Under the agreement, Al Futtaim Finance will refer finance deals received at their different showrooms and dealerships for commercial vehicles, heavy equipment, plant and machinery and marine equipment to Al Hail ORIX Finance.
Al Futtaim Finance, a Central Bank of the UAE regulated entity, is a wholly owned subsidiary company of the Al-Futtaim Group – the leading business conglomerate of the emirate. It specializes in providing a range of innovative financial products to customers across the UAE.
Mr. Steve Faulkner of Al Futtaim Finance and Mr. Arshi Islam of Al Hail ORIX Finance signed the agreement in the presence of senior officials and executives of the two companies. The deal is aimed at facilitating the customers mainly engaged in booming construction industry.
According to recent reports, construction projects worth $128.4 billion are currently underway across the Gulf region this year, ramping up demand for the commercial vehicles, heavy equipment and machinery. The sector is likely to record a growth rate of 9.5 per cent between 2012 and 2016.
The UAE is the growth leader within the Middle East’s commercial vehicles sector. There is increasing room for financing commercial vehicles as it is accounted for only 55% of sales last year, as compared 40% of these vehicles in 2012.
Al Hail ORIX Finance, which was established in 2002, has nominated a dedicated team to handle all enquiries from Al Futtaim Finance and will provide prompt and competitive financial solutions to their customers.
Al Hail ORIX Finance is a joint venture between Al Hail Holding of the UAE and ORIX Corporation, Japan. With head office is in Dubai and a branch network in Sharjah and Abu Dhabi, the joint venture firm is led by a team of professional and dedicated staff with special expertise in lease financing and has strong network with local suppliers and ORIX's associates worldwide.
Al Hail Holding is an Abu Dhabi-based leading investment company having interests in healthcare, education, infrastructure, retail, real estate, financial services, communication, power & energy and technology. ORIX Corporation is Japan's largest leasing and leading diversified financial services conglomerate with assets in excess of $94.8 billion and subsidiaries & associates in 36 countries worldwide.