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Dubai: DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has signed a strategic membership agreement with Al Khaleej Sugar and Universa Block Chain that sees DMCC Tradeflow support the development of a new sugar trading platform in Dubai.
The platform under development will enable traders to purchase, store, and trade the sugar of Al Khaleej Sugar through smart contracts on a blockchain technology provided by Universa. The DMCC Tradeflow platform will act as the central registry of ownership of the sugar through enforceable warrants to prove existence of reserves, and enable secure and transparent international trade.
“This is an exciting agreement, and DMCC is supportive of any initiative that enhances the transparency, speed and security underpinning commodities trade. 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,” said Feryal Ahmadi, Chief Operating Officer, DMCC.
The signing ceremony was held during the Dubai Sugar Conference in Dubai on 10 February 2020, and attended by Feryal Ahmadi, Chief Operating Officer, DMCC; Jamal Al Ghurair, Managing Director, Al Khaleej Sugar; and Alexander Borodich, Founder and CEO, Universa Blockchain.
“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. And as the world leading commodity trading hub, we look forward to working with DMCC to further boost the sugar trade in Dubai,” said Jamal Al Ghurair, Managing Director, Al Khaleej Sugar.
“Establishing a new sugar platform is a perfect example of how blockchain can be used to increase efficiency and transparency on an already secure platform,” commented Alexander Borodich, Founder and Chief Executive Officer, Universa. “It is encouraging to see such a prominent player in global trade implementing the next generation of technology. I look forward to seeing the platform grow with the aid of our fully scalable blockchain platform,” he added.
DMCC Tradeflow is an online platform that offers a secure and transparent central registry of ownership for commodities stored in Dubai. The title of stored commodities can be transferred or pledged through DMCC Tradeflow’s robust legal and Sharia compliant framework. This unique commodities receipt platform addresses the gap in trade finance in the MENA region, by offering enforceable collateral-based trade finance solutions for all participants in the value chain.
DMCC Tradeflow allows physical inventories that are stored in DMCC certified and rated warehouses around the UAE to be converted into electronic negotiable instruments, ‘DMCC Tradeflow Warrants’, governed by a strong and transparent regulatory regime and administered by DMCC.
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PR & Corporate Communications
pr@dmcc.ae
About DMCC
Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future. www.dmcc.ae
About Al Khaleej Sugar
Al Khaleej Sugar (AKS) is the first sugar refinery to be established in the Arabian Gulf Region. Based in Jebel Ali in Dubai, Al Khaleej Sugar has grown, since production commenced in 1995, to become the world’s biggest standalone sugar refinery. The company has a current production capacity of 7,000 tonnes of refined white sugar per day. The refinery can produce more than 2 million tonnes of refined sugar per year, and has the largest storage capacity in the world. In 2017, the state-of-the-art refinery had a record annual production of 1.87 million tonnes. Al Khaleej Sugar employs over 500 people and exports its products to more than 50 countries. It imports raw sugar from traditional sugar-producing origins, such as Brazil, India, Australia and Thailand. Currently, the company has several international projects underway. The Canal Sugar Project in Egypt is a major agro-industrial venture to produce beet sugar and fill a gap in the market, enabling the country to become self-sufficient in the production of sugar. The Iberica Sugar Project in Spain, which is still under consideration, will have an annual capacity of 1.7 million tonnes of beet sugar. At present, Al Khaleej Sugar contributes to about 3% of the annual global refined sugar production. Supported by the excellent logistical facilities of Jebel Ali Port and other inherent positive contributing factors of the UAE, the company has achieved remarkable growth operating in a primarily non-agricultural region.
About Universa
Universa Group - solutions integrator for digital transformation of countries, banks, cities, financial and industrial groups using technology based on Universa Blockchain distributed ledger, smart contracts and artificial intelligence. Universa Blockchain is the fastest industrial public blockchain in the world: 20,000+ tx per second. Universa Group founded in 2017, now operates in EMEA, Africa and Asia.
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