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04 October 2023

Emirates Money breaks even, expansion still on

Jamal bin Ghalaita (SUPPLIED)

By Staff Writer

Emirates Money, the consumer finance arm of Emirates NBD, yesterday said it broke even last month and will continue to expand in spite of challenging financial conditions in the region.

Launched formally in October, Emirates Money Consumer Finance initially offered three products – a non salary transfer personal loan, business loans for small and medium business owners and loans for commercial vehicles and construction equipment.

It also has specific and tailor-made loan products for the trading community and other business owners. The company received an operations licence from the UAE Central Bank in July.

In the first board meeting of the year presided over by Chairman Jamal bin Ghalaita and General Manager Vikas Thapar, the agenda included the company's current and future performance, it said in a statement.

The board appointed Ahmed Al Marzouqi from Emirates NBD as a member of Emirates Money's Executive Committee. "The board remains confident and optimistic about the company's position both regionally and globally," a statement said.

"In spite of the current turbulent financial times, Emirates Money is committed to continuing its expansion as well as its financial growth and development," it said.