DMCC Al Khaleej Sugar and Universa Blockchain to launch sugar trade platform

“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.

In January DMCC also carried out a first when it announced alongside CV Labs Switzerland the creation of crypto valley in DMCC