BizX Eyes Sizeable Share of Non-Cash Trade worth AED5.5 Billion
Conducted AED14 million worth of business (to end April '11) in the UAE; seeks to expand network.
- (1888PressRelease) June 21, 2011 - Dubai - The International Reciprocal Trade Organization (IRTA) estimates that trade occurring through reciprocal trade or barter companies has grown from AED30.3 billion in 2004 to AED44.1 billion in 2009/2010 . Approximately 100 reciprocal trade exchanges operate in Europe, the Middle East and Asia accounting for AED5.5 billion worth of trade. Corporate/hybrid exchange companies (in which there may be a cash/barter blend) account for a further AED7.3 billion worth of trade.
BizXchange (BizX) has been offering barter exchange services to the UAE's business community since 2007. The Middle East arm of a business-to-business barter network based in Seattle, USA, BizX conducted exchanges worth more than AED14 million worth of products and services for its members in the first four months of 2011.
"What we do is monetise a company's underutilized, underperforming or perishable as-sets by exchanging them with other members of the network for trade credit up to the fair market value," explains Chris Shaw, Managing Director, BizX Middle East, which is based in Dubai. "The trade credits are used to pay for budgeted cash expenses, in full or in part, freeing up resources to be invested in other areas."
Rather than trading on a bilateral basis, BizX members can use their trade credits, with any of the 200 members in their regional network, exchanging them for a variety of services from advertising specialties or hotels to office equipment and furniture.
"In the US, BizXchange has conducted over AED1.1 billion (US$300 million) worth of barter transactions since 2002 and has saved our clients tens of millions of dollars every year. Through our robust worldwide network of members and affiliates, we intend to provide this innovative business tool to more and more businesses in the region," added Shaw.
About BizXchange
BizXchange is a business-to-business barter consulting firm offering companies financial solutions to help improve and grow business. Clients buy and sell products and services with other exchange members using BizX dollars, which are equivalent to U.S. dollars. BizXchange has offices in Seattle, San Francisco and Dubai. For more information, visit www.bizx.com
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