Seasoned investment expert explains financing for SMEs
Goldman Sachs tower in New Jersey
Click here to add Alex Gemici as an alert
Disable alert for Alex Gemici,
Click here to add Brandon Short as an alert
Disable alert for Brandon Short,
Click here to add Deutsche Bank as an alert
Disable alert for Deutsche Bank,
Click here to add Deutsche Gulf Finance as an alert
Disable alert for Deutsche Gulf Finance,
Click here to add Doug Naidus as an alert
Disable alert for Doug Naidus,
Click here to add Dubai as an alert
Disable alert for Dubai,
Click here to add Fahad Al Rajhi as an alert
Disable alert for Fahad Al Rajhi,
Click here to add Goldman Sachs as an alert
Disable alert for Goldman Sachs,
Click here to add Greenstone Equity Partners as an alert
Disable alert for Greenstone Equity Partners,
Click here to add MortgageIT as an alert
Disable alert for MortgageIT,
Click here to add New York as an alert
Disable alert for New York,
Click here to add New York Giants as an alert
Disable alert for New York Giants,
Click here to add Palm National Partners as an alert
Disable alert for Palm National Partners,
Click here to add Riyadh as an alert
Disable alert for Riyadh,
Click here to add World Business Lenders as an alert
Disable alert for World Business Lenders,
Click here to add World Business Partners as an alert
Disable alert for World Business Partners
Brandon Short, a former Goldman Sachs investment banking executive for MENA, will join with two former senior executives from Deutsche Bank to form World Business Partners UAE (“WBP”), a small business finance company based in Dubai.
The other co-founders of WBP are Doug Naidus, former Managing Director and Global Head of the Residential Lending Division of Deutsche Bank, and former Chairman and CEO of MortgageIT, and Alex Gemici, former Managing Director and Head of MENA Residential Finance for Deutsche Bank.
Short, a former professional American football player for the New York Giants before joining Goldman Sachs, will be WBP’s President. Naidus, who will be the Chairman of WBP, currently serves as Chairman of Deutsche Gulf Finance, a Riyadh-based mortgage financing joint venture between Deutsche Bank and Fahad Al Rajhi. Naidus also founded the World Business Lenders, a New York-based small business lender in the United States. Gemici, who founded the Dubai-based boutique investment banking firm Greenstone Equity Partners and co-founded Palm National Partners, the leading Shariah-compliant SME finance firm based in the USA, will be the Managing Partner of WBP.
World Business Partners UAE will offer a Shariah-compliant financing solution ranging from AED 35,000 to AED 1.5 million for small businesses seeking working capital. WBP’s ijara asset sale-leaseback programme allows SMEs to use the cash equity of their existing assets to fund their businesses’ growth and expansion.
In order to expedite the launch of its programme, WBP has secured a services agreement with World Business Lenders under which World Business Lenders will provide substantial operational support to WBP.
“I am excited to join a partnership with a proven and accomplished management team,” said Brandon Short, President of WBP.
“The SME market is under-served and, as such, has substantial demand for financing. Already, we have identified over 200,000 SMEs just in the UAE alone which could participate in our programme. Our client’s business is the focal point for our funding decisions. Instead of focusing on personal assets or the business owner’s credit rating, we look at the history and financial performance of the business.”
Under the programme, WBP will purchase assets from the SME for an up-front payment and then lease back these assets to the business on a rent-to-own basis over what is usually a six-month term. During that time, the business maintains possession and has full use of the assets. At the end of the lease, ownership of the assets transfers back to the business.
“SMEs control 99% of the business sector worldwide and account for 50% of the world’s GDP. Access to capital and credit remains one of the most significant issues facing small businesses today globally,” said Doug Naidus, Chairman of WBP. “We would like to address this problem internationally starting with the GCC due to its growing importance as an economic block. I am very pleased to be collaborating with Brandon Short as he leads this effort with his local Dubai presence, and adds his depth of experience and knowledge.”
Unlike banks, WBP will not require business plans or financial statements. To qualify, businesses need only to provide information on the assets WBP will buy and lease back, as well as business bank statements for the past 12 months. WBP will base its decisions primarily on the cash flow of the business.
“The GCC has over one million SMEs and a substantial demand for financing,” said Alex Gemici, Managing Partner of WBP. “In these challenging times for small business financing, our programme allows SMEs to tap into the inherent cash value of their assets.”
WBP’s asset sale-leaseback programme is ideal for retailers, such as grocery stores, dry cleaners, gas stations and electronics stores, as well as bakeries, delis and fast food restaurants. WBP also will work with a variety of service companies, including Web developers, accounting and legal practices, medical offices, private schools, auto repair shops and information technology providers.
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- Show me the money: Lebanon addresses bank transfer delay problems
- Swiss Leaks revisited: Strong Egyptian presence in banking scandal
- Saudi market plans IPO in 2018
- Understanding the ripple effect: 8 reasons the US economy has slowed down in Q1 of 2015
- Jordan Ahli Bank’s SME Academy Unit conducts training workshop on the evaluation of investment decisions
- Deutsche Bank, Goldman Sachs & Polygon Investment Partners invest US$ 27.8 million in OnMobile
- Over 50 % of the UAE workforce is employed in SMEs
- The Greening of the Gulf: Explaining the shift in the region's energy sector
- Michigan finance expert to address Gulf executives