DMCC appoints new chief executive
Dubai, February 3, 2014
Dubai Multi Commodities Centre (DMCC), Dubai’s and the region’s global gateway for commodity trade and enterprise, has announced that Gautam Sashittal has been promoted and appointed as chief executive officer.
This follows the departure of Malcolm Wall Morris, who has resigned to follow a new career path, a statement said.
Sashittal has been the DMCC’s chief operating officer since December 2009 and has been instrumental in the strong growth of the DMCC businesses, especially the DMCC free zone and led the development of new products and services, including DMCC’s industry-leading work on responsible supply chain management for the bullion industry.
Sashittal has had more than 25 years of experience in the energy, resources and financial markets. Much of his career was spent at Royal Dutch Shell, and prior to joining DMCC, he was the CFO of the Dubai Gold and Commodities Exchange, the Middle East's first and fastest growing derivatives exchange, of which he remains a board director.
Ahmed Bin Sulayem, executive chairman, DMCC, said: “Gautam is the best choice to take over as DMCC CEO. We have worked together for many years and I have the utmost respect for his deep knowledge of the commodity and financial markets. Gautam will continue to lead DMCC’s contribution to Dubai’s economic success by driving business growth and expansion, positioning Dubai as the world’s leading commodities eco system.”
“At the bottom of the economic crisis when no executive wanted to take on the DMCC, Malcolm rose to the challenge. In a new role, unfamiliar with the free zone market, he did better than anyone I could have ever imagined.
“Under his guidance the DMCC has seen phenomenal growth with every year of Malcolm’s tenure being a record year in terms of new members joining the free zone. This culminated late last year in the DMCC becoming the largest free zone in the UAE.
“Not only a strong strategic thinker, Malcolm also has a quick creative mind and it was he who was responsible for the name ‘Burj 2020’, for what will be the world’s tallest commercial building and an icon for Dubai and the region. Malcolm will add value to any organisation that he will lead,” Bin Sulayem added. – TradeArabia News Service