- World Business Partners, based in UAE, to provide financing to small businesses
DUBAI, United Arab Emirates, May 7, 2013 /PRNewswire/ -- Brandon Short, a former Goldman Sachs investment banking executive for MENA, will join with two former senior executives from Deutsche Bank to form World Business Partners UAE ("WBP"), a small business finance company based in Dubai.
The other co-founders of WBP are Doug Naidus, former Managing Director and Global Head of the Residential Lending Division of Deutsche Bank, and former Chairman and CEO of MortgageIT, and Alex Gemici, former Managing Director and Head of MENA Residential Finance for Deutsche Bank.
Short, a former professional American football player for the New York Giants before joining Goldman Sachs, will be WBP's President. Naidus, who will be the Chairman of WBP, currently serves as Chairman of Deutsche Gulf Finance, a Riyadh-based mortgage financing joint venture between Deutsche Bank and Fahad Al Rajhi. Naidus also is the founder of World Business Lenders (www.wbl.com), a New York-based small business lender in the United States. Gemici, who founded the Dubai-based boutique investment banking firm Greenstone Equity Partners (www.gsequity.com) and co-founded Palm National Partners (www.palmnational.com), the leading Shariah-compliant SME finance firm based in the USA, will be the Managing Partner of WBP.
World Business Partners UAE will offer a Shariah-compliant financing solution ranging from AED 35,000 to AED 1.5 million for small businesses seeking working capital. WBP's ijara asset sale-leaseback program allows SMEs to use the cash equity of their existing assets to fund their businesses' growth and expansion.
In order to expedite the launch of its program, WBP has secured a services agreement with World Business Lenders under which World Business Lenders will provide substantial operational support to WBP.
"I am excited to join a partnership with a proven and accomplished management team," said Brandon Short, President of WBP. "The SME market is underserved and, as such, has substantial demand for financing. Already, we have identified over 200,000 SMEs just in the UAE alone which could participate in our program. Our client's business is the focal point for our funding decisions. Instead of focusing on personal assets or the business owner's credit rating, we look at the history and financial performance of the business."
Under the program, WBP will purchase assets from the SME for an up-front payment and then lease back these assets to the business on a rent-to-own basis over what is usually a six-month term. During that time, the business maintains possession and has full use of the assets. At the end of the lease, ownership of the assets transfers back to the business.
"SMEs control 99% of the business sector worldwide and account for 50% of the world's GDP. Access to capital and credit remains one of the most significant issues facing small businesses today globally," said Doug Naidus, Chairman of WBP. "We would like to address this problem internationally starting with the GCC due to its growing importance as an economic block. I am very pleased to be collaborating with Brandon Short as he leads this effort with his local Dubai presence, and adds his depth of experience and knowledge."
Unlike banks, WBP will not require business plans or financial statements. To qualify, businesses need only to provide information on the assets WBP will buy and lease back, as well as business bank statements for the past 12 months. WBP will base its decisions primarily on the cash flow of the business.
"The GCC has over one million SMEs and a substantial demand for financing," said Alex Gemici, Managing Partner of WBP. "In these challenging times for small business financing, our program allows SMEs to tap into the inherent cash value of their assets."
WBP's asset sale-leaseback program is ideal for retailers, such as grocery stores, dry cleaners, gas stations and electronics stores, as well as bakeries, delis and fast food restaurants. WBP also will work with a variety of service companies, including Web developers, accounting and legal practices, medical offices, private schools, auto repair shops and information technology providers.