The Dubai Gold and Commodities Exchange (DGCX) said that trading volumes in Euro futures rose to their highest monthly level in over four years in August, with Indian single stock futures and Indian rupee options also witnessing a strong increase .
Euro futures trading for August rose 19 per cent year-on-year and 77 per cent compared with July, marking the contract’s highest monthly traded volume since January 2013, the exchange said in a statement yesterday.
The derivative exchange, which operates under the umbrella of the Dubai Multi Commodities Centre, said that its Indian Single Stock Futures, which allow investors to hedge their investment in blue chip Indian stocks, were among the other popular traded products for August.
Volumes of the futures contracts, first introduced by DGCX in January 2016, surged 583 per cent compared with August 2016, the exchange said.
_____________________
Read more:
DGM recognises the DGCX and DCCC as remote exchange and clearing house
DGCX’s yuan-denominated gold futures draw Chinese investors
_____________________
Indian Rupee Options also saw a surge in volume, witnessing a year-on-year growth of 40 per cent.
“As a multi-asset exchange, we endeavor to provide our market participants with access to a number of products for their investment, hedging and arbitrage needs,” said DGCX’s chief executive Gaurang Desai.
“The increased trading activity in contracts like the Euro and Indian Single Stock futures is an indication that our market participants truly appreciate and are increasingly becoming reliant on wider range of DGCX products.”
Last month DGCX announced plans to launch the Middle East’s first-ever Sharia-compliant spot gold contract to be traded on an international exchange, in collaboration with Saudi conglomerate Ayedh Dejem Group, which manages several gold centres alongside its core oil transportation and storage businesses. No time frame has yet been given for the launch of the contract.
The two entities are hoping to tap growing demand for Shariah-compliant gold across the Middle East, particularly within Saudi Arabia. The World Gold Council estimates that Saudi Arabia’s annual gold demand stands at between 60-85 tonnes, the highest in the Middle East, and the sixth largest around the world. The council estimates that Shariah-compliant gold investments are currently worth US$2 trillion.
DGCX is also planning to create a unified clearing house for several asset classes across the UAE, collaborating with entities including Abu Dhabi’s stock market. In July, DGCX and its parent DMCC were granted regulatory recognition by the capital’s freezone Abu Dhabi Global Market, enabling companies within the free zone to use the trading and clearing facilities of the Dubai-based entities.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus Press
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
STAY%2C%20DAUGHTER
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EYasmin%20Azad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESwift%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
