Two trade finance industry veterans have established a boutique corporate finance house focusing on the Middle East.

Emerging Capital Management Partners will offer advisory services to governments, international companies and family offices in the Middle East, with a focus on working capital management, export credit agency and multilateral financing institution support, as well as sustainable and shariah-compliant solutions.

Based in Dubai, the firm is led by founding partners Farrukh Siddiqui (pictured) and Jeremy Shaw, who have over 60 years’ combined experience within the trade finance industry.

Siddiqui, who leaves his post as managing director for the Middle East at Falcon Group to set up the company, previously spent 14 years at JP Morgan, where he initially reported to Shaw. Prior to this, he held a management role at First Gulf Bank in Dubai. Shaw, who left his role as global head of export finance and Emea trade and loan products head at JP Morgan in February 2020 after 16 years at the bank, has also held trade roles at banks including BNY Mellon, Citi and the Bank of Boston.

Joining them as chairman is Faisal Galadari, who most recently served as CEO of Al Masraf, Arab Bank for Investment and Foreign Trade, Abu Dhabi. He has over 35 years of senior management experience with leading financial institutions covering commercial and consumer banking throughout the region.

The firm’s focus will be on providing solutions for clients seeking to restructure their borrowing base, diversify sources of financial support or reprice existing arrangements.

“It’s all-round facilitating. It’s providing advisory and arrangement services for clients and connecting with appropriate funders. We are not tied to any institution, we haven’t got any cross-sell targets to meet, and we can give truly impartial advice,” says Shaw.

“The Middle East is a great market, and I would describe it more as a traditional market. There is an opportunity to bring new techniques, to bring a slightly different approach perhaps, and that is where we come in,” adds Shaw. “We have a very strong and very credible local partner, and we have international expertise and international reach, which means we can really bring all this together for our clients in the region.”

Siddiqui tells GTR that the firm’s target market will be the private sector in the region, primarily large family-run businesses.

“Our position is that we are not going to compete with the big banks,” he says. “When we talk to export credit agencies, they want to expand from the government-owned companies to the private sector. There is a real opportunity here to help the buyer and the seller which no one has previously paid attention to. This isn’t about disrupting the market or treading the same ground, it is reaching underserved areas of the market.”

Falcon Group is yet to announce Siddiqui’s replacement.