Sharjah unveils “Sadder” fund to promote export business

By Rahul Vaimal, Associate Editor
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Sharjah Chamber of Commerce & Industry Building
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Sharjah’s Chamber of Commerce & Industry (SCCI) unveiled a first of kind “Sadder” (export) Fund for financing export operations across the region.  

The Fund which falls under the Sharjah Exports Development Centre (SEDC) of the SCCI 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.

Abdullah Sultan Al Owais
Abdullah Sultan Al Owais
Chairman – SCCI

“The initiative is in line with the wise vision of His Highness Sheikh Dr. Sultan bin Mohamed Al Qasimi, Supreme Council Member and Ruler of Sharjah in terms of achieving economic diversification which is the backbone of Sharjah’s economic policy. 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.”

“At the SCCI, we are committed to adopting creativity and innovation as an institutional approach to come up with initiatives and programs that serve the domestic private sector in a more comprehensive way, especially in light of Covid-19 repercussions. This would help us achieve the best positive revenues and access innovative business models that constantly improve its procedures, services, and performance,” the chairman concluded.

Massimo Falcioni, CEO, Etihad Credit Insurance (ECI), said, “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.

“This cooperation reflects the SCCI’s tremendous efforts and the ECI’s commitment to support non-oil exports and develop the strategic sectors in the country, thus helping accelerate the national economy diversification,” added Falcioni.