Dubai Multi Commodities Centre launches cotton platform

Dubai Multi Commodities Centre has launched Dubai Cotton Centre, a new trading subsidiary, to consolidate its position as a key link in the global cotton supply chain between central Asia and consumers across Asia.

According to a release, the newly-established DCC also signed trade agreements with Uzbekistani suppliers to buy 100,000 tonnes of cotton and sell it in the wider Asian market. Uzbekistan is third major cotton exporter in the world, and is a key supplier to Asia.

DCC also signed a memorandum of understanding with Wakefield Inspection Services for availing quality inspection services, and another with Tianjin Commodity Exchange for selling and marketing Uzbek cotton in China, the release said.

Through its indigenously developed Global Multi Commodities Receipt, DCC will also facilitate trade finance for cotton inventory purchased by traders and stored in Dubai. Further, DCC will provide inspection facilities throughout the trade journey of the material, the release said.

DMCC is a Dubai government initiative to establish itself as a commodity trading hub. It has already consolidated its position in global tea trade, and diamond and pearl trade in the last couple of years.