The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has expanded its Business Banking Centre network by launching a new facility in Bur Dubai, a hub of commerce in Dubai.
The new Business Banking Centre, which exclusively serves small- and medium-sized enterprises (SME’s), is located as a standalone Business Banking Centre on Khalid Bin Walid Street (Bank Street). It follows NBAD’s recent launch of Khalifa Business Banking Centre in Abu Dhabi.
“Launching this new facility is in line with NBAD's strategic objective to support the SME sector by meeting growing demands for business banking products and services and making them more accessible to SME customers, especially in Dubai,” said Haitham AlRefaie, the Head of Business Banking Group at NBAD.
According to Dubai Statistics Centre, SME’s count for 95% of the total enterprise population in Dubai and contribute 40% of Dubai’s value add.
“SMEs play a significant role in the growth of the national economy and empowering SME businesses with the best financial and banking tools in the market promotes and maintains an entrepreneurship culture among UAE citizens,” Mr. AlRefaie explained.
The Bur Dubai Business Banking Centre will also house the Transaction Banking capabilities for SMEs with the FX Solutions team and the Trade Finance team operating out of the centre for the Dubai & Northern Emirates Business Banking customers. These would be special dedicated teams of Product Specialists who would work very closely with the Relationship Managers to cater to the clients various Foreign Exchange, Investments, Trade Finance and Cash Management solutions offered by the bank at large with specific focus on SMEs.
The Bur Dubai Business Banking Centre is the Bank’s ninth in the country, and its third in Dubai. NBAD has opened Business Banking Centres in Abu Dhabi’s Mina, Corniche, Khalifa Street, Abu Dhabi Industrial City, Al Ain, and Sharjah and in Dubai’s Jebel Ali and Sheikh Zayed Road.
“NBAD is an integral part of UAE fabric and as a financial services provider we will continue on our commitment in supporting this vital segment and developing the capabilities of small and medium enterprises,” said Mr. AlRefaie.
NBAD plans to have 14 business banking centres throughout the UAE by the first quarter in 2012.
“Our SME services are designed to meet the everyday needs of businesses with flexibility and convenience and other attractive features. We are committed to providing entrepreneurs with smart banking solutions to empower them to achieve their goals,” Mr. AlRefaie added.