DMCC Partners with CropData to Boost UAE-India Agri Trade
Indian farmers can now connect directly with the entire food industry in the UAE
Dubai Multi Commodities Centre (DMCC) has launched Agriota E-Marketplace, a technology-driven agri-commodity trading and sourcing platform that uses blockchain to help bridge the gap between millions of rural farmers in India and the UAE’s food industry.
The Agriota platform provides Indian farmers the opportunity to connect directly with the entire food industry in the UAE, including food processing companies, traders and wholesalers.
The marketplace allows them to bypass intermediaries, optimising the supply chain and ensuring traceability to create value for all stakeholders. Farmers can participate directly with the large demand from the UAE’s market.
This type of aggregation has the potential to empower local communities, deliver better quality farm-to-shelf products and expand the UAE’s long-term food security. Initially, the platform will offer cereals, pulses, oil seeds, fruits, vegetables, spices and condiments.
The launch was attended by His Excellency Pavan Kapoor, Ambassador of India to the UAE and focused on how the Agriota platform will positively impact the UAE’s food security and economy and the way in will also boost trade ties with India.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Harnessing the power of blockchain technologies within the commodity space is a top priority for DMCC, and launching Agriota is the next natural step in this journey.
"The launch of an innovative model like Agriota will inch the UAE closer to the top of the Global Food Security Index.”
The online marketplace provides end-to-end traceability and transparency through last-mile verification and extension infrastructure in a blockchain environment.
Additionally, the introduction of a proprietary banking system with a multi-tier escrow structure, will guarantee secure transactions of funds when using the platform.
The Agriota platform was jointly developed with CropData Technology, an Indian company. In 2019, India exported more than $38 billion of agricultural and processed food products, with one of their largest markets being the Middle East.
This latest initiative builds on the comprehensive strategy of DMCC to attract innovative companies to Dubai and contribute to the nation’s wider economic diversification strategy.