DMCC stengthens senior management team
Tawfique Abdullah becomes new vice chairman and Dr David Rutledge takes on acting ceo role.
Dubai Metals and Commodities Centre (DMCC), which trades gold, diamonds and commodities, today made strategic announcements for two of the most senior positions in the organisation.
Tawfique Abdullah, the former chief executive officer (ceo), has been promoted to the position of vice chairman of the company and Dr David Rutledge, who was earlier the executive director is the new acting CEO of DMCC. Both Mr. Abdullah and Dr. Rutledge have played important roles in taking the organisation to where it is today.
According to a DMCC press statement, Abdullah has been "instrumental in positioning DMCC as a leader in the gold and diamond industry internationally, through developments of successful initiatives such as the creation of the Dubai Diamond Exchange and the implementation of the Kimberley Process Certification Scheme in the UAE. Having been closely involved in the project from its initiation he assumed overall responsibility for all aspects of DMCC following its formal launch. He will now have overall responsibility for DMCC, give strategic directions and maintain high level customer relationships."
Rutledge is credited with driving development of the commodities sector for DMCC, in particular the creation and successful implementation of the Dubai Commodity Receipt and the Dubai Gold and Commodities Exchange.
Drawing on his wealth of international experience in the commodities, financial and related derivatives markets both within Australia and the US, Rutledge who hails from Australia, has most notably held positions as managing director, Zurich Capital Markets; ceo, Sydney Futures Exchange; ceo, Queensland Sugar Corporation; vice president and chief economist at the New York Comex Exchange; svp (market development), New York Board of Trade. He will assume the role of acting ceo of DMCC while keeping his current portfolio as head of commodities.
Commenting on the two appointments, Sultan Ahmed Bin Sulayem, executive chairman, DMCC said: "These are the two most decisive organisational announcements for DMCC. We decided to make these changes to enable DMCC's current senior management to play a more important and strategic role in moving DMCC even further forward."
The Dubai Metals and Commodities Centre (DMCC) was created in 2002 as part of a strategic goal by the Dubai Government to establish a commodity market. It provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets.