Dubai Commodities Free Zone Develops SME Financing Platform
by Lorys Charalambous, Lowtax.net, Cyprus
27 October, 2017
The Dubai Multi Commodities Centre, a leading free trade zone in the United Arab Emirates (UAE), has announced the creation of a new web-based trade finance platform for small and medium enterprises.
The Sharia-compliant platform is being developed in partnership with Dubai SME, the agency responsible for developing the region's small and medium enterprise sector, and will allow SMEs to pledge their assets for lending purposes. The platform will be subject to the DMCC's regulatory framework.
Gautam Sashittal, CEO of DMCC, said: "This cooperation between DMCC and Dubai SME opens a new avenue for funding and financing SMEs. We are all aware that SMEs have had challenges securing financing to grow their businesses, [so] this cooperation will be valuable to all SMEs based in Dubai."
The DMCC is a free trade zone located in the heart of Dubai. Recently named the "World's No. 1 Free Zone" by Financial Times fDi Magazine for the third consecutive year, it is home to over 14,100 companies, of which almost 80 percent are SMEs.
The DMCC's offering includes zero percent personal and corporation tax, guaranteed for 50 years. Non-residents may own 100 percent of local companies, and there are no limits on remitting profits abroad.
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