Tuesday, May 20, 2008

HSBC to Open Diamond Banking Branch in Dubai

HSBC announced its support of the Dubai diamond industry, saying it will open a diamond banking branch. The branch will probably be located in the Almas Tower, future home of the Dubai Diamond Exchange.

The Dubai Multi Commodities Centre has been putting lot of effort in bringing banking to the DDE, realizing that without offering a full range of supporting services, the local diamond industry will not grow to become a major diamond trading center.

The DMCC said HSBC’s decision follows an extensive campaign to promote diamond banking activities, adding that HSBC is establishing a diamond banking unit to finance the local and regional trade.

In a release, DMCC said HSBC will offer a range of innovative financing solutions including import credits, working capital and receivables financing, as well as offer factoring services, precious metals hedging, and physical services to meet the needs of the entire supply chain.

The Almas Tower is in final preparations to open later this summer. Many of the floors have been handed over to buyers for retrofitting and most supporting services, such as secure delivery, already arranged.

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