Dubai Multi Commodities Centre (DMCC), the world’s leading Free Zone for trade and enterprise in Dubai, has teamed up with Maersk Trade Finance to offer a ‘one-stop-shop’ solution that handles both the flow of goods and financing.
The requirement was raised by DMCC’s Food Trade Group, set up in October 2016, an industry group aimed at growing the global food trade industry by connecting financiers and traders alike.
As a result, DMCC and Maersk came together to provide the trade with a solution that meets both their shipping and financing needs including pre- and post-shipment finance. The announcement came at the annual DMCC Food Trade Group dinner in Dubai.
Gautam Sashittal, Chief Executive Officer, DMCC, said: “With 90 percent of the Region’s food requirements being imported, access to trade finance is critical and topic that is priority for DMCC’s Food Trade Group. Our collaboration with Maersk marks a significant milestone for market participants, as it not only minimises risk but also acts as a catalyst for growth by providing access to secure trade finance further up, and across the value chain, as well as shipping mechanisms.”
Sinan Ozcan, Maersk Trade Finance, UAE, said: “Access to trade finance is one of the biggest obstacles in global trade and as Maersk we have noticed this gap in the market and created a product that can meet our client’s needs. Maersk Trade Finance combines the flow of goods and finances supporting the businesses who import and export globally. We have established a Maersk Trade Finance entity (Sunrise 15 Middle East Ltd) in the DIFC, regulated by the DFSA, in July 2017. Together with DMCC we look forward to support the growth of local businesses and contribute in ambitions of the UAE government reaching the Vision 2020 targets”.
“Food security has emerged as a growing concern in many parts of the world, with a rapidly growing population, development challenges and climate change, our Food Trade Group will continue to address this to help build a sustainable future of trade for all”, concluded Sanjeev Dutta, Executive Director, Commodities, DMCC.