Dubai gold exchange expands commodities trading business in Africa with MOU
Victoria Falls Stock Exchange signed a memorandum of understanding with the Dubai Gold and Commodities Exchange.
The deal was announced this week. Victoria Falls Stock Exchange is a subsidiary of the Zimbabwe Stock Exchange. According to a report by The Herald, the Dubai gold exchange is agreeing to extend its technical support, knowledge and skills to Victoria Falls Stock Exchange, with the ultimate aim of establishing an international commodities exchange in Zimbabwe.
The CEO of Dubai gold exchange, Les Male, said the agreement is part of a wider strategy for the African continent.
“We are delighted to forge a partnership with the Victoria Falls Stock Exchange, as part of our wider strategy to strengthen commodities trading across Africa. We are confident that our deep knowledge and expertise will help bring value to VFEX as they kick start the Offshore Financial Services Centre (OFSC) for the special economic zone in Victoria Falls," Male told The Herald. "The partnership also builds on our expanding international footprint and represents another opportunity for as to build stronger inroads into Africa, a rapidly growing market with enormous potential.”