Wednesday 7 October 2015

Volvo backs Mideast construction boom

Dubai, June 2, 2014

Swedish premium truck manufacturer Volvo Trucks has introduced flexible financing options for its customers in an effort to support the region’s booming construction industry.

The introduction of the financing program comes at a time when the regional construction industry is set for rapid growth thanks to heavy government investments and diversified market drivers, including; a growing population, infrastructure development, an increase in tourism, and preparations for the upcoming Dubai World Expo 2020 and FIFA World Cup 2022.

With the new range, Volvo Trucks has set a solid foundation for continued growth throughout 2014, with all three models - FH, FM and FMX - set to make a significant contribution to the company’s overall performance in the Middle East this year, said a statement from the company.

Volvo, which reported a 13 per cent increase in its forecasted deliveries for the first quarter, is offering a range of financing options to customers facilitating further growth across key markets in the Middle East, remarked Henrik Larsson, the sales finance advisor, Volvo Trucks Middle East

"The growth in regional markets and the introduction of new trucks has spurred increased demand, and so there is more of a need for active support in local markets. While this financing program already existed, it was managed from Sweden. Now we are offering these options in the Middle East, which will ensure even better customer service, a shorter lead time, and better understanding of our customer needs via face to face meetings," he noted.

"A better customer service means that our local presence will allow us to gain better access to the local and regional financial markets," added Larsson.

The truck manufacturing giant works with a large network of many of the major global and regional banks which deals through a range of currencies including dollars, Euro and SEK, allowing regional business’ greater financing options.

With financing typically up to five years, which can be tailored specifically to a business’ needs, the scheme provides a number of payment options designed to reduce payments or initial down payments, to build equity, and fixed rates for enhanced finance control, said the official.

"This scheme allows us to bring our customer service to a new level and assist them in choosing products depending on their specific needs and financial capabilities. Our role is as an advisor to help them make the best possible choice," stated Larsson.

"We understand our customers and offer them a number of benefits from our financing options. They receive competitive rates, usually better than their own banks, while leaving their credit limit unaffected; they can opt for Islamic financing if required and select the rate structure that works best for them giving them a flexible repayment schedule," he added.-TradeArabia News Service

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