In a move to enhance its image as a global trade enabler, DP World, an Emirati multinational logistics company based in Dubai, will soon start facilitating smaller companies get access to trade finance. The company was recently granted a license from the Dubai Financial Services Authority to operate as an authorized firm in Dubai International Financial Centre (DIFC).
Financial Opportunities for SMEs
The development comes as a booster dose for small and medium-sized enterprises (SMEs) that often struggle to obtain capital from financial institutions due to limited data on their trading history and the difficulty in tracking their shipments. Therefore, DP World Financial Services intends to connect companies needing capital with financial institutions on its DP World’s CARGOES Finance platform. It will make real-time data available on trade passing through its digitalized global ports and logistics network to give financial institutions the information they need to assess an SME accurately.
Sultan Ahmed Bin Sulayem, CEO and Chairman of DP World, said, “access to trade finance is critical to the survival and growth of exporters, importers and logistics companies which are the drivers of the global economy. CARGOES Finance platform provides financial institutions the opportunity to lend with confidence to smaller companies. It will be a lead generator and source of new business for financial institutions, and a window of financing opportunities for traders.”
DP World is a leading global provider of smart end-to-end supply chain logistics through a worldwide network of 181 business units in 64 countries across six continents. According to Mike Bhaskaran, COO of DP World, “this project is an important part of DP World’s strategy to be a global trade enabler. Together with DIFC, we aim to make Dubai an ever more significant hub for the world’s trade.”
DIFC is the largest financial ecosystem in the Middle East, Africa, and South Asia (MEASA), with more than 25,600 professionals working across over 2,500 active registered companies. Besides a 15-year track record of facilitating trade and investment flows across the MEASA region, the center connects the fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai.
Arif Amiri, the CEO of DIFC Authority, believes, “DIFC and DP World are helping reaffirm Dubai’s reputation for being the region’s most business-friendly destination. DP World will gain access to the many financial services companies in our ecosystem which provide solutions that facilitate global trade through Dubai.”
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