DP World Collaborates With EDB To Trade Finance SMEs
As per the latest news, DP World has collaborated with Emirates Development Bank (EDB), marking an MoA (Memorandum of Understanding) to facilitate small and medium-sized enterprises (SMEs) broad access to trade financing through leveraging DP World’s trade finance platform.
The collaboration includes a formal system for EDB & DP World to provide admittance to trade financing to SMEs at competitive rates via using DP World’s trade finance platform. Both parties will also focus on improving joint thought-leadership, effort programs and facilitating financial solutions to support SMEs’ business development.
Apart from being a crucial part of international trade, SMEs often face challenges while obtaining trade finance services in cross-border transactions, supply chain disruptions, and increasing raw material costs. To gear up the improvement & growth of SMEs in the UAE, EDB offers financing and innovative financial arrangements that guarantee the feasible development of all the involved parties in the development process.
By using the digital platform, DP World works with the relations between importers, exporters, and logistics companies with financial institutions across the world. The platform provides borrowers with various trade finance solutions while also facilitating lenders' admittance to information on cargo movements so they can uphold SMEs with certainty. DP World Financial Services Limited offers these services, an organization registered with the Dubai International Financial Centre (DIFC) and administered by Dubai Financial Services Authority (DFSA).
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Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, explained, “We endeavor to give new solutions for our clients that not just enhance the service we provide, but also assist us in digitizing the trade ecosystem, and empower enhanced trade across the market. We are always focused on covering new markets to enable international trade and support SMEs in achieving their goals. This collaboration will associate SMEs in the UAE with an extensive range of financing options that enable them to execute trade across borders.”
Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, explained, “We are glad to create a positive relationship with DP World to ensure improvement and economic diversification in the UAE, following the government’s national agenda. Over the years, EDB has extended its support towards SMEs, improved their bankability, and facilitated them with easy & simple admittance to develop finance. We anticipate setting out new opportunities with DP World and operating efficiently with them to support the development of SMEs from the UAE and overseas.”