The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has inaugurated its Business Banking Centre, a facility in the heart of Abu Dhabi that exclusively serves small- and medium-sized businesses.
The new Business Banking Centre is located inside 1 NBAD Tower, the NBAD Head Office on Khalifa Street. This facility is near to Hamdan and Zayed the Second (Electra) streets, the commercial hub of the capital.
“The expansion of the Business Banking Centres is in parallel with the expansion of SMEs services and products,” said Haitham AlRefaie, the Head of Business Banking Group at NBAD. “NBAD recognises the unique needs of SMEs and to this end we produce products that meet their requirements and expand NBAD Business Banking Centres so we can be accessible to this segment and better serve them.”
The products NBAD has launched this year include three new current accounts. NBAD also 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.
The Khalifa Street Business Banking Centre is the Bank’s eighth in the country, and its third in the capital. NBAD has opened Business Banking Centres in Abu Dhabi’s Mina, Corniche, Abu Dhabi Industrial City, Al Ain, Sharjah and in Dubai’s Jebel Ali and Sheik Zayed Road.
NBAD plans to have 14 business banking centres throughout the UAE by the first quarter in 2012.
“The new business accounts are designed to meet the everyday needs of businesses. With flexibility and convenience and other attractive features, we believe that entrepreneurs are equipped with smart banking solutions to achieve their goals,” Mr. AlRefaie said.
Recent statistics reveal that SMEs contribute more than 46% to the UAE's GDP and account for about 90% of all businesses in the country. “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,” said Mr. AlRefaie.