Al Futtaim, Al Hail Orix to provide equipment finance
DUBAI, 14 days ago
In a major boost to the UAE construction sector, two Dubai-based financial institutes -- Al Hail Orix and Al Futtaim Finance -- have joined hands to provide equipment finance solutions.
Al Hail Orix Finance is a joint venture between Abu Dhabi-based Al Hail Holding and Orix Corporation, Japan. With head office is in Dubai and a branch network in Sharjah and Abu Dhabi, the joint venture firm is led by a team of specialists in lease financing and has strong network with local suppliers and Orix's associates worldwide.
The company said it aims to provide equipment finance solutions to customers as the positive sentiment of the UAE’s construction industry is buoyed by healthy economic indicators and strong recovery in the real estate sector.
Al Futtaim Finance, a Central Bank of the UAE regulated entity, is a wholly owned subsidiary company of the Al-Futtaim Group – the leading business conglomerate of the emirate. It specialises in providing a range of innovative financial products to customers across the UAE.
Under the agreement, Al Futtaim Finance will refer finance deals received at their different showrooms and dealerships for commercial vehicles, heavy equipment, plant and machinery and marine equipment to Al Hail Orix Finance.
Steve Faulkner of Al Futtaim Finance and Arshi Islam of Al Hail Orix Finance signed the agreement in the presence of senior officials and executives of the two companies. The deal is aimed at facilitating the customers mainly engaged in booming construction industry.
According to recent reports, construction projects worth $128.4 billion are currently underway across the Gulf region this year, ramping up demand for the commercial vehicles, heavy equipment and machinery.
The sector is likely to record a growth rate of 9.5 per cent between 2012 and 2016.
According to experts, the UAE is the growth leader within the Middle East’s commercial vehicles sector. There is increasing room for financing commercial vehicles as it is accounted for only 55 per cent of sales last year, as compared 40 per cent of these vehicles in 2012.
Al Hail Orix Finance, which was established in 2002, said it has nominated a dedicated team to handle all enquiries from Al Futtaim Finance and will provide prompt and competitive financial solutions to their customers.-TradeArabia News Service