04 Below: Farid Mohammed Ahmed with Steve Wang of Taiwan Futures Exchange Below: Christina Siltani from DGCX with key Dubai journalists

DMCC News

The Source | October - December 2007

SFOA HAILS DUBAI'S EMERGENCE AS MODERN ECONOMIC POWERHOUSE

The Swiss Futures and Options Association (SFOA), one of the most important forums of the international financial derivatives industry worldwide, hailed Dubai's emergence as a modern economic powerhouse during the opening ceremony of its 28th annual Burgënstock meeting, held in Montreux, Switzerland. Dubai was the "Guest of Honour? at this year's meeting of the SFOA, a professional non-profit Swiss association for the purpose of promoting the derivative financial instruments industry. Dubai's participation at the event was jointly led by the Dubai Multi Commodities Centre (DMCC) and Dubai Gold and Commodities Exchange (DGCX) and included senior representatives from the Emirates Securities and Commodities Authority (ESCA) and HSBC. Farid Mohammed Ahmed, Secretary General to the Board of Directors, Dubai World Group of Companies, delivered the keynote address at the opening session of the SFOA meet. Paul Meier, Chairman, SFOA, said: "Dubai's emergence and growing significance on the Middle Eastern and global economic scene is of great consequence for the financial derivatives industry. The financial services industry in the emirate effectively fills the gap between the time zones of the East and the West, enabling all stakeholders to link seamlessly into financial markets across all time zones.? The DMCC and DGCX hosted an "Arabian Nights? extravaganza and gala dinner on the theme "Expressions of Dubai,? providing a cultural and Above: Colin Griffith, David Rutledge and Ahmed Bin Sulayem gastronomic experience for the delegates. The complete Arabian experience that followed included a taste of Arab culture and traditions, and detailed Dubai's journey from pre-oil days to a modern metropolis. Traditional aspects of Dubai's culture that were showcased included a calligrapher, henna artist, falconers, a typical Arab style dinner, the sheesha experience, majlis-style seating and Arabic coffee and dates. The SFOA has organised this exclusive executive gathering every year since its establishment in 1980. The SFOA membership is composed of industry associations, derivative exchanges and clearing houses from all over the world, along with brokers, bankers and other service providers.

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