Sharjah Chamber of Commerce & Industry (SCCI) has recently launched Sadder, a first-of-its-kind export fund across the northern emirate 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, said a statement from the chamber.
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, it stated.
On the launch of the new fund, Chairman Abdullah Sultan Al Owais said: "SCCI's 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," he noted.
“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 added.
Etihad Credit Insurance CEO Massimo Falcioni 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," remarked Falcioni.
SCCI Director-General Mohammad Ahmed Amin Al Awadi, said the fund would 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," he added.-TradeArabia News Service