DP World has teamed up with Emirates Development Bank (EDB) to provide small and medium-sized enterprises (SMEs) access to trade financing through DP World’s trade finance platform.
The memorandum of understanding includes a formal framework for EDB and DP World to provide SMEs with access to trade financing at competitive rates via DP World’s trade finance platform. Both parties will also focus on developing joint thought-leadership and outreach programmes and providing financial solutions to support SMEs’ business growth, said a statement.
Despite being a vital component of global trade, SMEs often encounter challenges with cross-border transactions, supply chain disruptions, and rising raw material costs. To help support the development of SMEs in the UAE, EDB provides financing and innovative banking solutions that ensure the sustainable growth of all parties involved in the development process.
Through the digital platform, DP World facilitates relations between importers, exporters, and logistics companies with financial institutions from around the world. The platform provides borrowers numerous trade finance solutions while providing lenders access to data on cargo movements so they can support SMEs with confidence. These services are provided by DP World Financial Services Limited, a company registered under the Dubai International Financial Centre (DIFC) and regulated by Dubai Financial Services Authority (DFSA).
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: "We strive to provide new solutions for our customers that not only add value to the services we provide, but also help digitise the trade ecosystem, and enable smarter trade across all markets. We always aim to unlock new geographies to enable global trade and empower SMEs to reach their goals. This partnership will connect SMEs in the UAE with a wider range of financing options that allow them to trade across borders."
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: "We are delighted to form a dynamic partnership with DP World to enable growth and economic diversification in the UAE, in line with the government’s national agenda. Over the years, EDB has expanded its SME support, enhanced their bankability, and provided them with easy and smooth access to growth finance. We look forward to creating new opportunities with DP World and working closely with them to support the growth of SMEs from the UAE and overseas." - TradeArabia News Service
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