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•Customers in the United Arab Emirates now have access to flexible financing solutions for a broad range of commercial vehicles and construction equipment.
•This partnership provides further stimulus to the resurgence of the country's industrial activity.
Dubai - Emirates Money, the consumer finance arm of Emirates NBD, today entered into a preferred partnership agreement with CNH Capital, the global financing powerhouse for heavy vehicles and equipment. This new agreement foresees financing activities for industrial products. These include commercial vehicles and construction equipment commercialised by CNH Industrial brands Iveco, Iveco Bus and Case construction equipment through authorised dealers in the United Arab Emirates (UAE). As a result, Emirates Money is able to offer local businesses captive-alike financing under the brand of CNH Industrial Capital for a wide spectrum of products within the commercial vehicles and construction equipment sectors.
This partnership provides further stimulus to the growth of the UAE's industrial activity, which places commercial vehicles and equipment sectors at the core.
With over 50 years in the equipment finance industry, CNH Industrial Capital provides global financing solutions for the company's brands. This spans equipment, machinery and vehicles for transportation, construction and agriculture. It services a portfolio that includes wholesale and retail financing, leasing, insurance, asset management, and revolving lines of credit, through various wholly owned subsidiaries, joint ventures and vendor programmes spread across North America, Latin America, Europe and Australia.
Emirates Money estimates that about 16,000 units of heavy and light commercial vehicles were sold in Dubai alone in 2013. Around 35 percent of these vehicles can be classified as heavy commercial vehicles, while the rest are light and heavy buses.
This represents an impressive 15 percent growth compared to 2012 - a trend that Emirates Money expects will continue over the next few years, as a result of developments in Dubai and the wider UAE.
Speaking of the partnership agreement, Vikas Thapar, CEO of Emirates Money, said: "Access to finance is a major challenge faced by the wider Plant, Machinery and Commercial Vehicles sector, and our partnership with CNH Capital is predicated on expanding the range of products that can be financed to help customers meet their fleet requirements.
"Emirates Money's strong reputation in the UAE, combined with CNH's global leadership in the equipment industry, will undoubtedly provide a strong foundation for a successful partnership. As we move forward together, I am confident that the coming months will see us adding more products to the current suite, combined with flexible finance options, thereby further catalysing the growth of industrial activity in the UAE," added Thapar.
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About Emirates Money
Emirates Money Consumer Finance L.L.C is a consumer finance company and is part of the Emirates NBD Group. Emirates Money offers consumers comprehensive loan solutions to meet their everyday financial needs. Emirates Money's simplified loan services operate across the UAE. Apart from its branches, Emirates Money also has a large direct sales force that caters to the needs of its customers at a place most convenient for them - be it their home or workplace.
The company also has tie-ups with leading distributors of commercial vehicles, offering customers seamless financing on this product.
For further information, please visit: www.emiratesmoney.ae
For further information, please contact:
Ajith Henry
Communications - Group Marketing, Emirates NBD
Tel: 971-4-3874421
Mob: 971 55 6612391
Email: AjithH@emiratesnbd.com
Tricia Rego
ASDA'A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: tricia.rego@bm.com
© Press Release 2015
