Dr. Khirbash to define Al Taasees' creative turnkey solutions on Tuesday
Dubai – United Arab Emirates: A unique concept in inspired import procurement and financing has been created by a newly set-up three-way joint venture between UAE promoters and two specialist American companies.
The new joint venture company, called Al Taasees, has been registered in Dubai – which is the regional trade, finance and commerce hub. The promoters behind the new ‘creative finance’ approach are Mr. Adel Noori Jaber, who heads the joint venture on the ground in Dubai, and Mr. Thomas J. Burr, Managing Director of Trade Source International, and Mr. Michael H. Gordon, President of Equipment Specialists, both of the USA.
The concept will be outlined to a select group of more than 70 key regional decision-makers at morning presentation on Tuesday 23rh March 2004 at Crowne Plaza Hotel in Dubai, which shall be opened by H.E. Dr. Mohammed Khalfan bin Khirbash, UAE Minister of State for Finance and Industry.
Dr. Khirbash will speak on the new concept and the business opportunities that the UAE has to offer to the rest of the world. The presentation, which will also be addressed by Mr. Burr and Mr. Gordon, will start at 8.30 am and go on till 2.00 pm.
Making It Easy
The concept is about providing turnkey services to investors and businessmen seeking to import goods, equipment and machineries, particularly from the USA, as well as from other parts of the world.
“What we aim to do is take away all the headaches of sourcing machinery and material supplies by any corporate from throughout the vast swathe of the Middle East and North Africa region,” said Mr. Adel Noori Jaber.
“All a company now needs to do is to call us and let us know what they want, and we shall arrange everything, including finance, for them – and at highly competitive rates,” Mr. Jaber pointed out.
Mr. Thomas J. Burr, Managing Director of California-based Trade Source International, said that financing for any import into the Arab world could and would be arranged in the USA under very favourable terms.
Competitive Financing
“Interest rates in North America, particularly in the USA, are at an historic low. Moreover, through our Strategic Marketing Alliance with the governmental export credit agency, Export-Import Bank (Exim Bank) of the USA, Trade Source International is recognized as an experienced partner in delivering the programmes of Exim Bank, said Mr. Burr.
He pointed out that the interest rates in USA can be arranged for as low as 1-3% per annum over Libor compared to the over 8-12 per cent that corporates have to pay in the Arab world.
“This is a solid saving that we can effect for any importer located from the tip of the Musandam Peninsula to the edge of the Atlantic in North Africa,” said the Managing Director of Trade Source International.
Explaining the operative mechanism of Al Taasees, Mr. Michael H. Gordon, President of Florida-based Equipment Specialists, said all that a corporate here needs to do is to call up Al Taasees with all needed documentations. The Dubai-based joint venture, will in turn, contact Equipment Specialists, which has its own production units in the United States and has successful work experiences within the region in Egypt and Jordan.
“We will study the import requirements and look up our vast inventories to see if we have the products in stock. If not, we will source them from the most competitive source in the market,” explained Mr. Gordon.
Best Solutions
Mr. Gordon said Equipment Specialists will then forward the various quotes to Trade Source International, which in turn will seek the approval for the financing to qualified buyers from Exim Bank. If approved, the USA export finance agency will issue its guarantee for the financing to the designated lending bank in the USA to then provide financing to buyers.
“Once the critical element of financing is tied up, the supply of materials could begin. The time frame for the whole deal could be as short as just two months, making the concept quick and attractive against the time taken to just tie-up financing through conventional means,” said the President of Equipment Specialists.
Mr. Adel Noori Jaber, pointed out that Al Taasees was incorporated in the region as it was imperative for the US-UAE joint venture to have local representation on the ground to not only facilitate the expansion of trade between the two countries, but to also gather all relevant information on applicants and make sure they have a good track record.
Genuine Deals
“We are committed to ensuring that only genuine businesses are handled by us and our partners,” Mr. Jaber said adding that: “Dubai is already the commercial and transportation hub of the region. The arrival of Al Taasees will further cement this status, as it will contribute to expanding trade between Nafta and the GCC and the wider MENA region,” Mr. Jaber pointed out.
He said it would also assist in consolidating Dubai’s reputation as the link between the East and the West and provide further impetus to the domestic economy.
The Al Taasees head said the joint venture would have two divisions - the consultancy division, which will be handled by Trade Source International. Al Taasees and Equipment Specialists will handle the trade division.
The new company has already started receiving a high rate of interest from regional businesses representing varied sectors.
Going by the interest and the response from the market, the joint venture officials said they have begun to look at plans of launching a new initiative aimed at encouraging exports from countries like the UAE, Egypt, Saudi Arabia and Malaysia, and that they are now to start discussions with the concerned authorities in Dubai.
-Ends-
For further information, please contact:
Yasser Fathy
Managing Director,
Arabia PR
Tel: + 971 4 391 12 00
Fax: + 9714 390 45 11
E-mail: yasser@dubaimediacity.net
© Press Release 2004
