DMCC appoints new executive director
Dubai , November 4, 2007
Dubai Multi Commodities Centre (DMCC) has appointed Ian MacDonald as the new executive director of its Gold & Precious Metals division.
MacDonald takes over from Colin Griffith, who has held this position for the last four years.
This move comes as DMCC works to consolidate the strides the division has made under Griffith and build upon those successes.
In his new role at DMCC, spearheading the Gold & Precious Metals division, MacDonald will focus on further enhancing Dubai’s role as a global centre for the gold and precious metals trade, through broadening local market horizons in refining, manufacturing and trading skills.
He will also oversee business development, strengthen stakeholder relationships and develop new products while promoting best practices in the local and regional markets. MacDonald will also explore and develop DMCC-branded commodities-based investment vehicles to grow DMCC’s current footprint in the precious metals sector.
MacDonald is an expert in investment banking, commodities and futures markets, and brings a wealth of over 30 years experience to DMCC.
He has held senior positions in leading institutions such as Commerzbank AG, Credit Suisse and Billiton (UK) Ltd. (now BHP).
He was instrumental in establishing the precious metals department of Commerzbank AG and Credit Suisse, New York.
David Rutledge, chief executive officer, DMCC, said: “Over the past few years, DMCC’s activities in the Gold & Precious Metals division had grown considerably. Given the current market dynamics, there are excellent opportunities to further expand this sector. We are very pleased to have an industry expert like Ian MacDonald joining us. Under Ian’s guidance, DMCC is poised to further serve the needs of the regional gold and precious metals trade and to create additional activities on a global scale.”
Commenting on his appointment, MacDonald said: “These are exciting times for the gold trade globally, and for Dubai in particular. Despite very high prices, gold is experiencing phenomenal growth here. Colin Griffith has laid a strong foundation for the gold trade in Dubai.”
He continued: “I am delighted to take on this challenging role at DMCC and look forward to exploring how the centre can further assist gold traders in expanding their activities as well as creating new avenues for future growth.”
Colin Griffith, the outgoing executive director, said: “DMCC has developed many initiatives for the gold sector to date, and I am pleased to hand over the reigns of DMCC’s Gold & Precious Metals division to Ian MacDonald, who has a wealth of precious metals experience. I am extremely confident that Ian will help spur further growth of the division.”
MacDonald holds a US National Association of Securities Dealers (NASD) Series 7 and Series 63 License, and has been a member of the New York Mercantile Exchange (Comex division) and served on the Metals Advisory Committee. He was also a board member of the Gold Institute in Washington, DC.-TradeArabia News Service