More than 20 students from Year-3 Financial Services at Higher Colleges of Technology–Dubai, Women’s Campus, recently attended a training session conducted by Dubai Multi Commodities Centre (DMCC), the Middle East’s leading commodities authority.
The event was aimed at providing the Financial Services students with an understanding of the online platform DMCC Tradeflow that is used to facilitate Trade Financing in Dubai as part of their “International Trade and Finance” course.
DMCC Tradeflow offers a central, web-based registry of ownership for commodities and other assets in Dubai and the UAE. Owners can store their goods in the country and request the warehouse to issue a warrant (Tradeflow Warrant), allowing for legal representation of ownership. In turn, the owners can pledge these Tradeflow Warrants to financiers in exchange for trade financing. DMCC Tradeflow Warrants are endorsed and administered by DMCC as the governing authority and central registrar.
The session involved practical demonstrations and hands-on training which enabled the students to further understand collateral-based trade finance structures and solutions. Upon completion the students were presented with an official DMCC Tradeflow training certificate.
Ahmed bin Sulayem, DMCCExecutive Chairman said: “DMCC has played a critical role in establishing Dubai as the region’s only commodities centre through its unique value proposition, industry infrastructure, and innovative products and services. The DMCC Tradeflow platform was developed to meet the increasing demand from the international commodity trade finance market for fast, reliable and secure financing solutions in the region, as well as drive the growth and success of Dubai and the UAE as a global trading hub.”
“As industry pioneers, DMCC is committed to sharing its expertise and experience with our future business leaders. Meeting and interacting with students at HCT-Dubai was a great way to showcase the strength and diversity of Dubai’s finance and commodities industry, as well as the integral role DMCC has played within it. We thank HCT-Dubai for inviting us to visit their prestigious establishment and we look forward to supporting more initiatives that educate our youth,” he added.
Dr. Sitalakshmi Ramanan, Business Faculty at HCT-Dubai said: “This training session was organized as part of HCT-Dubai’s efforts to provide opportunities for students to achieve experiential learning. It was an invaluable session for the students as they were trained in the latest and advanced online platform used to facilitate Trade Finance. This has also paved the way for future student-industry interaction mutually benefitting the students and the industry.”
HCT-Dubai Financial Services student Maryam Obaid Saif Al Qemzi said: “The lecture we attended was placing theory into practice, it was a new experience for us because each group was assigned a certain task and we all were anticipating events which made us understand how our studies were actually used in real life. The Guest lecturers made the learning process easier for us to grasp concepts and the reason of certain documents. It was one of the most unique lectures I have attended because the guests made our learning process closer to an activity.”