Facilitating financing for SMEs

Business  Bureau, Gulf Today

The Mohammed Bin Rashid Fund (MBRF) of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, and First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, have formed a partnership to launch a new receivable financing programme for Emirati- owned SMEs in Dubai.

The memorandum of understanding was signed at FAB’s Sheikh Zayed branch in Dubai, by Abdul Basit Al Janahi, CEO of Dubai SME, and Hana Al Rostamani, Group Head of Personal Banking at FAB, in the presence of senior officials from both parties.

Under the agreement, FAB will offer Dubai SME Emirati-owned suppliers with an easy and tailored solution to secure financing against sales invoices. In addition to settling payments, the programme will offer Emirati entrepreneurs with preferential rates, and a wide array of FAB’s suite of Business Banking products and services.

Abdul Basit Al Janahi, CEO of Dubai SME, said: “The partnership with FAB is a significant opportunity for Dubai SME Emirati-owned suppliers to benefit from the diverse financing options increasingly available in the UAE. Dubai SME has supported the growth and expansion of 7,000 startups since 2002. We also enable our member SMEs to benefit from government contracts and the net value of contracts thus facilitated by Dubai SME now stands at Dhs 5.2 billion.”

Al Janahi also emphasised Dubai SME’s commitment to building partnerships with businesses and organisations to ensure SME access to the required resources, including knowledge, human capital and funding to move confidently through every stage of their growth.