Dubai Gold & Commodities Exchange (DGCX) has announced that SAM Precious Metals (SPM) gold and silver bars can now be traded on its exchange and clearinghouse.

 

SPM is an ‘Intelligent Refinery’ focused on driving innovation. Globally renowned in the industry with high end and efficient facilities in Dubai, and Egypt, SPM is creating a benchmark for gold and silver refinery by utilising the most advanced chemical processes to refine and evaluate gold, silver, and other precious metals. 

 

With the trading of SPM gold and silver bars on DGCX, members at DGCX can securely trade SPM products using the exchange and clearinghouse. 

 

Continuously expanding

Ahmed Bin Sulayem, CEO of DGCX, said: “DGCX is continuously expanding its operations by building new partnerships and providing investors and market participants with products and services that are highly innovative and add value. SPM is a world-class refinery that has received the UAE good delivery authorisation for their gold and silver bars, and we are delighted to have the products traded and cleared through DGCX. Our partnership with SPM is crucial to driving volumes in the UAE markets, cementing its position as a regional financial and commodities trading hub, especially gold and silver.” 

 

Headquartered in Dubai, the city of gold, SAM Precious Metals is one of the top gold and silver refineries in the UAE that has been a trade member of DGCX since May 2021. It received UAE good delivery authorisation for their silver bars in 2021 and UAE good delivery for their gold bars in July 2022. 

 

Sami Abu Ahmad, CEO at SPM said: “SPM is a UAE-based precious metals refinery that prioritises meeting the highest standards using deep industry know-how. In carrying out the operations, SAM strictly ensures adherence to high ethical and moral standards and follows the process of responsible sourcing. Being able to trade at an esteemed exchange such as DGCX is a testament to our exceptional product quality and rapidly growing demand for our gold and silver bars. We hope to support DGCX in providing market participants with high quality products and drive volumes in the gold and silver markets.”

 

Dubai Gold and Commodities Exchange (DGCX) recently launched new Physical Gold Futures and Spot Gold Contracts that provide traders and financial institutions the ability to use physical gold as collateral to access affordable sources of short-term lending.-- TradeArabia News Service

 

Oman Cables Industry (OCI), a leading cable solutions provider in the sultanate, has announced that it has delivered solid results for yet another year with its sales turnover for 2024 soaring to RO269 million ($697 million), thus marking 8.3% year-on-year increase over the previous year. 

 

Announcing the results for the 12-month period ended December 31, 2024 at its Annual General Meeting today (March 29), Oman Cables Industry said its net profit rose to RO22.6 million, up from RO18.9 million the previous year, reflecting a 19.5% year-on-year increase. 

 

This growth was mainly driven by a careful commercial strategy that has favoured diversification and penetration in the various business areas and a strong push towards sustainable innovation, with the expansion of the product portfolio, including high-value-added solutions and services.

 

Driven by its vision of "Empowerment, Innovation, and Excellence", the Group is committed to sustainable growth, and guided by four key ambitions: Climate, Social, Innovation, and Governance, embedded in the business model of the company.

 

At the AGM, the shareholders reviewed and approved the Group’s financial results for the year 2024.

 

Through the partnership with Prysmian - a global leader in the cable manufacturing and system solutions for the energy transition and digital transformation - Oman Cables Industry continues to strengthen its position in and outside Middle East, it stated. 

 

The opportunities offered during 2024 were including access to a broader product portfolio of green cables and eco-friendly solutions, together with enhanced service offerings, from monitoring to tracking systems, covering the new needs of the diverse industries. 

 

This was made possible through accessing to 27 Prysmian cutting-edge research centers worldwide, accelerating the development of innovative products and integrated solutions, but also through leveraging global testing facilities, ensuring the highest international quality standards, advanced expertise and industry best practices, preparing and qualifying the company to compete with highest European standards.

 

On the solid performance, Chairman Cinzia Farisè, said: "During the last 5 years the company has increased its net profit tenfold, creating value for its shareholders, for its employees - who have since become shareholders of the group according to a rewarding profit share based system - and for the Omani community."

 

"As part of our commitment to Oman Vision 2040 and the journey toward net zero by 2050, Oman Cables is dedicated to driving sustainable growth. We have transferred know-how and technology to the Sultanate and today the company is able to compete outside the Middle Eastm," he stated. 

 

"We have created and nurtured a talent pool through advanced leadership programmes and our employees are appreciated in every part of the globe, where they have the opportunity to work at all Prysmian affiliates," he noted. 

 

:"Furthermore, we have opened our Omani Sustainability Academy, that enjoys collaboration with the best universities in the world, to the 33,000 Prysmian employees and to all our partners. Achieving results is our responsibility, giving back to the Omani community is our commitment. I am proud of our management and our team, the great Oman Cables family," he added.-TradeArabia News Service

The Saudi Ports Authority (Mawani) has annnounced that it has added Jeddah-Port Sudan Express (JPS) service by CULines at Jeddah Islamic Port, utilizing vessels with a capacity of 450 TEU.

 

This strategic move aligns with Mawani's objective of forging robust partnerships with key regional and international ports, solidifying Saudi Arabia's position as a pivotal logistics hub connecting three continents.-TradeArabia News Service