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• Gulf Finance launches new office to serve growing demand from SMEs in Saudi Arabia
• Opening marks Gulf Finance's three year anniversary in the Kingdom
• Saudi Arabia asset book now over SAR 200 million
• Launches new branding "small business is our business" in Saudi Arabia
The opening of the new Head Office and branch in Jeddah, Saudi Arabia, marks the three year anniversary of Gulf Finance's presence in The Kingdom.
Gulf Finance has become one of the leading providers of Shairah compliant finance to SMEs in the Kingdom focusing on heavy equipment, plant and machinery.
The company first established a presence in Jeddah in 2012 and expanded into the Central Region with a new branch in Riyadh in 2015. Gulf Finance currently employs over 40 staff members, of which 60% are local Saudi employees. It has over 200 clients in a range of sectors such as contracting, manufacturing, industrial, property, logistics and retail and has successfully grown its asset book to over SAR 200 million (as of 31 December 2015).
Thamer Jan, Chairman of the Board of Directors, Gulf Finance Saudi Arabia, said: "Our new office in Jeddah extends our reach in Saudi Arabia and allows us to penetrate further into the SME fabric, where small businesses are estimated to account for 90% of registered business and 60% of employment. With a sizeable SME market and the government's ambitious policies of diversifying its private sector, there is an increasing need for Sharia compliant lending. We are excited about our strategic investment The Kingdom and look forward to offering our customers a more efficient and competitive financing solutions."
Gulf Finance Saudi Arabia was originally established as Gulf Installment Company in November 2012, in Jeddah, to provide installment finance for SMEs. This was part of Gulf Finance's strategic expansion plan, headed by the now current CEO, David Hunt, in an effort to bring their products to new GCC markets.
In 2014, the Company applied and successfully received later that year, a new license from SAMA that allowed Gulf Finance Corporation to officially practice in three finance activities: Ijara for Finance Lease, Ijara for Financing Production Assets, and Ijara for Financing SMEs, in line with SAMA's new laws and regulations. In January 2015, the Company changed its name to 'Gulf Finance Corporation PJSC' and committed a minimum capital of SAR 100 million as part of the license process.
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Gulf Finance Saudi Arabia
Gulf Finance Saudi Arabia was launched in November 2012 and provides Shariah-compliant lease and installment facilities to small businesses in the Kingdom. It is the sister company of Gulf Finance Corporation in UAE which is headquartered in Dubai and has provided SME funding solutions to businesses in the Emirates since 1997. Gulf Finance Corporation UAE is a wholly-owned subsidiary of Dubai-based investment firm, SHUAA Capital.
For further information please contact the Public Relations agency:
Brunswick Gulf
+971 4 446 6270
shuaa@brunswickgroup.com
Or contact SHUAA Capital's Corporate Communications department at:
+971 4 3651 872
ccdesk@SHUAA.com
www.SHUAA.com
© Press Release 2016
