Containers at Khorfakkan port in Sharjah. The Sharjah Chamber of Commerce & Industry (SCCI) has launched the ‘Sadder’(export) Fund for financing exports. Image Credit: Courtesy: Khorfakkan Port

Dubai: The Sharjah Chamber of Commerce & Industry (SCCI) has launched the ‘Sadder’(export) Fund, the first of kind fund across the Emirate Sharjah for financing export operations.

‘Sadder’ Fund falls under the Sharjah Exports Development Center (SEDC) of the SCCI and it aims to increase the rate of exports, open new markets, expand the export map of the SEDC’s affiliates, provide liquidity to exporters, and reduce the risk ratio in export operations through credit insurance.

“Our aim is to support the local economy and enhance its competitiveness by providing financing solutions, including providing guarantees for exporters from national institutions and companies. This would increase the rate of national exports and help them penetrate new markets,” said Abdullah Sultan Al Owais, Chairman, SCCI.

The launch of the new fund comes as part of the SCCI’s efforts to provide the support and boost the UAE’s exports by providing export finance services to local companies, expanding the scope of export business, and penetrating new markets.

“The ‘Sadder Fund’ is a quantum leap in the joint endeavors of both SCCI and ECI to achieve their objectives in line with the bilateral agreement signed last April. This includes increasing Sharjah’s exports and enhancing the competitiveness of the exporting companies operating in it,” said Massimo Falcioni, CEO, Etihad Credit Insurance (ECI).