National Bank of Fujairah (NBF) announced the opening of its diamond financing office in Almas Tower, part of the Dubai Multi Commodities Centre (DMCC). This follows the establishment of a specialised diamond financing team in April this year, which focuses on financing manufacturers and traders of rough and polished diamonds.
The unit complements the bank’s focus on the precious metals and jewellery sectors, and it has brought on board industry experts in order to provide a range of trade finance and treasury products that are all highly tailored to client needs. Indicative of the business’ success, the unit has become profitable within a year of commencing operations and has over 70 clients.
According to DMCC, the potential of the diamond trade business in the emirate has increased in value from $5 million in 2001 to nearly $35 billion in 2013 and 2014.
The facility was inaugurated by Executive Chairman of DMCC – Ahmed Sultan Bin Sulayem, NBF board members – Hussain Mirza Al Sayegh and Abdulla Fareed Al Gurg; and NBF’s CEO – Vince Cook, in the presence of senior officials including Gautam Sashittal, DMCC CEO and Vikram Pradhan, NBF’s Head of Corporate & Institutional Banking.