During the inauguration of NBAD's Business Banking Centre in Jebel Ali, Dubai
The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has launched a business banking centre in Jebel Ali, its first in Dubai and third in the country, in its ongoing effort to expand its services to small- and medium-sized enterprises (SME).
The new business banking centre that exclusively serves SME is located inside one of UAE most famous business hubs is ideal because Jebel Ali free zone is home to numerous businesses.
The new centre in Jebel Ali follows NBAD’s launch of its first business banking centers in Abu Dhabi Industrial City (ICAD) and Al Ain.
“We are pleased to extend NBAD’s exclusive SME services to Dubai 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,” said Saif Al Shehhi, the Senior General Manager of Domestic Banking Division at NBAD. “SMEs are very important players in economic growth, and we are keen in providing best products and highest standards of services to our SME clients.”
Launching dedicated business banking centers is in line with NBAD's strategic objective to support and grow the SME sector, by meeting growing demands for business banking services.
“Jebel Ali is home to many businesses and this is our first business banking centre in a free zone. This will allow us to further expand our reach to serving SMEs,” said Haitham Al Refaie, the Head of Business Banking Group at NBAD. “We continue to open new banking centers that exclusively serve small- and medium-sized businesses because serving this important segment is a core strategy of NBAD’s domestic operations.”
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, treasury services, among its many superior services.
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.
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 in line with our strategic objective to serve this significant sector,” Mr. Al Refaie said.
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 three (3) more business banking centers in Dubai and four (4) more 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 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.
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.