The award was in recognition of the GMR-facilitated US$10 million rice financing transaction by Standard Chartered Bank for Mohsen Line Trading, a rice trader based in Dubai. The financing was used by the rice trader to purchase large quantities at harvest and meet its working capital requirements.
This is the second consecutive year that DMCC's GMR-facilitated trade financing transaction has been awarded this prestigious honour. Last year, the GMR- backed transaction for financing of steel products at Fujairah received the "Deal of the Year 2007" award.
The GMR is set to become an important risk mitigating tool for financiers. Under the terms of the GMR, members who store their physical inventory in a DMCC-approved warehouse, or who assign control over their goods to an approved Collateral Manager, can be issued a GMR against the value of those goods. The member can then use the GMR to conveniently obtain financing from member banks.
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DMCC receives Euromoney Trade Finance 'Deal of the Year 2008' award
- United Arab Emirates: Wednesday, July 15 - 2009 at 14:28
- PRESS RELEASE
At the recent annual awards of Euromoney's Trade Finance Magazine held in London, Dubai Multi Commodities Centre (DMCC) was presented with the "Deal of the Year 2008" award for its Global Multi Commodity Receipt (GMR)-facilitated transaction.
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About DMCC:The Dubai Multi Commodities Centre (DMCC), a strategic initiative of the Government of Dubai, was established in 2002, with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance.
DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.
DMCC has also implemented a dedicated compliance policy in the organisation, which is in line with the compliance related laws and regulations of the UAE Federal Government and the competent international bodies.
For further information, please contact:
Gunjan Chaurasia / Sudha Hemmad / Nicholas Nesson
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Posted by Nadeen El AjouWednesday, July 15 - 2009 at 14:28 UAE local time (GMT+4)
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