UAE introduces new finance platform, eyes trade boost
Dubai’s commodities hub, referred to as the ‘free zone’, is aiming to scale up its global operations, revealing plans for a new financial platform during a trade tour to Vietnam, according to an official statement from the Dubai Multi Commodities Centre (DMCC) on October 30th.
The DMCC wrapped up its promotional tour in Ho Chi Minh City and Hanoi, and now intends to launch a financial platform designed to boost trade finance, fintech innovation, and digital strategies for the 26,000 organisations currently operating under DMCC.
This move signals UAE’s bid to strengthen economic ties with Southeast Asia, following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Vietnam during October 2024.
Following the signing of the CEPA, non-oil trade between the two countries has jumped up to more than 7 billion USD in the first six months of this year – a 16.9 per cent surge from last year, and is anticipated to reach roughly 20 billion USD in the coming years.
The UAE has shown a strong interest in strengthening its ties with Russia to boost trade and with Tunisia for food sector partnerships.
The new financial platform is expected to act as the framework of a bigger ecosystem, which also includes the recently launched DMCC Wealth Centre, catering for family offices and private equity firms.
The platform will incorporate banks, fintech organisations, accelerators, and investment firms in an attempt to strengthen Dubai’s position as a global financial hub.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: “With more than 670 Southeast Asian companies registered in the DMCC community – including a growing number of Vietnamese companies – we continue to strengthen regional trade links and build business ecosystems that align with Vietnam’s economic strengths, from agricultural sectors such as coffee and tea to energy supply chains and advanced technologies.”
Sulayem also said: “We look forward to deepening this partnership, opening new avenues for trade cooperation, and supporting Vietnamese companies in leveraging the partnership agreement to expand globally from Dubai.”
During the Vietnam trade tour, 550 Vietnamese business leaders attended sessions. The sessions revolved around potential cooperation in sectors such as agricultural commodities, artificial intelligence, and digital infrastructure.
The new financial platform denotes the next step in transforming DMCC from a commodities hub to an integrated business, finance, and technology ecosystem.
DMCC, Maghrebi.org
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