Qatar Islamic Bank (QIB) has announced that it will be the preferred financing partner of Jaidah Equipment under the terms of the strategic partnership QIB forged with the Qatar-based equipment dealer.
QIB general manager of Wholesale Banking, Tarek Fawzi, and Jaidah Equipment managing director, Ayman Ahmed, led the official signing before senior executives from both organisations at QIB’s corporate headquarters in Doha.
As part of the agreement, customers of Jaidah Equipment who would like to purchase new equipment are entitled to use the bank’s Fleet and Heavy Equipment Financing scheme, which was introduced last year as part of QIB’s Aamaly programme, a collection of products and services designed specifically for small and medium-sized enterprises (SMEs).
Through its Aamaly programme, QIB aims to foster the growth of SMEs and help diversify the country’s economy in line with Qatar National Vision 2030.
“We are pleased to be partnering with Jaidah Equipment. This new relationship enhances the value of QIB’s Aamaly programme and makes it easier for SMEs to expand their businesses in the growing Qatar market,” Fawzi said.
The Fleet and Heavy Equipment Financing proposition, which features competitive rates, offers SMEs a convenient way to finance the purchase of vehicles for commercial use. The programme features quick turnaround, flexible down payments, and variable instalment options on financing of up to 48 months.
Financing is also available to legally-registered companies in Qatar, whose primary activities include transportation, construction, contracting, rentals, trading, service, logistics, or manufacturing.
Ahmed said: “Our partnership with QIB will simplify the process for acquiring and financing new commercial vehicles, trucks, cranes, concrete pumps, and heavy equipment, making it more convenient than ever for our customers to obtain the equipment they need.”
Jaidah Heavy Equipment is a division of Jaidah Group, one of Qatar’s oldest companies. As the largest equipment supplier in Qatar, the company provides equipment and support to clients in construction, infrastructure, logistics and warehousing, power generation, transport, and municipal applications. Jaidah Equipment offers a complete range of equipment from the world’s leading brands, including Komatsu, Bobcat, UD Trucks, and Isuzu.
Fawzi added: “QIB is committed to supporting the growth and diversification of the country’s economy. We are pleased to be working with Jaidah Group, which has such deep ties in the community to support the development of local SMEs.”
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