SABB committed to trade finance development in KSA

SABB received the ‘Best Bank for Commodity Finance’ award during the event.
Updated 04 December 2019

SABB committed to trade finance development in KSA

SABB presented important insights about the future of trade finance in Saudi Arabia during the 7th Annual Saudi Trade Finance Summit.

The event, held in Riyadh, was attended by a group of decision-makers, senior experts, professionals, and leaders in the trade finance sector from various governmental and private institutions.

SABB, which was the platinum sponsor of the summit, participated in providing solutions, exchanging ideas to develop trade finance tools, discussing the laws, strategies, and trends of trade finance, during the summit sessions.

SABB also received the “Best Bank for Commodity Finance” award.

The annual summit is considered to be one of the most important events in the Kingdom’s trade finance sector.

Ahmad Alalawi, head of origination and client advisory at SABB, participated with a working paper titled “Saudi Trade Finance Trends and Challenges in 2020,” where he discussed effects of the global trade wars on Saudi trade, the new opportunities in changing the local regulatory environment, and new trade products and the value they can add to the Saudi market.

Another working paper was presented by Sean Bowey, head of global trade and receivables finance products at SABB, titled “Saudi Trade Market Digitization as a Part of an International Trend,” where he stressed that trade finance is coming to unprecedented growth, pointing out to the benefits to banks and customers in Saudi Arabia as an outcome. He also highlighted the importance of developing global standards and digital products in relation to finance, and emphasized the importance of digitization as an important factor to increase transparency, and developing the secondary market.

SABB has launched several products and services aimed at promoting the role of trade finance, in an effort to stimulate the economy and business development in order to achieve the objectives of Vision 2030.


UAE’s Al-Hamra announces
relief package for partners

Updated 02 April 2020

UAE’s Al-Hamra announces
relief package for partners

Al-Hamra, a real estate developer, services provider and investment company in the northern emirates, has created an economic relief package, which includes several initiatives to help ease the financial burden of its mall tenants, freehold owners, residents and customers, impacted by the COVID-19 outbreak.

The announcement is in line with the UAE government and Ras Al-Khaimah’s objectives to support the economic environment and boost financial stability. The initiatives include up to three months of rental relief, reduction in cooling consumption charges, deferral of fees, waiver of payment delay penalties and payment due date extensions.

Dedicated teams have been deployed to assess specific requirements of various businesses and individuals to provide economic relief and support. The tasked force is also reassessing cost-effectiveness of operations in order to pass on the benefit to the end users and customers.

HIGHLIGHT

The initiatives include up to three months of rental relief, reduction in cooling consumption charges, deferral of fees, waiver of payment delay penalties and payment due date extensions.

Benoy Kurien, group CEO of Al-Hamra, said: “We have been proud partners in shaping the real estate landscape of Ras Al-Khaimah and this pride comes with a responsibility to the emirate as well as to our partners and consumers who have contributed to our success. This pandemic is reshaping the way we think about community and has made one thing strikingly clear: Our interdependence. We are working closely with our stakeholders to ensure that we recover from this period together, stronger and more resilient.

“We understand the predicament faced by all and the impact of the coronavirus outbreak on our economy. During these unprecedented times, we are more committed than ever to stand firmly by our valued partners and customers. Our initiatives aim to support business continuity by offsetting some of the impact, and to promote the welfare of the community. Our dedicated teams will reach out to our partners in the following days to understand and discuss their requirements and implement effective measures. We will continue to support the government, our customers and partners in all ways possible to overcome this challenging situation together.”

Al-Hamra has diversified interests in retail, residential and hospitality in Ras Al-Khaimah and owns iconic assets such as the award-winning master planned community of Al-Hamra Village, Waldorf Astoria Ras Al-Khaimah, Ritz Carlton Al-Hamra Beach, Manar and Al-Hamra Malls. The group is focused on providing premier lifestyle real estate developments, while investing in hospitality and leisure segments.