FIMBank, 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 through MENAFactors Ltd, a joint venture between the two banks.

MENAFactors is the first specialist financial institution in the GCC region to provide a “one-stop-shop” offering full factoring and forfaiting 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.

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.