Shuaa Launches Shariah-Compliant Lease Financing Business in Kingdom
JEDDAH?? Shuaa Capital announced Sunday the establishment of Gulf Installments Company. Following the success of Shuaa?s subsidiary Gulf Finance Corporation in the UAE, Gulf Installments Company, the new Saudi-based installment company focused on providing installment and lease financing to businesses across a variety of sectors and assets, will be operated by Gulf Finance under a management contract with Shuaa.
Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital and Chairman of Gulf Finance, said: ?We are excited about the establishment of Gulf Installments in Saudi Arabia. This is an important strategic milestone for our credit business that we announced in October 2012, and represents an enormous opportunity for SHUAA to build out a successful business in the largest regional economy. Our investment in Gulf Installments is an investment in the success story of Saudi Arabia, and underscores our confidence in the growing private sector in the Kingdom.?
Saudi Arabia is the largest economy in the GCC, with a nominal GDP of $435 billion, and is expected to grow by 4.5 percent in 2013. Even though Saudi SMEs account for 90 percent of Saudi businesses and 24.7 percent of total employment, they represent only 2 percent of the Saudi banks? lending market. With over 220,000 SMEs in the Kingdom, many of which are underserved, credit demand outpaces supply.
Gulf Installments offers lease financing for a wide range of fixed assets. Lease periods are available from 1 to 4 years and can be tailored to suit the needs of each individual client based on the term, down payment and rental plan.
Dr Sabah Al-Binali, Chairman of Gulf Installments, and Vice Chairman of its operator Gulf Finance, said: ?Our move into Saudi Arabia is a perfect opportunity to extend Shuaa?s reach into a new and dynamic market place. We have exceptional expertise within the SME space and through Gulf Installments, we are now able to offer the Saudi business community a wide range of credit solutions. These solutions are in demand by a large number of clients which paves the way for building significant market share.?
David Hunt is appointed as the Chief Executive Officer of Gulf Installments in Saudi Arabia.
Prior to joining Gulf Installments, David held various senior and Director-level positions at the HSBC Group. He was Managing Director and Chairman of the Executive Committee of SABB Takaful, a Saudi publicly quoted insurance company, and most recently Head of Regional Insurance at HSBC Bank Middle East. He will lead a team of seasoned bankers, financial veterans and credit professionals.
Hunt said: ?Gulf Installments aims to finance SMEs across a variety of sectors, from contracting and construction, to healthcare and education; whether they need to establish their business or expand it by purchasing assets such as heavy plant and machinery, medical equipment, or contracting and constructing equipment.? ? SG
SOURCE:?http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20130204151799
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