Supply@ME Capital said subsidiary TradeFlow has completed the first warehoused commodities monetisation transaction through its partnership with CARGOES, the Dubai-based trade finance platform run by port and logistics group DP World.
TradeFlow monetised the inventory of a small to medium-sized enterprise (SME) coffee company based in the UAE via the Dubai Multi Commodity Centre’s (DMCC) E-Warrants platform.
In total, TradeFlow received 66 E-Warrants via the platform, representing coffee stored in the DMCC Coffee Centre warehouse located in the Jebel Ali Freezone.
No details of the size of the transaction were released.
Transactions completed under the partnership with CARGOES will contribute to the investment advisory revenue stream, Supply@Me added.
DMCC was established in 2002 by the Government of Dubai to establish a hub for global commodities trade.
Alessandro Zamboni, SYME’s chief executive, said: "I am immensely proud of the TradeFlow team for achieving this milestone first transaction in partnership with CARGOES By DP World and the DMCC."
Tom James, TradeFlow chief executive, added: "The deal is not only the first between us and the DP World CARGOES Platform, but is also TradeFlow's first-ever transaction in the UAE, and the first transaction for the DMCC Coffee Centre using exciting E-Warrants technology."