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Article: High hopes for Saadiyat exchange. (international commodity exchange)(Abu Dhabi)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- August 29, 1997
- Author:
CopyrightCOPYRIGHT 1997 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Abu Dhabi has for a long time been the sleeping giant of Gulf business. But things are changing fast. The most dramatic sign of the newfound dynamism is the plan to establish an international commodities exchange on Saadiyat island.
"We have the wherewithal to set up a modern, state-of-the-art global commodity trading and storage centre," says Saadiyat Free Zone Authority (SFZA) general manager Mohammed Ali El-Hosni. He adds that the UAE has the funds to match such ambitions: "We have liquidity of over $260,000 million."
The Saadiyat zone will trade in and store 67 basic commodities ranging from foodstuff and chemicals to diamonds and precious metals. The ...