DGCX Signs MoU with S & Royal Group Mongolia
- MoU aimed at exploring long-term business opportunities and sharing knowledge
- S & Royal Group Mongolia to explore becoming a permanent member of DGCX and the Dubai Multi Commodities Centre (DMCC)
The Dubai Gold and Commodities Exchange (DGCX), the region’s leading derivatives exchange, has signed a strategic Memorandum of Understanding (MoU) aimed at exploring long-term business opportunities and exchanging information, with S & Royal Group Mongolia, a Mongolian-based investment firm involved in industries such as energy, infrastructure, foreign trade and construction.
Under the MoU, both organizations will establish a long-term business relationship which includes exchanging expert knowledge, opinions and ideas on potential business prospects, as well as explore the possibility of importing and exporting goods between UAE and Mongolia.
S & Royal Group will also explore becoming a permanent member of DGCX and the Dubai Multi Commodities Centre (DMCC).
Les Male, CEO of DGCX, said: “Mongolia is a land that is rich in natural resources and potentially lucrative opportunities, and this MoU with S & Royal Group Mongolia - a leading investment of the country - is aligned with our goal of fostering greater cross-border collaboration and enhancing our knowledge base. The potential benefits of this agreement are vast, and we see this MoU as merely the first step in a long and beneficial relationship.”
Serjbudee Dolgorsuren, President of S & Royal Group Mongolia, said: “We are delighted to partner with the DGCX. Mongolia and the UAE have a rich, historical relationship that dates back a quarter of a century. Our company’s ambition is to become a gateway to the Mongolian market as well as support the country as a major hub for the whole Central Asia region. We look forward to a fruitful and mutually beneficial cooperation with the DGCX.”
The MoU agreement comes after the UAE and Mongolia recently celebrated 25 years of diplomatic relations, as well as the announcement that Mongolia plans to open an embassy in Abu Dhabi.
Established in 2004, S & Royal Group currently owns and manages a portfolio of four sister companies including Yokohoma Tire Mongolia (YTM), Gas Service Corporation of Mongolia (GASCOM), Royal Electric Corporation (REC) and Royal Infrastructure Development (RID) – which are all collectively aimed at implementing long-term strategic projects that will make a significant contribution to Mongolian economic development.
The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement.
The DGCX owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA).
The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract – hydrocarbons, equities and currencies.