First Abu Dhabi Bank (FAB) has set up a supply chain finance (SCF) programme for Saudi Arabia-headquartered appliance and electronics manufacturer Alfanar, marking the bank’s first SCF solution in the country.

Under the programme, Alfanar’s suppliers will be able to monetise their receivables using FABeSCF, the bank’s automated digital platform. First launched in Egypt in 2021 and now also live in the UAE, the system integrates directly with clients’ ERP systems, reducing the need for manual intervention and allowing corporates to receive funds in their bank account with just a few clicks.

“We are delighted to partner with FAB and launch this working capital solution that is aimed at improving cash flows across the entire supply chain,” says Mohammad Khattab, corporate treasury manager at Alfanar. “Using the automated online FABeSCF platform will make the internal process much more efficient and seamless for Alfanar.”

Anirudha Panse, FAB’s head of global transaction banking trade finance product innovation, tells GTR that this is FAB’s first SCF programme using the platform, adding that he expects more to follow. “The pipeline is very strong, and there is significant demand from all our customers. The main sectors experiencing high demand include power and energy, oil and gas, and food distribution,” he says.

The development comes amid efforts by FAB, the UAE’s largest bank by assets, to expand its reach and footprint in the Middle East and North Africa.

“At FAB, our mission is to continually expand our regional presence and offer cutting-edge solutions that drive growth for our clients,” says Fahad Al Juwaidi, the bank’s Saudi Arabia country CEO. “The launch of our supply chain finance programme in Saudi Arabi is a significant step forward in our regional expansion strategy.”