DP World partners with Emirates Development Bank to finance SME growth

Dubai-based DP World has signed a memorandum of understanding (MoU) with Emirates Development Bank (EDB) to boost SMEs.

The agreement includes a formal framework for EDB and DP World to provide SMEs with access to trade financing at competitive rates via DP World’s trade finance platform, a statement said.

The two entities will also focus on developing joint thought-leadership and outreach programmes and providing financial solutions to support SMEs’ business growth. Through the digital platform, DP World facilitates relations between importers, exporters, and logistics companies with financial institutions from around the world.

The platform also provides borrowers trade finance solutions, while offering lenders access to data on cargo movements. The services are provided by DP World Financial Services Limited, a company registered under the Dubai International Financial Centre (DIFC) and regulated by Dubai Financial Services Authority (DFSA).

“We strive to provide new solutions for our customers that not only add value to the services we provide, but also help digitise the trade ecosystem, and enable smarter trade across all markets,” said Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World.

“We always aim to unlock new geographies to enable global trade and empower SMEs to reach their goals. This partnership will connect SMEs in the UAE with a wider range of financing options that allow them to trade across borders.”

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank added: “Over the years, EDB has expanded its SME support, enhanced their bankability, and provided them with easy and smooth access to growth finance. We look forward to creating new opportunities with DP World and working closely with them to support the growth of SMEs from the UAE and overseas.”