Emirates Money News
April 30, 2011
Emirates Money introduces specialised vehicle financing for fruit and vegetable traders in Al Aweer
- Provides financing for perishable goods vehicles with refrigeration
- In line with strategy to develop new products targeting specific customer segments
Dubai, April 30, 2011: Emirates Money, a consumer finance company and wholly owned subsidiary of Emirates NBD Group, announced today the launch of a new initiative, which provides tailor-made commercial vehicle financing for fruit and vegetable traders in the Al Aweer area in Dubai. The initiative is being led by Emirates Money, in conjunction with Refrigerated Transport Systems LLC, a leading distributer of refrigerated transportation vehicles.
"Our strategy has always been to develop new products that target the needs of customers in specific segments," said Vikas Thapar, General Manager, Emirates Money. "One of the major challenges faced by those in the perishable goods business is safe transportation of goods, due to prevailing high temperatures in the region. We therefore saw the potential to provide vehicle financing and ongoing support to fruit and vegetable traders in The Central Fruit and Vegetable Market in Al Aweer, many of whom are self-employed or SMEs," he added.
With Dubai firmly established as a strategic regional hub for importing and re-exporting of perishable goods, tens of thousands of trucks pass through Al Aweer each year, Dubai's main fruit and vegetable market. Al Aweer houses hundreds of individual businesses, including many of the UAE's direct importers. This range of vehicles with refrigerated units will safely transport perishable foodstuffs including, meat, fish, and other grocery products that need to be maintained at optimum temperature levels.
"As a pioneer in financing commercial and business vehicles for companies managing fleet, passenger transport, trading, construction and more, Emirates Money has strong credentials in providing commercial vehicle loans," continued Thapar. "In 2010, we demonstrated significant growth, including in the area of vehicle loans and this new initiative is aligned to our overall objective to steadfastly continue on this growth path."
For this initiative, Emirates Money and Refrigerated Transport Systems have jointly set up a display in Al Aweer, showcasing a range of perishable goods vehicles with different sizes of refrigerated boxes installed. The display will be open to the public at The Central Fruit and Vegetable Market in Al Aweer from May 1 - 7 between 9.00AM and 8.00PM.