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.”
“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.