Dubai's DMCC, Al Khaleej Sugar, Universa team up to develop sugar trade

UAE –  Dubai Multi Commodities Centre (DMCC) has inked a strategic membership agreement with Al Khaleej Sugar and Universa Block Chain for DMCC’s platform ‘Tradeflow’.

This partnership aims to further develop a new sugar trading platform in Dubai through the platform in which DMCC Tradeflow is the central registry of sugar ownership through issuing enforceable warrants.

The platform will allow traders to purchase, store, and trade the sugar of Al Khaleej Sugar through Universa’s smart contracts, according to a press release.

Commenting on the agreement, DMCC’s chief operating officer, Feryal Ahmadi, said: “This partnership will come as welcome news to investors, businesses and the international sugar trade as a whole. We are confident that when complete, this new platform will help drive significant international sugar trade volumes through the emirate of Dubai.”

Meanwhile, Al Khaleej Sugar’s Managing Director, Jamal Al Ghurair, noted: “As the largest standalone sugar refinery in the world, with capacity to hold more than 1.6 million tons of sugar, we are delighted to be able to set up a sugar platform on such a robust and established platform as DMCC Tradeflow.”