The Dubai Gold and Commodities Exchange (DGCX) has partnered with S & Royal Group Mongolia, a Mongolian-based investment firm involved in industries such as energy, infrastructure, foreign trade and construction.

Under the memorandum of understanding (MoU), both organizations will establish a long-term business relationship which includes exchanging expert knowledge, opinions and ideas on potential business prospects, as well as explore the possibility of importing and exporting goods between UAE and Mongolia.

S & Royal Group will also explore becoming a permanent member of DGCX and the Dubai Multi Commodities Centre (DMCC).

Les Male, CEO of DGCX, said: “Mongolia is a land that is rich in natural resources and potentially lucrative opportunities, and this MoU with S & Royal Group Mongolia- a leading investment of the country -is aligned with our goal of fostering greater cross-border collaboration and enhancing our knowledge base. The potential benefits of this agreement are vast, and we see this MoU as merely the first step in a long and beneficial relationship.”

Serjbudee Dolgorsuren, President of S & Royal Group Mongolia, said: “We are delighted to partner with the DGCX. Mongolia and the UAE have a rich, historical relationship that dates back a quarter of a century. Our company’s ambition is to become a gateway to the Mongolian market as well as support the country as a major hub for the whole Central Asia region. We look forward to a fruitful and mutually beneficial cooperation with the DGCX.”

The MoU agreement comes after the UAE and Mongolia recently celebrated 25 years of diplomatic relations, as well as the announcement that Mongolia plans to open an embassy in Abu Dhabi.

Established in 2004, S & Royal Group currently owns and manages a portfolio of four sister companies including Yokohoma Tire Mongolia (YTM), Gas Service Corporation of Mongolia (GASCOM), Royal Electric Corporation (REC) and Royal Infrastructure Development (RID) – which are all collectively aimed at implementing long-term strategic projects that will make a significant contribution to Mongolian economic development. – TradeArabia News Service