Commercial Bank of Dubai’s seminar discusses the outlook for the UAE economy
Commercial Bank of Dubai (CBD) hosts Commercial Banking Seminar
The UAE’s growing status as a safe haven has led to its emergence as a leading global hub for investment, according to the Commercial Bank of Dubai (CBD). Steadily rising investment inflows have raised the global competitiveness of the country and supported the growth of the country’s non-oil economy, which now accounts for almost 60% of the overall economy. Non-oil growth is expected to play a key role in the country’s forecasted GDP growth of 5.2% in 2014.
The outlook for the UAE economy was highlighted at CBD’s Commercial Banking Seminar held for its clients earlier this month. The Seminar, which witnessed the attendance of 200 of the Bank’s customers, discussed CBD’s key products and solutions that cater to the commercial banking needs of clients. The event also showcased the main funds offered by CBD’s investment banking division, including the bank’s Leasing Fund and Trade Finance Fund, in addition to the Bank’s key Investment and Finance products under its Islamic Banking division, Attijari Al Islami
Commercial banking products that were featured at the seminar included a range of commodity finance and trade finance products. The latter included ‘Tasdeer Finance’, an export financing product targeted at Letter of Credit beneficiaries, in addition to traditional trade products like import letters of credit (LCs), guarantees, standby LCs, trade finance loans, export pre- and post-shipment financing, collections, and trade bills discounting. Other products showcased at the seminar included CBD’s cash management and payment solutions, including a recently launched corporate card, which assists clients with expense management and procurement. In addition, CBD’s Islamic Banking offering, covering products ranging from ‘Absher Personal Finance Tawarruq through Sukuk, and a series of Ijarah home products including real estate Ijarah Sales and Lease Back were also featured at the event.
Commenting on the workshop, Abdul Rahim Al Nimer, Deputy General Manager - Head of Commercial Banking, CBD, said: “Customers have always been CBD’s first priority, and we regularly hold customer seminars to provide our customers with vital information on how our products and services can support their business. The Commercial Banking seminar was aimed at giving insights into our commercial banking offering, which will help our clients take informed decisions on how they can use our products.”
He added: “CBD offers a complete range of commercial banking solutions backed by a highly experienced team of relationship managers and product specialists who act as trusted partners. The availability of commercial banking solutions, specifically tailored to the needs of local businesses, is vital for accelerating the expansion of trading in the UAE. Our Commercial Banking division has significantly expanded its support for the UAE business community over the last year. In recent years, our products have particularly been geared to support the increasing volume of activity in the fast-growing trade corridors linking Africa, the Middle East and Asia.”
CBD holds a series of annual workshops featuring the offerings of each of the Bank’s divisions, in line with the Bank’s continuous efforts aimed at strengthening relationships with its customers.
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