Transguard And DMCC Announce Special Freight Rates For Bullion Shipments

HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Emirates Group, has signed an agreement on behalf of the Group's security provider Transguard that gives companies in the Dubai Metals and Commodities Centre (DMCC) reduced rates for gold shipments to all the major gold centres served by the Emirates.

Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation and Chairman of DMCC Board, signed the agreement on behalf of the DMCC.

Sheikh Ahmed said: "I welcome this agreement which enables Transguard to play a role in the development of a key facility in Dubai. Transguard meets the most stringent international standards and I am sure that companies in the DMCC will benefit from its services."

The new agreement puts the icing on the cake for resident companies in the DMCC, a free zone established in April last year to provide full facilities for trading in gold diamonds and key commodities along with 100 per cent  ownership and a 50-year tax holiday.

“We envisage that these reduced rates will assist in strengthening Dubai’s position as a gateway for gold exports on a global level," said Sultan Ahmed bin Sulayem, “The DMCC seeks to provide its companies with the most  favorable environment to do business, not only from an alliance perspective, such as this one with the Emirates Group, but also on a technological and facilities basis”.

These companies now have the advantage of Transguard's reduced freight rates when using Emirates SkyCargo to and from the major gold markets such as Mumbai, New Delhi, Chennai, Cochin, Karachi, Lahore, Jeddah, Riyadh, Kuwait,  Istanbul, Singapore, London, Bahrain, Doha, Muscat, Zurich, Switzerland, Sri Lanka, Egypt, and Jordan.

In addition to preferential tariffs, DMCC resident companies will have access to a host of special services through Transguard’s state of the art  facilities.

Dr. Abdulla Al Hashimi, Chief of Group Security, said: “Transguard is committed to becoming a key player in this highly specialized business. We are investing over Dh15 million in the construction of a  special handling facility for precious metals at the Dubai Airport Free Zone and an additional Dh3.5 million to add 15 more special armoured vehicles to its existing fleet of  35; bringing our total fleet to 50 armoured vehicles by year end.”

Transguard expects around 1,500 tonnes of gold imports annually, with exports reaching 1,300 tonnes. With gold prices currently high, around 1,000 tonnes annually is expected to be scrap gold such as old jewellery to be melted down.

Platinum imports however are expected to be around 6,000 tonnes annually, especially with the metal used widely as a catalyst by the oil industry and the  news that Parekh Platinum is moving its manufacturing base from India to the Dubai Metals and Commodities Centre.

About DMCC

The Dubai Metals and Commodities Centre (DMCC) was established in April 2002. DMCC will provide a full range of facilities for trading in gold, diamonds and key commodities. 

The new Centre will be a free zone offering 100% ownership and a 50 year tax holiday to resident companies. The facility will offer a full service to those organisations involved in gold trading with physical trading  facilities, storage, hallmarking/assaying as well as package and delivery facilities available on-site. Three refineries will also be housed within the complex.

Trading facilities, a convention Centre, a training Centre and a gems lab will be available to DMCC resident companies in the diamond trade while the commodities industry will be provided with world-class trading, storage and  logistics facilities.

Transguard

Transguard is the Emirates Group’s security services provider offering reliable, practical, cost-effective security solutions of international standard  to most of the premier banks operating in the region plus ground handling of high value cargo to all airlines at Dubai International Airport.

Transguard operates 35 armoured trucks (with more on order) and recently opened a state-of-the-art Cash Processing Centre at its base in the Dubai Airport Free Zone.