Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae5 hours ago
The Dubai Chamber of Commerce and Industry has announced that it has signed a memorandum of understanding (MoU) with Emirates NBD, under which the bank will provide trade finance solutions for the Digital Silk Road - a Dubai 10X initiative using blockchain technology to digitise and simplify trade processes.
The agreement was signed by Hamad Buamim, president and CEO of the Dubai Chamber and Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD. The Digital Silk Road initiative, currently being developed by the Dubai Chamber in cooperation with DP World - UAE Region and Dubai Customs along with Emirates NBD, is expected to go live in 2020. The smart platform aims to improve the transparency and efficiency of supply chains through a comprehensive automation process.
Buamim described the agreement with Emirates NBD as a major step forward for the Digital Silk Road, which is designed to streamline procedures, remove trade barriers and the improve ease of doing business in Dubai. Trade finance, he explained, remains one of the most important tools used today to facilitate international trade and commerce as it simplifies transactions for importers and exporters.
Buamim also added that the Digital Silk Road platform supports Dubai Chamber's efforts to diversify the economy, stimulate economic growth and boost Dubai's attractiveness as a world-class business hub.
For his part, Al Qassim said: "Emirates NBD is pleased to partner with Dubai Chamber as part of our shared commitment to harness innovation to enhance and boost trade finance in the UAE. Emirates NBD was the first in the region to successfully pilot a blockchain use case for trade finance and we look forward to lending our expertise and support to the Digital Silk Road initiative. We are working on a shared vision of a seamless trade finance experience across stakeholders that would help in further consolidating Dubai's position as a leading and efficient trade hub in the world."
- business@khaleejtimes.com
Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
uae5 hours ago
Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
uae5 hours ago
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
business5 hours ago
NCM official says May 2-3 is identified as the ‘peak’ of the situation
weather5 hours ago
PSG are still involved in the Champions League in what could turn out to be the club's finest ever season
football11 hours ago
World number three Alcaraz, 20, missed a month prior to Madrid with a forearm issue
tennis11 hours ago
It was Chennai's fifth win from nine matches as they moved to third place in the points table with 10 points
cricket11 hours ago
Earlier, Arsenal held on for a pulsating 3-2 win over arch rivals Tottenham
football12 hours ago