This is the second phase of a three-phase project whose first phase took off with the sale of gold refinery projects last year and the third phase, to be ready by 2005, will focus on trading where official exchange for bullion, commodities and diamonds will be set up.

DIB’s financing scheme – Al Siyagha (goldsmith) – will offer loans of up to one million UAE Dirhams – approximately 300,000 US$ -- with a repayment period of two to six years.

Tawfique Abdullah, CEO of DMCC, said the center is anticipating a positive response from the jewelry industry.

The international and local jewelry, diamond and precious stone manufacturers have now the opportunity to operate their manufacturing units at Dubai Metals and Commodities Center that also offers accommodation facilities for the staff of registered manufacturers.

On commodities, DMCC appoints Dr. David Rutledge as executive director of Commodities. Rutledge will be responsible for the whole spectrum of commodities activities, with an initial principal focus on building relationships with key players in the field and developing the commodities business plan to its next level.

DMCC offers the residents many incentives including a secure regulated environment, special freight rates, a fifty-year tax holiday, and the only UAE free zone authority offering property ownership.

The center is located on Dubai-Abu Dhabi freeway – Sheikh Zayed road – with close proximity to Jebel Ali Port. Plots of land have also been allocated fro the larger manufacturing units and refineries.