DUBAI -- An Indian-origin businessman has been appointed as the new chief executive officer of the Dubai Gold and Commodities Exchange in the UAE.
Gaurang Desai, one of the founding members of the team that setup DGCX in 2005, is ideal to take the Exchange to its next stage of development, the company said in a statement.
Desai will be tasked with heading the exchange's operations in the Middle East and beyond. He will be based out of Dubai where he will be leading the development and execution of the group's long-term strategy.
"We are delighted to appoint a key member of the DGCX team to this vital position, providing the company with the confidence that comes with continuity and ensuring DGCX continues the excellent delivery of pioneering products, platforms and services it has become known for," said Gautam Sashittal, CEO of Dubai Multi Commodities Centre (DMCC) and DGCX director.
Desai was previously Chief Operating Officer of DGCX, before being appointed as acting chief executive officer in August, 2014.
DGCX is majority owned by DMCC, a strategic initiative of the Government of Dubai, with a mandate to enhance commodity trade flows through the Emirate by providing the appropriate physical, market, financial infrastructure and services required.
It is an electronic commodity and currency derivatives exchange with 267 members from across the globe, offering futures and options contracts covering the precious metals, energy and currency sectors.