NBAD executives during the opening ceremony of the new business banking centre
The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has opened its second business banking centre in Dubai in its ongoing effort to expand its services to small- and medium-sized enterprises (SME).
The new business banking centre is located in Al Quoz area in Dubai. Its prime location on Shaikh Zayed Road aims to be easily accessible and brings NBAD SME services to this important segment.
Saif Al Shehhi, the Senior General Manager of NBA’s Domestic Banking Division; Atiq Juma Faraj Nasib, Senior Director of Commercial Services at Dubai Chamber of Commerce and Industry; and several other executives of NBAD cut the red ribbon to the NBAD business banking centre in Al Qouz during a grand opening ceremony.
“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.”
NBAD's new business banking center, which will be run by professional and experienced talent, offers credit facilities to companies, as well as trade finance and treasury among its many superior services.
The Al Quoz business banking centre is NBAD’s fourth in the UAE following inauguration of similar facilities in Jebel Ali, Al Ain, and Abu Dhabi Industrial City (ICAD).
Launching dedicated business banking centres is inline 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 will launch 14 dedicated business banking centers throughout the UAE in 2011 inline 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.
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.
NBAD's Business Banking Group's ambitious expansion plan include opening four (4) business banking centers in Abu Dhabi city, one center in Al Ain, and one center in Western Region in the Emirate of Abu Dhabi in 2011. In addition, Business Banking Group at NBAD will launch four (4) business banking centers in Dubai and four (4) business centers in Sharjah, Ajman, Ras Al Khaimah/Umm Al Qaiwain, and Fujairah this year.
“Expanding our network is an essential element in NBAD’s commitment in providing exemplary service and making our services more accessible to SME customers,” Mr. Al Refaie added. “NBAD is an integral part of UAE fabric and is fully committed to the Government’s initiatives and plans to support SMEs and UAE economy.
Recently, NBAD launched Business Rent Finance, which offers short term loan to small- and medium-sized enterprises (SME) to cover their rent. NBAD has also launched Visa Business Credit Card, which has no annual fee and its other special features include up to 50 days interest-fee grace period, travel insurance up to US$150,000, pre-set limits on individual cards, access to cash, consolidated payments as well as special offers and discounts. The card can offer credit limit from AED20,000 to AED500,000.
To support SMEs in the UAE and facilitate their growth, NBAD became an administrator of the Khalifa Fund through its partnership with Khalifa Fund for Enterprise Development which began late last year. The Bank also signed a Memorandum of Understanding (MoU) with Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprises (SMEs) sector.
It also started a campaign offering NBAD’s new and existing SME customers the chance to apply online for credit facilities up to AED 2.5 |Million and obtain in-principle approval within 7 days after application.
“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.”