The DMCC yesterday announced that it has signed an MoU with the Economics World Zone, the parent company of the Jebel Ali Free Zone (Jafza).

 “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,” the Centre said in a press release.

Tradeflow iis an electronic central registry for commodity ownership –   the only one in the region;  and its value added services include Sharia compliant commodity Murabaha mechanisms, inventory financing, as well as certified storage facilities through DMCC’s ‘warehouse inspections and ratings programme’, DMCC explained. 

Ahmed Bin Sulayem, Executive Chairman, DMCC, commented: “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 explained that this step represented Jafza’s “persistent effort” to provide their customers with the “most innovative services” to expand and grow their businesses. 

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.”

Pic Cap: At the signing ceremony at Jafza’s headquarters

Courtesy: DMCC