FIMBank plc, the global Trade Finance Institution incorporated in Malta, and National Bank of Dubai PJSC, based in the United Arab Emirates announced the beginning of their operations at Dubai International Financial Centre (DIFC) through MENAFactors Ltd, a joint venture between the two banks. MENAFactors is the first specialist financial institution in the GCCF region to provide a “one-stop-shop”, offering full factoring and forfeiting services to the full range of importers, exporters, traders, banks and other financial institutions in Dubai and the wider Gulf/MENA region.

MENAFactors aims to meet the requirements of local, regional and international businesses across the GCC initially, and subsequently expanding to include the Middle East and North Africa region (MENA). These services are designed to have a strong appeal to small and medium enterprises undertaking trade finance transactions and holding trade receivables eligible for discounting .

Rajesh Thapar, group head of corporate and institutional banking of National Bank of Dubai and Director of MENAFactors Ltd said: “as the financial industry continues to develop at an unprecedented rate, it is essential for banks to expand their trade finance products to meet the region’s ever growing banking needs.” Mr Thapar adds that he is confident that MENAFactors will establish itself as a key participant in the region’s dynamic trade finance receivables market.

Margrith Lütschg-Emmenegger, President of FIMBank commented that “MENAFactors will combine FIMBank’s technical expertise with NBD’s in-depth market knowledge, to provide an alternative source of additional funds to companies in the region wishing to fund future growth”.

Sudeb Sarbadhikary, chief executive officer of MENAFactors Ltd commenting on the beginning of the operations, stated that he is confident that MENAFactors will succeed in building an excellent reputation and actively contribute to the trade finance market in the Gulf and MENA region.