as a guy who works in a commodity (power) trading shop in Dubai (also as someone who studied in Geneva for my PhD) I do support it %100 - not only for commodities but also big hedge funds are setting shops recently which will definetly improve the financial infrastructure needed... just search Dubai in recent Bloomberg news or look for the cover story of The Economist on 24th September a month ago, you will see that it is already happening!
Set up my own commodity trading shop in Dubai 6 months ago! This city is truly the best confluence of the East and the West. All the benefits and good things about both the worlds but none of the challenges that plague other countries. Certainly work needs to be done in the banking sector especially for trade financing, but it has begun!
I am from Ghana... and last year i visted Dubai for two months just to get used to the place and mainly because i saw that Dubai is most likely going to be the hotspot commodity trading hub soon. and i am glad you have confirmed this i am happy i subscribed to your channel
Keep up the content haven't been able to find anything good on physical commodity trade everyone talks about futures contracts never the physicality of commodities your vids will catch on brother
I’m a student planning on going into commodities after my master in finance and I find your channel very interesting. I know it is a tough question since no one can see in the future but from your point of view of ex trader in Geneva, how would you see Geneva in the commodity trading hub « competition » during this decade ? For instance, do you have friends or colleagues who consider leaving their trading desk in Geneva for Dubai ? If you were to start it all again in active life, would you go straight to Dubai right now instead of starting in Geneva or Zug (or else) ? Thank you and have a good day 👍
The larggest companies will remain in Switzerland/London for sure. This is still the best places to get cheap liquidity if you are big enough. But the hub will carry on with a slow decline as more ESG/compliance will hit the traders. I know 3 CEO of small trading firms that moved from Switzerland to Dubai the last 6 months. Also a bunch of senior traders that consider moving there to set up a new shop. If i were to start again, i would find a company to send me in a remote/frontier country.
You are on the money damien!!! Dubai is an excellent tax haven,safe, their government takes a "neutral" stance in most geopolitical issues. They have excellent infrastructure( special economic zones) geared for massive industrial expansion since the emir wants to pivot from only making for from oil. But of course their banking system for capital management and investment banking is nothing compared to that of Geneva... I'll set up my holding company there and get some office space there soon!!!
Good intuition Damien! Would you say Dubai is an easier place than Switzerland when it comes to finding an internship and entering the milieu? I'd also love it if you could talk about the languages most useful when trading fuels.
I don't have enough data, but this year a bunch of students from the Shipping and Commodity Academy got their first job in Dubai. This is definitely a new trend.
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I agree with Dubai as the next Hub. Awesome place, but to hot in the summer. Last time there was 122 F in day and 102F at night.
as a guy who works in a commodity (power) trading shop in Dubai (also as someone who studied in Geneva for my PhD) I do support it %100 - not only for commodities but also big hedge funds are setting shops recently which will definetly improve the financial infrastructure needed... just search Dubai in recent Bloomberg news or look for the cover story of The Economist on 24th September a month ago, you will see that it is already happening!
100% correct i couldnt agree with you more
Well said,I remember you talking about this on your Twitter.....Daily you inspire me to get started, Let's Go !!!!!!
Set up my own commodity trading shop in Dubai 6 months ago! This city is truly the best confluence of the East and the West. All the benefits and good things about both the worlds but none of the challenges that plague other countries. Certainly work needs to be done in the banking sector especially for trade financing, but it has begun!
Wish you the best!
How has it been so far?
I am from Ghana... and last year i visted Dubai for two months just to get used to the place and mainly because i saw that Dubai is most likely going to be the hotspot commodity trading hub soon. and i am glad you have confirmed this i am happy i subscribed to your channel
thk!
Hi , how has the process been so far being a commodity trader?
Keep up the content haven't been able to find anything good on physical commodity trade everyone talks about futures contracts never the physicality of commodities your vids will catch on brother
Thk
Hi Damien, what do you think about Singapore ?
I’m a student planning on going into commodities after my master in finance and I find your channel very interesting. I know it is a tough question since no one can see in the future but from your point of view of ex trader in Geneva, how would you see Geneva in the commodity trading hub « competition » during this decade ? For instance, do you have friends or colleagues who consider leaving their trading desk in Geneva for Dubai ? If you were to start it all again in active life, would you go straight to Dubai right now instead of starting in Geneva or Zug (or else) ? Thank you and have a good day 👍
The larggest companies will remain in Switzerland/London for sure. This is still the best places to get cheap liquidity if you are big enough. But the hub will carry on with a slow decline as more ESG/compliance will hit the traders.
I know 3 CEO of small trading firms that moved from Switzerland to Dubai the last 6 months. Also a bunch of senior traders that consider moving there to set up a new shop.
If i were to start again, i would find a company to send me in a remote/frontier country.
Thank you very much for your developped answer, gives me much to think about ! 👍
You are on the money damien!!! Dubai is an excellent tax haven,safe, their government takes a "neutral" stance in most geopolitical issues.
They have excellent infrastructure( special economic zones) geared for massive industrial expansion since the emir wants to pivot from only making for from oil.
But of course their banking system for capital management and investment banking is nothing compared to that of Geneva...
I'll set up my holding company there and get some office space there soon!!!
Good luck with your company
Good intuition Damien!
Would you say Dubai is an easier place than Switzerland when it comes to finding an internship and entering the milieu?
I'd also love it if you could talk about the languages most useful when trading fuels.
I don't have enough data, but this year a bunch of students from the Shipping and Commodity Academy got their first job in Dubai.
This is definitely a new trend.
How about Riyadh? Considering both.
Honestly, no idea abt Riyadh. 🤷♂️
Let's talk about the terms of payment in Dubai!! really? with all these restrictions?
So... imagine in Europe.
Why not Singapore?
Mmhhh… banks there follow the Swiss playbook. 🤷♂️
@@damienwursten mean,They are like Swiss Bank?
u forgot the most important ingredient for trading hub, tax incentives
One of, but def not the most important.