflects the ability and keenness to develop the country into a global platform for development ideas and visions for the various economic and productive sectors globally.

At its 39th meeting in Paris, the Joint Commission agreed to hold the 41st meeting in the UAE.

“We, as part of the team of the UAE federal government, are making an effort to move to a knowledge-based and innovative economy by encouraging research and development, and strengthening the regulatory framework of the sectors”, Al Maeeni said, adding that the UAE has formally acceded to the International Meters Agreement, and the country is one of the first countries to become a full member of the International Bureau of Weights and Measures.

The participants will discuss mechanisms to develop national measurement capabilities in the participating countries by organising inter-comparison programmes in different measurement fields.

Source: Emirates News Agency

MoFAIC receives credentials of Dutch Ambassador

ABU DHABI, Ahmed Sari Al Mazrouei, Under-Secretary of the Ministry of Foreign Affairs and International Cooperation, MoFAIC, today received a copy of the credentials of Aluisis Adrians, the new Ambassador of the Kingdom of Netherlands to the UAE.

Al Mazrouei wished the ambassador success in his role in strengthening UAE-Netherlands ties.

The new ambassador expressed his pleasure at representing his country in the UAE, hailing its regional and international stature, thanks to the wise policies of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.

Source: Emirates News Agency