13 April 2010
JEDDAH - The International Islamic Trade Finance Corporation (ITFC), an autonomous body within the IDB Group, has signed a AED73 million trade finance agreement with Fujairah Cement Industries (FCI).
The deal was signed by Sheikh Mohamed bin Hamad Bin Saif Al Sharqi, vice chairman of FCI and Dr. Waleed Al-Wohaib, CEO ITFC during a ceremony held at the FCI headquarters in Fujairah.
The finance agreement is in accordance with the ITFC mandate to advance the expansion of the private sector through a sustained commitment to improving access to value-added and competitive financing.
Commenting on the agreement, Sheikh Mohamed said "we are looking to establish a strategic partnership with the ITFC in order to help solidify our leadership position and to take advantage of the ongoing construction boom in the United Arab Emirates in particular, and the GCC in general in this vital sector".
He further said "this financing agreement will help us with the purchase of raw materials that are critical input components in our cement manufacturing process, while at the same time frees up our capital for us to move forward in our various technology upgrade initiatives to allow for greater quality control, resource optimization and allocation."
Dr. Al-Wohaib said "this trade finance agreement represents one main element of our plans to support the private sector in the United Arab Emirates and enhance trade in the Islamic world, in addition to offering integrated trade finance solutions to both private and public sectors." He explained that the ITFC's "medium-to long-term objective is to support the development of the UAE's business sector through multiple programs and initiatives that include trade finance and trade development to enhance the country's overall competitiveness and trading capacity."
JEDDAH - The International Islamic Trade Finance Corporation (ITFC), an autonomous body within the IDB Group, has signed a AED73 million trade finance agreement with Fujairah Cement Industries (FCI).
The deal was signed by Sheikh Mohamed bin Hamad Bin Saif Al Sharqi, vice chairman of FCI and Dr. Waleed Al-Wohaib, CEO ITFC during a ceremony held at the FCI headquarters in Fujairah.
The finance agreement is in accordance with the ITFC mandate to advance the expansion of the private sector through a sustained commitment to improving access to value-added and competitive financing.
Commenting on the agreement, Sheikh Mohamed said "we are looking to establish a strategic partnership with the ITFC in order to help solidify our leadership position and to take advantage of the ongoing construction boom in the United Arab Emirates in particular, and the GCC in general in this vital sector".
He further said "this financing agreement will help us with the purchase of raw materials that are critical input components in our cement manufacturing process, while at the same time frees up our capital for us to move forward in our various technology upgrade initiatives to allow for greater quality control, resource optimization and allocation."
Dr. Al-Wohaib said "this trade finance agreement represents one main element of our plans to support the private sector in the United Arab Emirates and enhance trade in the Islamic world, in addition to offering integrated trade finance solutions to both private and public sectors." He explained that the ITFC's "medium-to long-term objective is to support the development of the UAE's business sector through multiple programs and initiatives that include trade finance and trade development to enhance the country's overall competitiveness and trading capacity."
© The Saudi Gazette 2010
