On its part, DGC has today announced it has entered into a strategic alliance with US-based Market Center Management Company (MCMC) for the development and management of DGC’s state-of-the-art permanent showroom environment which will be open year-round to qualified retail buyers and designers, manufacturers, and industry professionals, and can be fitted out by sellers according to their own style and budget. The showrooms will be closed to the public.
H.E. Mohammed I. Al Shaibani, Managing Director of the Investment Corporation of Dubai, explained: “As part of our mandate to enhance Dubai’s position as a global, competitive economy, ICD has embarked on the creation of DGC with the vision to build a unique trade infrastructure that enhances efficiencies in global trade flows through Dubai. We are excited to have MCMC on board to support our teams in realizing this vision, as well as in the development and management of the market.”
MCMC has a legacy of sole, private ownership of the Dallas Market Center (DMC), operating in the US for 65+ years, as well as multinational experience involving both ownership and management of wholesale markeplaces including Brussels International Trade Mart and ShanghaiMart as well as consultation experience on additional projects in Colombia, Vietnam, and Portugal.
Cindy Morris, CEO of MCMC, commented: “We are pleased to be a part of this truly unique opportunity for Dubai to address industry pain points and create an important global destination for wholesale trade. This multi-year agreement aims to foster team collaboration between our companies and ultimately help create a center of commerce for buyers and sellers from around the world.”
DGC is unique as it focuses on a global audience in addition to regional audiences to create a truly origin-neutral marketplace to trade goods from all around the world. Traditionally, wholesale markets have focused on promoting domestic agendas by bringing together sellers of local products with international buyers or by presenting international products to regional buyer groups.
“DGC has been a long time in the making but is even more relevant and needed in today’s changed global trade environment. Establishing a controlled, permanent marketplace environment is perfectly timed as event producers and their attendees cope with reduced travel budgets and the need for smaller, more controlled gatherings. DGC enables traders to meet halfway by offering producers and manufacturers a window to the world in a central, easy to reach location, and by providing buyers with a safe buying environment and place of reference that is open all year round.” commented Douraid Zaghouani, COO of ICD and Chairman of Dubai Global Connect.
DGC, the “City of Trade”, is already under construction, with a purpose-built visitor centre opening in Q4 of 2020. The market is expected to be delivered in phases, with the first phase comprising of 400,000 square meters of dedicated trade facilities including on-site storage, boutique offices, an innovation hub, and a Smart Service Centre to house third party service providers.
Located at the crossroads of Dubai’s logistics corridor, at Dubai South next to Al Maktoum International Airport with a direct connection to the Jebel Ali Port, DGC’s physical infrastructure will be supported by best-in-class services and optimal business solutions at the Logistics District, including a digital wholesale trading platform which will connect wholesale sellers and buyers online and facilitate hassle-free trade through DGC.
For more information please visit: www.dubaiglobalconnect.com
Press Enquiries: [email protected]
Dubai Global Connect (DGC) is the world’s first wholesale market with a global focus. An initiative of the Investment Corporation of Dubai (ICD), the “City of Trade” provides purpose-built facilities and supporting infrastructure in a year-round, origin-neutral market and expo where global buyers and sellers in furniture & home, food and fashion can connect and trade at scale. DGC is an ecosystem, conveniently located in geographically advantageous Dubai, dedicated to the growth of the industries it promotes and their global traders.
Market Center Management Company (MCMC) is an international market center and tradeshow management company with more than sixty-year history of development, ownership, consulting and/or management of large-scale B2B wholesale trade centers and associated tradeshows around the world.
The company currently has a global portfolio of 7 million square feet of market center trading space under management.
The Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, was established in May 2006 by decree (11) of 2006 under a mandate to consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments.
ICD has a rich portfolio of assets, both locally and internationally, across a broad spectrum of the sectors that form the blueprint of Dubai’s dynamic economy.
About Dubai South
Dubai South is an emerging 145 sq. km. city situated within the emirate of Dubai that will ultimately sustain a population of one million.
Launched as a Government of Dubai project in 2006, the city is mandated to embody the vision of His Highness Sheikh Mohammed Bin Rashed Al Maktoum by manifesting the urban and societal themes as outlined in the Dubai Plan 2021.
Dubai South’s economic platform supports every conceivable kind of business and industry. The city is also home to Al Maktoum International Airport and the Expo 2020.
Video – https://mma.prnewswire.com/media/1276925/Dubai_Global_Connect.mp4
Photo – https://mma.prnewswire.com/media/1276923/Dubai_Global_Connect_Phase_1.jpg
Logo – https://mma.prnewswire.com/media/1276924/Dubai_Global_Connect_Logo.jpg
SOURCE Investment Corporation of Dubai (ICD)
For further information: Saba Consultants, +971 44202702, [email protected]
Organigram going all in on synthetic cannabinoid investment – Stockhouse
OGI made an initial $5 million investment in Hyasynth in September 2018 and the Friday announcement represents the second of three tranches the cannabis producer has the right to make.
As part of the deal, Organigram has the right to purchase potentially all of Hyasynth’s cannabinoid production at a 10% discount to the wholesale market price for a 10-year period.
Several cannabis producers including Organigram, along with Toronto-based Cronos Group (TSX.CRON), have significantly invested in synthetic cannabinoid research as a way to help drive down the cost of chemical compounds contained within the cannabis plant…down to pennies per gram.
For more of the latest info on Cannabis, check out the Cannabis Trending News hub on Stockhouse.
Large federal investment announcement planned for Tecumseh – AM800 (iHeartRadio)
An announcement on the “single largest federal investment in the history of the Town of Tecumseh” is planned for Monday morning.
Windsor-Tecumseh MPP Irek Kusmierczyk and Tecumseh Mayor Gary McNamara plan to reveal details at Tecumseh’s public works yard.
The news conference is planned for 9 a.m.
This is a developing story. More coming.
Kotak Mahindra's Profit Beats Estimates on Investment Gains – BNN
(Bloomberg) — Kotak Mahindra Bank Ltd., India’s third-largest lender by market value, posted second-quarter profit that unexpectedly grew as income from investments rose and expenses dropped.
Net income climbed 27% to 21.8 billion rupees ($295 million) for the three months ended Sept. 30 from a year earlier, the Mumbai-based bank said in a filing Monday. That beat expectations from analysts who expected a profit of 13.4 billion rupees, according to data compiled by Bloomberg.
The lender said it set aside 3.7 billion rupees in provisions during the quarter, compared with 4.1 billion rupees a year earlier. Indian lenders — like others globally — have been stepping up buffers to protect themselves from the financial fallout of the coronavirus pandemic.
Still, Kotak Mahindra’s gross bad loan ratio fell slightly to 2.55% at the end of September, compared with 2.7% three months earlier. The ratio would have stayed at that level if India’s top court hadn’t allowed lenders to continue with a relaxation of rules around bad debt recognition, it said.
Kotak Mahindra, backed by Asia’s richest banker Uday Kotak, is exploring the takeover of smaller Indian rival IndusInd Bank Ltd., people with knowledge of the matter said this week. A deal would cement Kotak Mahindra’s position as one of India’s leading private banks, boosting its assets by about 83%.
A spokesman for Kotak Mahindra declined to comment on the takeover plans, while a representative for IndusInd denied the report.
Kotak Mahindra boosted its balance sheet earlier this year by securing nearly $1 billion in a share sale.
(Updates with details from third paragraph.)
©2020 Bloomberg L.P.
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