Sharjah to increase the rate of exports and open new markets - GulfToday

Sharjah to increase the rate of exports and open new markets


Sadder Fund to reduce the risk ratio in export operations through credit insurance. File/ WAM

Business Bureau, Gulf Today

The Sharjah Chamber of Commerce & Industry (SCCI) has recently launched the “Sadder” (export) Fund, the first of kind fund across the Emirate Sharjah for financing export operations.

“Sadder” Fund falls under the Sharjah Exports Development centre (SEDC) of the SCCI and it aims to increase the rate of exports, open new markets, expand the export map of the SEDC’s affiliates, provide liquidity to exporters, and reduce the risk ratio in export operations through credit insurance.

This comes as part of the SCCI’s relentless efforts to provide the support and boost the UAE’s exports by providing export finance services to local companies, expanding the scope of export business, and penetrating new markets.

Speaking on the launch of the new fund, Abdullah Sultan Al Owais, Chairman, SCCI, said: “The initiative is in line with the wise vision of His Highness Sheikh Dr. Sultan Bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah in terms of achieving economic diversification, which is the backbone of Sharjah’s economic policy.

“Our aim is to support the local economy and enhance its competitiveness by providing financing solutions, including providing guarantees for exporters from national institutions and companies. This would increase the rate of national exports and help them penetrate new markets.”

“At the Sharjah Chamber of Commerce & Industry, we are committed to adopting creativity and innovation as an institutional approach to come up with initiatives and programs that serve the domestic private sector in a more comprehensive way, especially in light of Covid-19 repercussions.”

“This would help us achieve the best positive revenues and access innovative business models that constantly improve its procedures, services, and performance,” he concluded.

Massimo Falcioni, CEO, Etihad Credit Insurance (ECI), said: “The ‘Sadder Fund’ is a quantum leap in the joint endeavors of both SCCI and ECI to achieve their objectives in line with the bilateral agreement signed last April. This includes increasing Sharjah’s exports and enhancing the competitiveness of the exporting companies operating in it.

Mohammad Ahmed Amin Al-Awadi, SCCI Director-General, said: “The fund will implement the best international practices to expand export goods and services by providing credit guarantees. It will also provide a distinctive credit umbrella to encourage national companies to get involved in strong export opportunities and increase the participation of exporters and service providers in projects financed by the fund.”

For his part, Abdul Aziz Shattaf, SCCI Assistant General Director, Members Services Sector and Director of SEDC, said: “As one of the most prominent national institutions, the SEDC strives to provide an ideal environment supportive of domestic exports by providing various services to encourage industrial and exporting enterprises to boost their competitiveness in foreign markets and seize regional and international marketing opportunities.”

Sharjah FDI Office: The Sharjah FDI Office (Invest in Sharjah), an affiliate of the Sharjah Investment and Development Authority (Shurooq), will be turning the spotlight on how businesses can weather the challenging economic climate set in the wake of the Coronavirus (COVID-19) pandemic, at a live, free-to-attend webinar it is hosting on Aug.12.

Eminent speakers include Dr Abdul Aziz Al Muhairi - Director, Sharjah Health Authority; Mohamed Juma Al Musharrkh - CEO, Invest in Sharjah; Ismail Ali Abdulla - CEO, Strata; Ismael Touq - Sharjah Open Innovation Lab Manager, Sharjah Research Technology and Innovation Park (SRTI Park); and Mohammed Javeed - Business Excellence Manager, Falcon Pack Industries LLC.

They will engage the audience with their successful experiences in navigating the current economic realities by tapping into shifting market requirements and innovatively changing their product and service lines to meet new demands.

Titled ‘Shifting Mindsets and Business Resilience’, the interactive virtual session will focus on lessons struggling businesses can learn from companies that had a contingency plan in place for such emergency situations and have stayed buoyant despite the crisis by shifting or investing in new industries. Business heads will be able to learn how to adapt to the new reality by shifting production lines, modifying operations, and embracing new technology.  For instance, Strata, Mubadala Investment Company’s aerospace manufacturing subsidiary, adapted by tying up with Honeywell to produce the face masks at its Al Ain facility. Immensa Technology Labs, a 3D printing company located at SRTI Park, rose to the occasion by ramping up production of 3D-printed face masks and face shields. Aluminium food container manufacturer Falcon Pack started manufacturing hygiene packs to make up the shortfall.

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