Business

Dubai, March 2, 2015: Emirates Money, the consumer finance arm of Emirates NBD, today entered into a preferred partnership agreement with CNH Capital, the global financing powerhouse for heavy vehicles and equipment. This new agreement foresees financing activities for industrial products. These include commercial vehicles and construction equipment commercialised by CNH Industrial brands Iveco, Iveco Bus and Case construction equipment through authorised dealers in the United Arab Emirates (UAE). As a result, Emirates Money is able to offer local businesses captive-alike financing under the brand of CNH Industrial Capital for a wide spectrum of products within the commercial vehicles and construction equipment sectors.

This partnership provides further stimulus to the growth of the UAEs industrial activity, which places commercial vehicles and equipment sectors at the core.

With over 50 years in the equipment finance industry, CNH Industrial Capital provides global financing solutions for the companys brands. This spans equipment, machinery and vehicles for transportation, construction and agriculture. It services a portfolio that includes wholesale and retail financing, leasing, insurance, asset management, and revolving lines of credit, through various wholly owned subsidiaries, joint ventures and vendor programmes spread across North America, Latin America, Europe and Australia.

Emirates Money estimates that about 16,000 units of heavy and light commercial vehicles were sold in Dubai alone in 2013. Around 35 percent of these vehicles can be classified as heavy commercial vehicles, while the rest are light and heavy buses.
This represents an impressive 15 percent growth compared to 2012 - a trend that Emirates Money expects will continue over the next few years, as a result of developments in Dubai and the wider UAE.

Speaking of the partnership agreement, Vikas Thapar, CEO of Emirates Money, said: Access to finance is a major challenge faced by the wider Plant, Machinery and Commercial Vehicles sector, and our partnership with CNH Capital is predicated on expanding the range of products that can be financed to help customers meet their fleet requirements.

Emirates Moneys strong reputation in the UAE, combined with CNHs global leadership in the equipment industry, will undoubtedly provide a strong foundation for a successful partnership. As we move forward together, I am confident that the coming months will see us adding more products to the current suite, combined with flexible finance options, thereby further catalysing the growth of industrial activity in the UAE, added Thapar.

• Tags
• #Business
• #Magazine
• #Lifestyle