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NBF uses DCR to finance Athena
DUBAI — The Dubai Commodity Receipt (DCR), an electronic warehouse receipt system operated by the Dubai Multi Commodities Centre (DMCC), has facilitated National Bank of Fujairah to extend Dh72 million financing to Athena SA, a major Greek contracting company.
This was a joint initiative undertaken by National Bank of Fujairah, one of founding members of the DCR, with DMCC, to manage the inventory of steel plates to be utilised in the Fujairah Port expansion.
This is the first time that the DCR has been used in project financing in the UAE. Under the terms of the DCR, members who store their physical commodity assets in a DMCC-approved warehouse — or who assign control over their goods to an approved Collateral Manager — can be issued a DCR against the value of that commodity. The member can then use the warehouse receipt to obtain financing from member banks.
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