Sharjah launches new Fund to help finance export operations

Sharjah launches new Fund to help finance export operations

SHARJAH, UAE: The Sharjah Chamber of Commerce & Industry, SCCI, has recently launched the “Sadder” (export) Fund, the first of kind fund across the Emirate Sharjah for financing export operations.

“Sadder” Fund falls under the Sharjah Exports Development Center (SEDC) of the SCCI and it aims to increase the rate of exports, open new markets, expand the export map of the SEDC’s affiliates, provide liquidity to exporters, and reduce the risk ratio in export operations through credit insurance.

This comes as part of the SCCI’s relentless efforts to provide the support and boost the UAE’s exports by providing export finance services to local companies, expanding the scope of export business, and penetrating new markets.

Speaking on the launch of the new fund, H.E. Abdullah Sultan Al Owais, Chairman, SCCI, said: “The initiative is in line with the wise vision of H.H. Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah in terms of achieving economic diversification which is the backbone of Sharjah’s economic policy. Our aim is to support the local economy and enhance its competitiveness by providing financing solutions, including providing guarantees for exporters from national institutions and companies. This would increase the rate of national exports and help them penetrate new markets.”

“At the SCCI, we are committed to adopting creativity and innovation as an institutional approach to come up with initiatives and programs that serve the domestic private sector in a more comprehensive way, especially in light of Covid-19 repercussions. This would help us achieve the best positive revenues and access innovative business models that constantly improve its procedures, services, and performance,” he concluded.

Massimo Falcioni, CEO, Etihad Credit Insurance (ECI), said: “The ‘Sadder Fund’ is a quantum leap in the joint endeavors of both SCCI and ECI to achieve their objectives in line with the bilateral agreement signed last April. This includes increasing Sharjah’s exports and enhancing the competitiveness of the exporting companies operating in it.

“This cooperation reflects the SCCI’s tremendous efforts and the ECI’s commitment to support non-oil exports and develop the strategic sectors in the country, thus helping accelerate the national economy diversification,” added Falcioni.

H.E. Mohammad Ahmed Amin Al-Awadi, SCCI Director-General, said: “The fund will implement the best international practices to expand export goods and services by providing credit guarantees. It will also provide a distinctive credit umbrella to encourage national companies to get involved in strong export opportunities and increase the participation of exporters and service providers in projects financed by the fund.”

For his part, Abdul Aziz Shattaf, SCCI Assistant General Director, Members Services Sector and Director of SEDC, said: “As one of the most prominent national institutions, the SEDC strives to provide an ideal environment supportive of domestic exports by providing various services to encourage industrial and exporting enterprises to boost their competitiveness in foreign markets and seize regional and international marketing opportunities.”