Gulf Installments opens new branch
Jeddah, May 26, 2013
Gulf Installments Company, a Saudi-based company focused on providing Shariah-compliant installment and leasing to businesses across a variety of sectors and assets, has opened a full-fledged branch office in Jeddah.
The company will also launch its offices in Riyadh during the 3rd quarter of this year, it said. Plans to serve small and medium sized businesses (SMEs) in the Eastern Province are also under way with a branch opening up during the second quarter of 2014 in Dammam.
This expansion is in line with the company’s commitment to make its Shariah-compliant credit solutions available across the kingdom to SMEs that represent 90 per cent of the Saudi business community, the company said.
The demand for financing mainly in the maufacturing, construction and contracting sectors is central to the company’s growth, a statement said. The kingdom has embarked upon a major economic diversification programme which includes the construction of several new economic cities and the expansion of heavy industries such as aluminium smelting.
David Hunt, CEO, said: “Gulf Installments has had a successful launch here in Saudi and is currently providing Shariah-compliant installment and leasing to SMEs from across a variety of sectors, from contracting and construction, to healthcare and education; whether they need to establish their business or expand it by purchasing assets such as heavy plant and machinery, medical equipment, or contracting and constructing equipment. Our installment and leasing deals are an investment in the success story of Saudi Arabia, and underscore our confidence in the growing private sector in the Kingdom." - TradeArabia News Service