October . 21 . 2020
Dubai, United Arab Emirates: Three weeks after the signing the agreement in partnership with the world’s flagship Free Zone and Government of Dubai Authority on commodities trade (DMCC) and Universa Blockchain https://mediaoffice.ae/en/news/2020/September/30-09/DMCC, we are pleased to announce the official implementation of the blockchain technology in DigitalSugar.io platform.
DigitalSugar provides access to one of the world’s most popular soft commodities through a fully online platform backed by DMCC Tradeflow https://www.dmcctradeflow.com/, a dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities.
Jamal Al Ghurair, Managing Director, Al Khaleej Sugar, said: “The Emirates-Blockchain Strategy for 2021 is an initiative launched by the Emirates Government in 2018 to take advantage of blockchain technology. Al Khaleej Sugar implements the most advanced technologies to tokenize commodities and digitize trade amid the COVID-19 pandemic moreover Al Khaleej Sugar is set to update current trade options and tokenize up to 100,000 tonnes of raw sugar. PwC research has shown recently that widespread adoption of blockchain could bring the global economy an additional $1.7 trillion over the next 10 years”
Al Khaleej Sugar – literally meaning The Gulf Sugar – appropriately derives its name from the fact that it is the first sugar refinery in the Arabian Gulf Region.
Based in Jebel Ali in Dubai, Al Khaleej Sugar has a current production capacity of 6,000 tons of refined white sugar per day. It distributes more than a million ton to the international market each year.
It’s products are regularly exported to over 50 countries, including the regional countries in the Arabian Gulf Region.
Currently, it contributes to about 3% of global annual refined sugar production.
Al Khaleej Sugar is a member of several international sugar organizations like Sugar Association of London and Refined Sugar Association of London.
For more information visit the Al Khaleej Sugar website on www.alkhaleejsugar.ae.