Dubai Gold and Commodities Exchange says Israeli firms can join

The Dubai Gold & Commodities Exchange (DGCX) said on Sunday qualified Israeli companies could now join and use its trading services and platforms.

It said approval from the Israeli Securities Authority for Israeli companies to become DGCX members had enabled the move. Israel and the United Arab Emirates established diplomatic relations last year after US-brokered negotiations.

The DGCX said the way was open for it to launch its global products and services, such as futures and options contracts that cover precious metals, energy, equities and currency sectors, in Israel as it expands its derivatives trading in the Middle East.

DGCX chief executive Les Male said the so-called Abraham Accords that led to formal ties with Israel provide “a springboard for the Israeli community to come to Dubai and invest, opportunities for our new Israeli member base to hedge risk, and to invest in secure and safe assets during times of uncertainty.”

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