PHOTO
Dubai, UAE - DMCC ('Dubai Multi Commodities Centre'), the Government authority on trade, enterprise and commodities in Dubai, today announced the signing of a Memorandum of Understanding (MoU) with Economics World Zone, Jafza's parent company.
The purpose of the memorandum is to enhance trade and explore new collaboration between Dubai's leading Free Zones by sharing best market practices and access to state-of-the-art technology through trading platforms such as DMCC Tradeflow.
Jafza companies will benefit from a range of products available through DMCC Tradeflow, the only electronic central registry for commodity ownership in the region, and its value added services including Sharia compliant commodity Murabaha mechanisms, inventory financing, as well as certified storage facilities through DMCC's 'warehouse inspections and ratings programme'.
Commenting on the new strategic partnership during the signing ceremony that took place at Jafza, Ahmed Bin Sulayem, Executive Chairman, DMCC, said:
"This collaboration with Jafza marks a natural next step in how DMCC seeks to collaborate with Free Zones to offer market participants access to technology and infrastructure they need to trade efficiently, - and how we deliver the future of strategic partnerships for the benefit of Dubai's economic growth."
Ibrahim Mohammed Aljanahi, Deputy CEO and Chief Commercial Officer of Jafza, said, "The DMCC Tradeflow platform has gained the trust of registered companies due to the transparency of operations and safety of the information shared. Companies also have easy access to funding by registering on the platform that has contributed to their expansion and growth in local and regional markets."
He emphasised, "Jafza has joined hands with DMCC to provide our customers with the facility to promote their trade. Our customers can list their companies and commodities on the DMCC Tradeflow platform to finance their businesses without hurdles. It has been our persistent effort to provide our customers with the most innovative services to expand and grow their businesses and this agreement with DMCC is another step in this direction."
Aljanahi added, "Through this agreement, Jafza will promote the platform to all companies operating in the free zone during seminars, workshops and customer forums that are organised for all sectors. DMCC will also train Jafza officials to examine the system and evaluate the warehouses; thus Jafza will become a member of the Warehouse Inspection and Rating Programme."
The signing ceremony took place at Jafza's headquarters and was attended by representatives from both Free Zones including: Ahmed Bin Sulayem, Executive Chairman, DMCC, Sanjeev Dutta, DMCC Director, - Tea, Tradeflow, Ibrahim Mohamed Aljanahi Deputy CEO and Chief Commercial Officer of Jafza, Talal Al Hashimi Chief Operation Officer and Asim Al Abbasi Chief Financial Officer. With over 12,000 member companies, DMCC is the UAE's largest and fastest growing Free Zone also voted 'The Global Free Zone of the Year' by Financial Times' fDi Magazine. The memorandum between DMCC and Jafza is a result of a longer term collaboration between the two Free Zones designed to complement and contribute to Dubai's growth.-Ends-
About DMCC
DMCC is the authority on trade, enterprise and commodities in Dubai--home to the world's leading businesses of today, and tomorrow.
The most successful markets create conditions that enable producers, traders and consumers to thrive. DMCC is a Dubai Government Authority committed to developing these ideal conditions and has a strong track record in commodity trade facilitation where we encourage and support business through the platforms we provide. These include our Free Zone, commodity exchanges, legal and regulatory frameworks and our real estate offering.
DMCC is developing the 'Burj2020 District' as part of our DMCC Free Zone expansion strategy to provide leading businesses with a commercial property offering unique to the Dubai marketplace.
Indispensable to the economic growth of the nation, we - together with our members - deliver strong performance today, and sustainable growth tomorrow.
DMCC. Made for Trade.
About Jebel Ali Free Zone (Jafza)
Jebel Ali Free Zone (Jafza) is one of the world's leading free trade zones. A DP World-owned company, the free zone was created in 1985 to promote trade and support container throughput at the Jebel Ali Port. Today it is one of the largest free zones globally and the region's most efficient logistics hub. Located in Dubai, United Arab Emirates, between the world's most productive container
terminal, Jebel Ali Port, and Al Maktoum International Airport, Jafza provides the best in multi-modal connectivity.
Jafza accounts for almost 32% of total FDI (Foreign Direct Investment) flow into the country. The free zone contributes 21% of Dubai's GDP on a yearly basis and it sustains the employment of more than 144,000 people in the United Arab Emirates. In 2015, Jafza generated trade worth USD 87.6 billion.
As the leading business hub between Asia, Europe and Africa, the fastest growing producing and consumer markets globally, with over 30 years' experience, Jafza focuses on long-term customer relationships. Jafza builds alliances with global investors by providing them with world-class infrastructure and support, plus quality-driven value-added services and incentives. Jafza enables its customers to access huge business opportunities in the region with ease and efficiency.
Media Enquiries:
DMCC
PR & Corporate Communications
pr@dmcc.ae
© Press Release 2016
