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As volumes on the Dubai Gold and Commodities Exchange (DGCX) reach unprecedented levels, banks in the region are desperate to take on commodities experts.

Jakob Bloch, managing director, Commodity Appointments, reckons the glut of opportunities is in the gold, metals, oil and freight sectors.

“All the major banks have an arm in the Middle East and they have been recruiting people at all levels,” he says.

However, a lack of local talent in the commodities sector is making banks and companies look internationally, which means salaries have had to remain competitive with the West, he says.

DGCX is gearing up to boost trading volumes by 100% to hit two million contracts in 2008, as commodities become the asset of choice for banks globally.

DGCX chief executive officer Malcolm Wall Morris has said that to achieve this target, DGCX will be developing and listing new products, including region-specific contracts.

“Our trading volumes have grown significantly since inception, with year on year increases in revenues and trading volumes,” Morris said.

A senior DGCX official admits that commodities’ allure has increased, and the number of traders working in the sector is on the up.

"The number of traders on the exchange has increased in the last year. This clearly shows that there is demand for talent in the commodities sector," he says.

Leslie Nicholas, oil practice head at Commodity Appointments, says: “Established international banks and trading companies are of course expanding their activities in Dubai, but we can also expect to see an increasing number of local companies becoming more visible. There is well-placed optimism in the markets.”