The Dubai Metals and Commodities Center (DMCC) announced the upcoming launch of a commodity warehouse receipts system in Dubai. Known as Dubai Commodity Receipts (DCR's), the new system is an initiative of DMCC to facilitate both the financing and storage of bulk commodities in Dubai. The DCR system will be implemented in early 2004.
DCR's themselves will be issued by approved warehouses for inbound deliveries of bulk commodities. The warehouses will issue DCR's on a DMCC controlled web-based technology platform. Once the commodity has been delivered, and a DCR issued, it is then a matter of approaching a banking member of the DCR system to obtain finance.
DMCC was created as a strategic goal of the Dubai Government to establish a commodity marketplace in Dubai. As an innovator and a regulator, DMCC is committed to serve the needs of participants in the Dubai gold, diamonds and commodities market. The Center aims to attract key players throughout the entire value chain of each of these industry sectors, together with relevant support industries such as finance, logistics and insurance.
DMCC offers resident partners numerous benefits, including a secure regulated environment, special freight rates, a 50-year tax holiday and the benefit of ownership of business premises.
Strategically located in Dubai at the crossroads of trade and commerce between the East and West, DMCC is positioned for manufacturers to service and access markets that span the Middle East, North and Southern Africa, the Indian Subcontinent and CIS countries. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
