The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia10 hours ago
David Rutledge, Executive Director, Commodities, DMCC, said: "Currently we are in stage of finalising bankers, warehouse companies, collateral management and commodity inspection companies. We have to short list from15-20 bankers who have evinced initial interest in DCR, about 10-12 warehouse companies have expressed their interest to join the core group and about 3-4 collateral management companies have approached DMCC to offer their services. Names of these core group participants cannot be revealed at this stage due to the confidentiality."
DMCC had officially announced the launch of DCR earlier, during the launch of Dubai Tea Trading Centre. After tea, the DMCC is reported to be working on 3-4 more commodities. Rutledge, said: "The DMCC has identified many target groups for the initial launch of DCR. The product is essentially a trade finance tool which may possibly evolve into a trading platform in future. The scheduled marketing event will first see the launch of DCR in Dubai."
On success ratio of DCR, Rutledge, said: "We are optimistic of the success of DCR as the initial core participants would be the companies who trade in commodities and will require bankers, warehouses and collateral management companies and hence chances of converting these conventional trading companies into the more market savvy DCR would not be difficult as these services will help the trade in reducing their cost of operation coupled with secured and transperant transactions."
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia10 hours ago
Dubai Police have asked drivers to be extra cautious
transport10 hours ago
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
cricket10 hours ago
Dubai Police have asked drivers to be extra cautious
emergencies11 hours ago
The country has set a new Guinness World Record by creating the largest falcon hood, beating the previous record of 1.65 metres
uae11 hours ago
Hamas' health ministry said that 94,616 people have been wounded since the conflict began on October 7
mena12 hours ago
In most Islamic countries, including the Gulf countries, the Prophet's birthday is observed on 12 Rabi’ Al-Awwal 1444
uae holidays13 hours ago
Traffic will be diverted to the opposite side during this period
transport13 hours ago