DGCX’s volume hits all-time monthly high in June

Total volume on Dubai Gold and Commodities Exchange (DGCX) rose to an all-time high in June at 192,138 contracts, surpassing the previous peak achieved in November 2009, according to DGCX.

The strong activity was led by significant increases in volume across all product suites – precious metals, currencies and crude oil. Month-on-month volume rose by 24% for gold, 95% for Euro/Dollar, 40% for INR and 187% for WTI futures, DGCX said in a press release.

Setting yet another record, the volume of Indian Rupee/Dollar futures also scaled a new monthly high in June, at 12,159 contracts, demonstrating robust demand for the product.

Trading and participation on the Exchange has continued to expand since the start of 2010, borne out by a year-to-date June 2010 volumes of 934,403 contracts compared to 631,850 contracts over the same period in 2009, a growth of 48%.

The underlying value of total commodity and currency futures transactions in June was $10.846bn.

Commenting on the activity in June, Eric Hasham, Chief Executive Officer, DGCX, said, "June marked several milestones for DGCX. In addition to achieving the highest traded overall and Indian Rupee volumes, June also saw the launch of three new currency contracts." "The DGCX INR/Dollar futures contract is the only exchange-traded Rupee futures outside of India, and is witnessing new interest from businesses, arbitrageurs and investors," said Hasham. "This is spurred by the contract’s higher liquidity, competitive trading costs, guaranteed settlement and reduced counterparty risk."

Info2cell.Com To Create New Niche Markets With 3.5G-Enabled Services As UAE’s Mobile Subscription Rate Hits 235 Per Cent

Info2cell.com, the leading mobile application service provider in the Middle East, has announced that it is expanding its portfolio of mobile services to enable subscribers to take advantage of significant advancements in the UAE’s mobile phone sector, particularly the arrival of 3.5G technology that delivers unprecedented broadband services to mobile users. The new range of offerings is expected to help develop new niche markets and boost Info2cell.com’s client base, in tune with the dramatic increase in mobile subscription in the UAE, which is expected to reach 235 per cent by end of 2009 and 251 per cent by 2010.

Info2cell.com pointed out that industry experts are particularly bullish about the long-term prospects of the 3.5G technology, expecting 3.5G mobile handsets to account for up to half of all global handset sales by 2013, an exceptional increase from just 7 per cent in 2008. Info2cell.com further revealed that it has tailored its new range of services and mobile solutions to correspond to the new demands of subscribers, delivering a more satisfying experience when video streaming, receiving TV signals, playing music or sending large files through their mobile phones or PDAs.

Bashar Dahabra, Founder and CEO of Info2cell.com said: "The advent of 3.5G technology has totally changed the direction of the mobile sector. We are now able to deliver increased voice capacity and higher speed data rates, giving mobile subscribers greater control and a much better range of choices. Info2cell.com has developed and enhanced our broad selection of services to complement the transformation of the mobile sector into a much more ubiquitous and significant lifestyle tool, particularly in the UAE, which in 2008 alone was estimated to have nearly 10 million mobile subscribers."

Info2cell.com has been a leading provider of mobile applications and content in the highly competitive MENA markets, managing more than half a million subscribers and accommodating up to 100 mobile requests per second. The content provider uses advanced mobile messaging technology to offer a wide range of services such as the new News Alerts via SMS or MMS, the advanced Mobile Value-Added services, personalized information services such as Alwan, GPRS, GSM, Edge services and the interactive mobile services for TV channels.