DMCC chief executive quits

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The CEO of Dubai Multi Commodities Centre (DMCC), Malcolm Wall Morris, has resigned after four years in the role, the company announced on Monday.

Wall Morris stepped down to “follow a new career path”, a statement from DMCC says.

He has been replaced by Gautam Sashittal, who was DMCC chief operating officer and has 25 years experience in the energy, resources and financial markets, including as chief financial officer of the Dubai Gold and Commodities Exchange.

DMCC is the region’s leading commodities authority and under Wall Morris’ leadership it became the largest free trade zone in the UAE in September, with more than 8000 companies.

“At the bottom of the economic crisis when no executive wanted to take on the DMCC, Malcolm rose to the challenge,” DMCC executive chairman Ahmed Bin Sulayem said in a statement.

“In a new role, unfamiliar with the free zone market, he did better than anyone I could have ever imagined.  Under his guidance the DMCC has seen phenomenal growth with every year of Malcolm’s tenure being a record year in terms of new members joining the free zone.

“This culminated late last year in the DMCC becoming the largest free zone in the UAE.”

As the new CEO, Sashittal also will take on responsibility for the DMCC Free Zone in Jumeirah Lakes Towers (JLT), of which it is the master developer and licensing authority.

The community, where about 80,000 people live and work, is undergoing significant development, including new traffic routes and a plan to fill in part of ‘Lake A’ with a mosque and car park after ‘Lake B’ was transformed into a park and basketball court.

Bin Sulayem revealed six months ago that he did not like the community’s four lakes and would consider filling in more. The lakes were part of the original master design before he was appointed.

“It’s no secret, I hate lakes. I love more efficiency,” he said in June last year.

“The only lake that I think will be untouchable is the one facing the Dubai Diamond Exchange [because of] the view.”

DMCC also has plans to build the world’s tallest office tower, which it has dubbed “Burj 2020”. No details have been released yet.

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