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Serving the underserved Vipul Sardana, Head of Trade Finance at Maersk, speaks to Banker Middle East about its expansion into the UAE
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(PHOTO CREDIT: MAGNIFIER/SHUTTERSTOCK)
hat is your opinion of the trade finance landscape in the UAE and the wider Middle East?
UAE is the third-largest trade hub after Hong Kong and Singapore. It is, and has historically been, the key trade hub for the Middle East, Africa and South Asia, both due to its strategic geographical position—with more than 150 shipping lanes passing through—and its leading multi-modal logistics capabilities. Access to trade finance is one of the biggest obstacles in global trade and we have noticed this gap in the market and created a product that can meet our clients’ needs—Maersk Trade Finance. According to the UAE customs data, in 2016 trade contributed AED1,270 billion to the country’s economy. Additionally, the UAE government’s diversification agenda away from oil will further increase trade volumes. With this ambitious potential in business, I see great opportunities for the trade finance to blossom in the UAE as well as in the GCC region. cont. overleaf
www.bankerme.com
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