DMCC 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.