Emirates Money and CNH pen PMV finance agreement
Emirates Money, the consumer finance arm of Emirates NBD, has joined forces with CNH Capital to provide financing options for commercial vehicles and construction equipment in the UAE
Emirates Money has entered into a preferred partnership agreement with CNH Capital.
The agreement paves the way for the financing of a range of CNH Industrial products, including commercial vehicles and construction equipment.
The deal will allow Emirates Money – the consumer finance arm of Emirates NBD – to offer UAE businesses captive-alike financing for Iveco, Iveco Bus, and Case Construction units.
“Access to finance is a major challenge faced by the wider plant, machinery, and commercial vehicles sector, and our partnership with CNH Capital is predicated on expanding the range of products that can be financed to help customers meet their fleet requirements,” commented Vikas Thapar, chief executive officer of Emirates Money.
“Emirates Money’s strong reputation in the UAE, combined with CHN’s global leadership in the equipment industry, will undoubtedly provide a strong foundation for a successful partnership.
“As we move forward together, I am confident that the coming months will see us adding more products to the current suite, combined with flexible finance options, thereby further catalysing the growth of industrial activity in the UAE,” he added.
Emirates Money estimates that 16,000 units of light and heavy commercial vehicles were sold in Dubai during 2013. Approximately 35% of these were heavy commercial vehicles, the remainder being light and heavy buses. These figures suggest around 15% growth compared to 2012, and the finance specialist expects this trend to continue over the coming years.
In addition to broadening the spectrum of financing options that it can offer, Emirates Money contends that its agreement with CNH will encourage further growth within the UAE’s industrial sector.