DUBAI: Dubai Gold Securities, a sharia compliant Exchange Traded Commodity (ETC) backed by physical gold, has accepted Morgan Stanley to trade its product on the NASDAQ Dubai stock exchange, the firm said yesterday. "The fact that Morgan Stanley has chosen to become an applicant is indicative of the growing institutional interest in, and awareness of, Dubai Gold Securities," said Grant Collins, senior managing director at Dubai Commodity Asset Management, the marketing agent for Dubai Gold Securities. Morgan Stanley will be able to redeem Dubai Gold Securities and take physical delivery of the underlying physical gold bullion, said the Dubai Gold Securities statement. As the global economic crisis created uncertainly in stock markets, investors worldwide have flocked to gold, seeing it as a safe haven. In the region, the trend towards buying gold has mainly been from individuals rather than institutions as the price of the yellow metal remains high due to high investor demand. Each security called "Dubai Gold" is 100 percent backed by physical allocated gold held in a safe-kept by an independent custodian, HSBC. One share represents one ounce of physical gold. With an eye on the untapped local market and the popularity of vehicles for Islamic banking, the Dubai Multi Commodity Centre (DMCC) in March launched Dubai Gold Securities. By the end of July, the instrument had traded around 28,000 times, Sameer Meralli, managing director of investments at Dubai Commodities Asset Management (DCAM), a unit of DMCC told Reuters last week. The value of each security was about $90-$95, giving trade to date of around $2.5 million. "We believe that Morgan Stanley's participation in the offering will serve only to enhance volumes and to tighten pricing in the market for the securities," said Collins. - Reuters Local News The Palms holds media Ghabqa KUWAIT: The Palms Beach Hotel & Spa invited media representatives and their families to celebrate with the Palms Beach Hotel... Changing the kafeel: Debates rage over amending the labor law Divers retrieve 7 tons of waste 98% of Muslim Arabs fast Terror cell members KIU slams Coops policies Media urged to ensure accuracy, reliability 'Laid off' issue to be solved soon Regional News Iraqi Shiite groups form new alliance without PM BAGHDAD: Major Shiite groups have formed a new alliance that will exclude the Iraqi prime minister, lawmakers said yesterday, a... Netanyahu sees talks with Palestinians in two months Iran to cooperate with IAEA Egypt fishermen return home after pirate ordeal Plans for new Jerusalem settlement Mideast and Iran to top Bibi's talks in Europe Palestinian women make Jewish skullcaps Yemen says more than 100 Shiite rebels killed

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