Tuesday, September 21, 2021

Dubai exchange expands commodities trading business in Africa with MOU

The Victoria Falls Stock Exchange, a subsidiary of the Zimbabwe Stock Exchange, announced today that it has signed a Memorandum of Understanding with the Dubai Gold and Commodities Exchange.

The Dubai gold exchange will extend its technical support, knowledge and skills to Victoria Falls Stock Exchange, with the ultimate aim of establishing an international commodities exchange in Zimbabwe. Additionally, Victoria Falls Stock Exchange will seek support from the Dubai exchange in framing a clearing and settlement commodities exchange framework.

Established in 2005 the Dubai gold exchange says its the first commodity derivatives exchange in the region, and it has become “the leading derivatives exchange in the Middle East.”

Les Male, CEO of DGCX, said the agreement is part of a wider strategy for the African continent.

“We are delighted to forge a partnership with the Victoria Falls Stock Exchange, as part of our wider strategy to strengthen commodities trading across Africa. We are confident that our deep knowledge and expertise will help bring value to VFEX as they kick start the Offshore Financial Services Centre (OFSC) for the special economic zone in Victoria Falls,” said Male. “The partnership also builds on our expanding international footprint and represents another opportunity for as to build stronger inroads into Africa, a rapidly growing market with enormous potential.”

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