Categorized | Analysis, Green business

DEC’s International Trade Finance for Sustainable Economic Development Seminar

The Dubai Economic Council (DEC) will organise a seminar titled “International Trade Finance for Sustainable Economic Development” in strategic partnership with Deutsche Bank, Standard Chartered, FIIC and Pinsent Masons today, January 26, 2014 at the InterContinental Festival City hotel-Dubai.

The move comes as part of the DEC’s vision to become the strategic partner for the Government of Dubai in economic policy-making and its mission to advise the government on innovative economic strategies and advocate sound economic policies that promote prosperous business environments, productivity, and a healthy investment climate, as well as to enhance Dubai’s competitiveness in the world economy.

The seminar is inclusive of presentations given by experts from two major international namely Deutsche Bank and standard Chartered about their role in facilitating international finance given by major Export Credit Agencies (ECAs), e.g., the US Ex-Im Bank. Presentations by besides the FIIC will explicitly demonstrate its frameworks and benefits of collaborating with them and utilising their expertise and experience in the field of international projects development. The mentioned entities have substantial experience in international project development and finance as well as procurement, logistics, and transport for international construction projects. They provide expert support in all areas of ECA financing, from the loan application stage through final disbursement. Customers worldwide benefit from ECAs’ diligence, dedication to accuracy, and deep knowledge of ECA requirements.

On this occasion, H.E. Hani Al Hamli, DEC Secretary-General stated that the seminar centred on the vital role played by export credit agencies such as the U.S. Ex-Im bank provide credit facilities to countries trading partners such as the UAE and Dubai, in addition to the review of the role of international banks in this area such as Deutsche Bank and Standard Chartered.

Sharing local experiences

It will also review some of the local entities such as the Dubai Electricity and Water Authority (DEWA) experience in the field of international finance. This is followed by a review of financial services company and investment (FIIC) which will provide a detailed explanation of the mechanism of action with respect to financial intermediation , between the US Ex-Im Bank and UAE companies benefiting from the services of the bank, and various areas of cooperation to be provided to local businesses and government agencies concerned, which will benefit from mentioned bank services and the advantages that result from such cooperation and how to take advantage of its extensive experience in the development of large-scale development projects in Dubai .

The initiative is a solid foundation to promote commercial activity in Dubai

Al Hamli stressed that this event represents an important starting point for a number of local entities operating in Dubai from the public and private sectors to promote their activities and implementation of future projects by taking advantage of the credit facilities offered by major financial institutions with the support of the global financial brokerage firms.

As for the strategic objectives of the seminar, listed the Hamli most important ones, such as, the establishment of strategic partnerships between major U.S. financial institutions and companies key national working in Dubai in various fields of direction which promotes activities and pave the way for the implementation of projects and new investments, as well as leading international finance facilitator to promote the local economic environment and support the side innovation and competitiveness by addressing one of the challenges facing the national companies which provide funding in support of the commercial activity in addition to the exchange of experiences

Initiative to meet entitlements “Expo 2020″

The DEC Secretary General added that the seminar would enhance Dubai’s position as a hub for foreign investments and the conclusion of commercial contracts and transactions that contribute to advancing economic development that benefit the various economic sectors and infrastructure projects as well as the role of finance of international trade to meet the entitlements of World Expo 2020.

Finally, Al Hamli stated that a variety of institutions from inside the country and abroad would participate in the event, mainly representatives of the U.S. Embassy and Consulate in the UAE/ Dubai, representatives of the American Business Council in Dubai and Northern Emirates, representatives of the Export Import Bank of the U.S., major international banks and service companies and brokerage America.

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