The Dubai Gold & Commodities Exchange (DGCX) has received a permit from the Israel Securities Authority (ISA), enabling Israeli firms trading on proprietary basis to become members of the DGCX and to use its trading services and platforms.
Israeli members will also then have access to act as market makers on the DGCX platform.
The move allows the DGCX Group to introduce its diversified global products and services, including Futures and Options Contracts that cover precious metals, energy, equities and currency sectors - within Israel -as it continues to expand its role as the leading Middle East exchange for trading of derivatives.
Les Male, CEO of DGCX, said: “The strengthening of ties and opening up of markets between the UAE and Israel represents an incredibly exciting moment in the DGCX story and the wider GCC region, as we continue to expand internationally by providing investors and market participants with products and services that are highly innovative and that add true value. We are delighted to be able to welcome Israeli investors and market participants to a global community of over 100 members from around the world.”
On August 13, 2020, the UAE and Israel issued a historic joint peace treaty that normalised relations between them. The new situation provides enormous trade and business opportunities for investors and businesses in the UAE and Israel.
“The landmark development of the Abraham Accords provides a springboard for the Israeli community to come to Dubai and invest, opportunities for our new Israeli member base to hedge risk, and to invest in secure and safe assets during times of uncertainty. Our contracts have already opened a door for international traders by providing offshore access to specific regional markets, especially India, one of the world’s largest bullion-trading hubs. We look forward to opening doors for traders from Israel,” Male added.
The Exchange announced that it traded 12.73 million contracts in 2020, and recorded a yearly AOI of 220,504 contracts in 2020. – TradeArabia News Service
Finance & Capital Market
Israeli traders now able to trade on DGCX
Finance & Capital Market
Blue Tide & Shell launch high-performance lubricants facility
Pennzoil-Quaker State Company, a subsidiary of Shell and Blue Tide, an innovative company developing a network of used motor oil (UMO) re-refining facilities across North America and a portfolio company of Tailwater Capital, has announced the completion of Blue Tide’s world-scale re-refining facility in Baytown, Texas.
“This achievement underscores the incredible teamwork and vision of our dedicated team,” said Terry McHugh, CEO of Blue Tide. “We are proud to contribute to a circular economy by delivering innovative, sustainable solutions that transform used lubricants into clean, high-performance base oils, reducing waste and promoting resource efficiency.”
The fully operational Baytown Facility features one of the largest hydrotreaters in the re-refining industry, enabling Blue Tide to produce and sell high-quality Group II+ base oils. This UMO processing facility delivers high performance base oils at a lower carbon footprint compared to traditional Group II+ base oils.
“Completing the Baytown Facility is a significant milestone in our commitment to providing high-performance lubricants to our customers with a lower carbon footprint,” said Ade Ajala, CEO of Pennzoil-Quaker State Company and SVP at Shell Lubricants Americas. “We’re proud of this collaboration with Blue Tide, leveraging innovative technology to transform re-refined base oils into sustainable solutions that complement our existing range of high-quality products and place us at the forefront of tomorrow’s lubricants and fluids.”
The Baytown Facility can process 5,000 barrels per day, with conversion into high-quality base oils and other products like gas oil and asphalt modifiers.
The addition of the hydrotreater enhances efficiency and quality by reducing impurities and improving the performance of re-refined base oils, ensuring they meet the growing industry demand for higher-quality, sustainable lubricants.
Blue Tide’s Baytown Facility is uniquely positioned on the Cedar Bayou near the Houston Ship Channel to strategically transport raw materials and products by truck, rail and barge.
“Tailwater is thrilled to see Blue Tide reach this important milestone,” said David Cecere, Partner at Tailwater Capital and Blue Tide Board Member. “The Baytown Facility represents the future of sustainable innovation in the lubricants industry, and we’re excited about its potential to drive growth, while supporting a circular economy.” -TradeArabia News Service
Finance & Capital Market
Bader Nasser Al-Kharafi named Boursa Kuwait Chairman
Boursa Kuwait has announced that its board of directors have unanimously approved the formation of the new board, appointing Bader Nasser Al-Kharafi as Chairman of the Board for a three-year term spanning 2025 to 2027.
Bader Abdullah Al-Kandari was named Vice Chairman for the same period.
The board extended its appreciation to outgoing Chairman Hamad Mishari Al-Humaidhi, the first Chairman to lead Boursa Kuwait following the completion of the first phase of its privatisation, praising his outstanding leadership and pivotal role in transforming Boursa Kuwait into a cornerstone of the national economy and a success story within the country’s financial landscape.
His tenure was marked by several milestone achievements, most notably the company’s highly successful initial public offering, which was oversubscribed by more than 850%, followed by its listing in the “Premier” Market.
Regarded as one of Kuwait’s prominent business leaders, Al-Kharafi brings over 20 years of experience across the financial, banking, industrial, and telecommunications sectors. He has been a member of Boursa Kuwait’s Board of Directors since its privatisation in 2019, during which he chaired the Executive Committee and held a seat on the Nominations and Remuneration Committee — roles that enabled him to play a central role in shaping the company’s strategic direction and reinforcing its governance framework.
Al-Kharafi confirmed Boursa Kuwait’s commitment to fostering a competitive investment environment, emphasising the company’s determination to introduce new financial products and instruments as well as enhance governance and transparency to align with global best practices.
“We are preparing for the launch of exchange-traded funds (ETFs) and a fixed-income trading platform, which will include bonds and sukuk, in the second quarter of the year. We are also planning to implement the Central Counterparty (CCP) system and lay the groundwork for the introduction of financial derivatives in the future. These initiatives will undoubtedly enhance the market and create new investment opportunities for a wider range of investors,” he stated.
In addition to his new role at Boursa Kuwait, Al-Kharafi is the Vice Chairman and Chief Executive Officer of the Mobile Telecommunications Company (Zain Group). He is also a board member at several prominent regional and international financial and industrial institutions, including Vice Chairman of National Investments Company (NIC), Vice Chairman of Gulf Cable & Electrical Industries and Vice Chairman of Diamond International Motors Company.
Additionally, he is a member of the Board of Directors of Foulath Holding in Bahrain, the Middle East Advisory of UK-based Coutts & Co., the Kuwait-British Friendship Society and the United Nations High Commission for Refugees (UNHCR)’s Sustainability Board for the Middle East and North Africa. - TradeArabia News Service
