Abdul Baset, Chief Executive of Dubai SME and Howard Gaunt, Head of Business Banking Group, ADCB signing the agreement
Dubai SME, an agency of the Department of Economic Development (DED)-Government of Dubai, entrusted with the development of the small and medium enterprise (SME) sector, has signed a partnership agreement with Abu Dhabi Commercial Bank to offer benefits to the top 100 SMEs in Dubai.
Under the MoU, ADCB will commit to develop a special SME100 package that covers reduced interest rates, funded credit facilities at ADCB’s base rate, priority transaction processing, reduced fees and charges on export transactions, flexible repayment options, access to a complete suite of SME products such as overdrafts, Short Term Loans, Invoice and PDC Discounting, Letters of Credit & Trust Receipt, Loan against Import, Letters of Guarantee, Commercial Vehicle Loan, Construction Equipment Loan, Online Trade Finance platform (Protrade) and Online Fx platform (Fx Freeway).
H.E. Abdul Baset, Chief Executive of Dubai SME, thanked ADCB for its commitment and kind support of this critical initiative to champion the SME sector.
Commenting on the agreement, he said: “This partnership with ADCB only marks the beginning of our SME development journey together, a journey which I’m confident will prove to be of great value to the SME sector. As the Dubai SME100 initiative grows in strength, we expect to see an increase in valued partners, such as ADCB, coming on board, which will only serve to greatly benefit the further positive development of our SMEs.
“The support from partners like ADCB is not just about enhancing all manner of financial assistance but non-financial aspects as well, most notably in the development of financial management capabilities. The UAE’s top SMEs are showing signs of fast growth and we need partners like ADCB to boost our efforts to continue to fuel further growth in the SME sector.”
Howard Gaunt, Head of Business Banking Group, ADCB said: “We are very pleased to be part of this partnership with Dubai SME and are greatly looking forward to being able to provide our tailored packages to best help Dubai SME continue to facilitate positive growth within the UAE’s SME market. ADCB places great significance on helping to educate and support SMEs across the UAE, as we firmly believe them to be the backbone of any economy. The SME segment continues to be an area of strategic growth for ADCB and one that we hope to further help develop in the UAE.”