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DMCC’s GMR finances over Dh 1.1 billion
DUBAI — Dubai Multi Commodities Centre Authority (DMCCA) Global Multi Commodity Receipt (GMR) facilitated the financing of over Dh 1.1 billion during 2009, covering petroleum products, iron and steel and soft commodities including rice and tea.
The DMCCA-operated electronic warehouse receipt system also added enhanced features to cover the pledge of commodities held in vessels within UAE territorial waters in favour of the financier, further expanding the appeal of the GMR.
“In these times of tight credit and liquidity, managing risk is a priority for financiers,” said Ahmed bin Sulayem, Executive Chairman, DMCCA. “GMR is a valuable risk-mitigating tool, as it secures financing through the intrinsic value of underlying commodities. The financing of over Dh 1.1 billion in 2009 alone is a demonstration of financiers’ confidence in GMR’s value proposition in facilitating and expanding trade financing.”
The GMR electronic warehouse receipt system enables GMR members to store a variety of commodities in DMCCA-approved facilities managed by independent Collateral Managers.
Electronic warehouse receipts are issued against the stored commodities, enabling electronic title transfers and facilitating trade financing by member banks against the value of the underlying commodities.
Malcolm Wall Morris, Chief Executive Officer - DMCCA, said: “DMCCA’s Global Multi Commodities Receipt has been seeing a growing response from financiers and commodities traders alike, especially in these difficult economic times when robust mechanisms for managing and mitigating risk are considered an imperative to financing working capital.
—business@khaleejtimes.com
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