Ritchie Bros. has partnered with a leading banking group in the MENAT region, Emirates NBD, to provide a financing option that allows customers the opportunity to purchase items without having to pay in one lump sum.
“As a trusted global marketplace for insights, services, and transaction solutions for commercial assets and vehicles, Ritchie Bros. is constantly looking at ways to make acquiring heavy machinery easy for buyers,” said the company in a statement.
According to the UAE Construction Equipment Market Report 2023, the country has seen a surge in investments in public infrastructure to boost sales of road construction equipment.
This has contributed to the rising demand for heavy machinery, leading to more companies searching for financially flexible ways to source equipment for their projects. Dubai Government’s budget statement for 2024 shows the Government has allocated 8% of total expenditures to construction projects.
This is a 34% increase on the spending planned versus 2023, which shows a strong commitment to developing infrastructure, thus raising the need for more heavy machinery and financing methods to supply the demand for these machines.
Shirin Bazargan, Regional Operations Manager at Ritchie Bros.’ Dubai office, outlined the process of using the financing service through Emirates NBD: “We worked closely with Emirates NBD to ensure the process of securing financing when purchasing our machines was as seamless as possible. Getting your equipment financed is as easy as filling in the online form on the Emirates NBD website, getting a call back from a banking representative to confirm if the machine you chose is eligible for financing, and signing the contract once your request is approved.”
Before embarking on the process of funding a heavy equipment purchase from Ritchie Bros. through Emirates NBD, there are specific requirements, including:
- All purchased assets must be eligible for registration through the Roads and Transport Authority (RTA)
- Assets must not be older than the year 2014
- Eligible rolling items include all road and construction machines, such as wheel loaders, excavators, dozers, graders, pavers, rollers and pilling rigs
- Eligible cranes include all mobile and crawler cranes
- Eligible vehicles include all vehicles over 7.5 tons, such as trucks, trailers, rigid chassis, dump trucks, garbage compactors and tankers
While there is a variety of equipment available for financing through Ritchie Bros. partnership with Emirates NBD, three of the most popular machines that are available for purchase at the upcoming auction in March are:
- 2018 Cat 745 Articulated Dump Truck
- 2019 Cat 980M Wheel Loader
- 2021 XCMG XE520LC-K Tracked Excavator (Unused)
“We are excited to be continuing our collaboration with a dynamic partner like Emirates NBD to give our clients access to a broader range of equipment. With an average of 1,200 approved bidders per auction, with the majority of them from the UAE, there is a huge demand for this kind of service. We are pleased to have the support of a trusted bank to be able to offer this option to our customers to enhance their buying experience,” Bazargan said.
