Technology is creating greater opportunities for the future, DMCC CEO says
The DMCC has always been at the forefront of new market trends and the sentiments regarding them, DMCC CEO says
Organisations that have their finger on the pulse when it comes to new technologies are better positioned to identify and make the most of the opportunities that they present, says Ahmed Bin Sulayem, executive chairman and CEO of Dubai Multi Commodities Centre (DMCC).
Speaking at the Dubai Chamber Interview Series, the DMCC CEO looked back on the early days of the Covid-19 pandemic and how it had impacted business. He said that, at the beginning of 2020, there was a sense that the world economy would not remain at a standstill for long. He also said that the DMCC is blessed to be operating in a country that responded to the Covid-19 pandemic in a timely and efficient manner, and that technology had, and will continue, to play a critical role in the recovery from the pandemic.
“Safety was always a priority for us, but what paid off the most was that our freezone services were completely online,” he said. “Today, we have a freezone that is rolling out an ecosystem for cryptocurrencies and blockchain-related businesses. When you look at Dubai and the UAE, it is aiming to where the market will be, not where the market is. Things that he DMCC looks at is adding more finance, more services, platforms and exchanges.”
When dealing with various players across its network, Bin Sulayem noted that the DMCC always has a very good idea about new market trends and the sentiments regarding them. “As an example, we have been looking at the diamond financing aspect of business, and I anticipate that in the next 10-30 months, you will see an active financing tool in Dubai,” he said.
He also highlighted the success of the DMCC’s Tea and Coffee Centre. He says that there are still many opportunities that the centre is looking into. “I feel that there are a few businesses that we can add to the tea centre such as herbal and medical teas. When it comes to the coffee centre, we are looking at a cold brew bottling facility. We are also interested in the trade of cacao.”
Looking ahead, he highlighted how the DMCC has to go with “the flow of information.”
“If there is an update or something else that we can do, then we provide it,” he said. “We look at challenges as opportunities, and this was best highlighted during the pandemic. The growth of the DMCC is a reflection of the growth of Dubai as an international city. We have to be ahead of the market and our competition. As of now, when compared to the other key centres of the world, our tea processing and coffee roasting and storage services, and our diamond exchange services all compete on value and cost globally.”
“There are challenges around the world, but with challenges come opportunities,” he added. “I do see us connecting a lot with Eastern Europe and China. I think there will be a lot of growth coming from the ASEAN and Latin America markets. We are going to see an aggressive push especially as we move towards Expo 2020 Dubai. The world is becoming more and more global and more and more interconnected, and we need to be agile and nimble to meet it.”
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