Fujairah Cement and ITFC signs trade finance agreement

Published 13 April 2010

The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the IDB Group, as part of its trade finance mandate to advance the expansion of the private sector through a sustained commitment to improving access to value-added and competitive financing, cemented its relationship with Fujairah Cement Industries (FCI) with an AED73m (US$19.8m) trade finance agreement.

The agreement was signed by Sheikh Mohamed Bin Hamad Bin Saif Al Sharqi, Vice Chairman of FCI and Dr. Waleed Al Wohaib, CEO ITFC during a signing ceremony held at the FCI headquarters in Fujairah.

Commenting on the trade finance agreement Sheikh Mohamed said, "We are looking to establish a strategic partnership with the ITFC in order to help solidify our leadership position and to take advantage of the ongoing construction boom in the United Arab Emirates in particular and the GCC in general in this vital sector."

He went on to add, "We are encouraged with this financing agreement which will help us with the purchase of raw materials that are critical input components in our cement manufacturing process, while at the same time it frees up our capital in order to help us move forward on our various technology upgrade initiatives, which are being undertaken in order to allow for greater quality control, resource optimization and allocation."

Dr. Waleed Al Wohaib said, "This trade finance agreement represents one main element of our plans to support the private sector in the United Arab Emirates in order to enhance trade in the Islamic world, in addition to offering integrated trade finance solutions for both the private and public sectors."

He went on to add, "Our medium to long-term objective is to support the development of the UAE’s business sector through multiple programs and initiatives that includes trade finance and trade development in order enhance the country’s overall competitiveness and trading capacity."