Director General of Abu Dhabi Chamber of Commerce and Industry and NBAD's officials launching the new business banking centre in Abu Dhabi
The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, expanded its exclusive services for small- and medium-sized enterprises (SME) in the capital by opening a Business Banking Centre in one of Abu Dhabi’s major main roads.
H.E. Mohammed Hilal Al Muhairi, Director General of Abu Dhabi Chamber of Commerce and Industry (ADCCI), Michael Tomalin, the Group Chief Executive of NBAD; Saif Al Shehhi, the Senior General Manager of the Domestic Banking Division of NBAD; and senior executives of the Bank inaugurated the new Business Banking Centre.
H.E. Al Muheiri said: “I am pleased to witness the inauguration of a new banking business center in Abu Dhabi City.”
HE the Director General praised NBAD efforts to provide banking and credit facilities to the business sector, especially the small and medium enterprises which represent a big part of the number of companies operating in the emirate of Abu Dhabi. HE said that the ADCCI is keen to support and develop the capabilities of small and medium enterprises and UAE national business pioneers with high ambitions to develop their businesses in all trade and services sectors.
HE Al Muheiri stressed the role of national banks headed by NBAD in spreading the culture of business entrepreneurship among the UAE nationals in Abu Dhabi and encouraging them to start small and medium enterprises taking advantage of the cooperation between the ADCCI and NBAD.
The centre is located at the intersection of Corniche Road with Arabian Gulf Street. Its prime location aims to be easily accessible and brings NBAD SME services to this important segment.
“NBAD aims to be accessible to SMEs to offer our ever expanding and superior products to this critical segment, which is one of the key and important pillars of the UAE economy,” said Haitham AlRefaie, the Head of Business Banking Group at NBAD. “We are pleased to expand NBAD’s exclusive SME services and to deliver NBAD’s commitment to provide a wide range of banking solutions and products to meet the ever expanding demands of our customers.”
The Corniche Business Banking Centre is NBAD’s seventh in the UAE, and the third in the Emirate of Abu Dhabi.
Launching dedicated business banking centres is in line with NBAD's strategic objective to support and grow the SME sector by meeting growing demands for business banking services.
Recent statistics reveal that SMEs account for more than 46% of the UAE's GDP and around 90% of all businesses in the country.
NBAD opened its first Business Banking Centre in February 2011 in Abu Dhabi Industrial City (ICAD), following by other centres in Al Ain, Dubai’s Jebel Ali and Al Quoz, Sharjah, and Abu Dhabi’s Mina.
All NBAD's new Business Banking Center are staffed by professional and experienced talent offering credit facilities to companies as well as trade finance and treasury among its many services.
“NBAD will launch 14 dedicated business banking centers throughout the UAE by end of first quarter of 2012 in line with our strategic objective to serve this significant sector, because serving this important segment is a core strategy of NBAD’s domestic operations,” Mr. Al Refaie said.
“Enabling SMEs to invest in their business contributes to a healthy market generally and benefits all players,” Mr. AlRefaie says. “NBAD’s Business Banking Group is committed to supporting and nourishing the spirit of entrepreneurship and this is why we continue to bring to the market products and services that meet this segment’s demands and needs.”
Business Banking Group at NBAD provides best solutions for financial transactions of all companies operating in the commercial segment through the Bank’s extensive branch network in the UAE and specialised products. NBAD offers world class services in Export Letters of Credit, advising LCs, Discounting of Export Documents, Transferrable LC, negotiation and discounting of Documents, Assignments.