A new three-way joint venture set up by promoters from the United Arab Emirates (UAE) and two US-based companies have developed a new concept for providing turnkey services to investors and businessmen seeking to import goods, equipment and machineries, particularly from the US, as well as from other parts of the world.
The new joint venture company, called Al-Taasees, has been registered in Dubai. The promoters behind the new 'creative finance' approach are Adel Noori Jaber, who heads the joint venture on the ground in Dubai, and Managing Director of Trade Source International, Thomas J. Burr and President of Equipment Specialists, Mr. Michael H. Gordon.
The concept will be outlined to a select group of more than 70 key regional decision-makers at a presentation on Tuesday March 23, 2004 at Crowne Plaza Hotel in Dubai. The new company has already started receiving a high rate of interest from regional businesses representing varied sectors, reported a pres release.
"What we aim to do is take away all the headaches of sourcing machinery and material supplies by any corporate from throughout the vast swathe of the Middle East and North Africa region," said Adel Noori Jaber. All a company now needs to do is to call us and let us know what they want, and we shall arrange everything, including finance, for them – and at highly competitive rates," Jaber pointed out.
Burr said that financing for any import into the Arab world could and would be arranged in the US under very favorable terms. "Interest rates in North America, particularly in the US, are at an historic low. Moreover, through our Strategic Marketing Alliance with the governmental export credit agency, Export-Import Bank of the USA, Trade Source International is recognized as an experienced partner in delivering the programs of Exim Bank," added Burr.
The joint venture would have two divisions - the consultancy division, which will be handled by Trade Source International. Al Taasees and Equipment Specialists will handle the trade division.
Going by the interest and the response from the market, the joint venture officials said they have begun to look at plans of launching a new initiative aimed at encouraging exports from countries like the UAE, Egypt, Saudi Arabia and Malaysia, and that they are now to start discussions with the concerned authorities in Dubai. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
