Mashreq Hosts Seminar on Steel Rebar Futures
26 September 2007
Dubai,United Arab Emirates - Mashreq recently hosted a seminar for a select group of corporate clients to raise awareness on steel rebar futures. Dubai Gold and Commodities Exchange (DGCX), a subsidiary of the Dubai Multi Commodities Centre (DMCC), a Government of Dubai Authority, is introducing steel rebar futures on the 29th October 2007.
Commenting on the event, Mr. Omar Bouhadiba, Head of Corporate and Investment Banking at Mashreq, said “With Mashreq being a clearing and Broking Member at the DGCX, it would provide its clients with ready access to a platform to hedge and invest in the proposed Steel Futures Contract.”
Mr. Bouhadiba highlighted Mashreq’s stellar performance in the half year that ended June 2007 as core revenues from regular banking business showed a healthy increase over last year. The net profit for the half year that ended June 30, 2007 reached AED 956 million, a growth of 45% over AED 660 million for the same period last year.
Speaking at the occasion Mr. John Short, Executive Director, Steel and Base Metals, DMCC, highlighted the various rules & regulations governing the contract as well as the various benefits that can be derived from the traders’ and contractors’ perspectives. He also explained how Dubai Commodities Receipt (DCR) is used as an effective delivery instrument for the settlement of the contract. Stressing on the relevance of the product for the region and the benefits that accrue to the participants, John Short added “The new boom in the construction industry calls for an effective hedging instrument tool, since costs are fixed at the time the contract is entered into. A steel rebar future would place the players in the steel industry in a better position to effectively over-ride the price fluctuations.”
The seminar was held for steel traders, contractors and manufacturers and it aimed to equip them with information and strategies necessary to hedge and invest in steel products.
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About Mashreq
Mashreq is the largest private bank in the UAE and also the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts it was the first to launch such products as travellers’ cheques, credit cards and ATMs.
It is invariably among the highest performing banks in the region. Last year it recorded a Net Profit of over US$470 million from a Total Operating Income of $844 million. At the end of last year its Total Assets stood at $15.2 billion
Mashreq has received numerous international awards, particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin.
As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
For further information, please contact:
Saad Hakim, Rania Helmy & Pooja Keswani
PR Manager, Mashreq Gulf Hill & Knowlton
Tel: 04 6083707 Tel: 04 334 4930
Email: SaadHa@mashreqbank.com
Email: Iman.Issa@hillandknowlton.com
Email: Pooja.Keswani@hillandknowlton.com