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.
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.
ABOUT MCMC:
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.
ABOUT ICD:
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.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
