The National Bank of Abu Dhabi, the Number One Bank in the UAE, will contribute to International Financial Reporting Standard (IFRS) trainingfor small and medium-sized enterprises (SMEs) to be held in Grand Millennium Al Wahda, Abu Dhabi, from November 27 to 29.
The IFRS training, which is organized by the Abu Dhabi Department of Economic Development, is held to improve financial statements prepared by Abu Dhabi companies, particularly SMEs.
The event aims to provide Abu Dhabi lenders and companies with the necessary trainings to help them make better business decisions, prepare accurate documents and avoid the risks of non-payments. It would alsoassist them to guarantee longer returns, lend more volume and value with higher certainty.
“Some SMEs are either not familiar with the characteristic of good financial statement or do not prepare themselves well before presenting theirfinancial report,"says Haitham Al Refaie, the Head of Business Banking Group at NBAD.“Through this event, we endeavor toprovide needed training to ensure that SMEs owners are on the right track.”
NBAD's sponsorship and participation in IFRS training is a part of the Bank's Business Banking Group efforts to support SMEs and facilitate their growth.
“SMEs play a vital role in furthering UAE growth and prosperity. As a financial services provider it is our responsibility to educate entrepreneurs and support initiatives that concern with the development of SMEs industry," says Mr. Al Refaie.
To support SMEs and facilitate their growth, NBAD launched several services for example E-Business Banking, NBAD Visa Business Credit Card, Vehicle Finance and Rent Finance. The Bank also signed a Memorandum of Understanding with various government entities such as Dubai SME, RAK FTZ, Abu Dhabi Chamber of Commerce and Industry and Dubai Chamber of Commerce and Industry. Moreover, the Bank administers Khalifa Fund through its partnership with Khalifa Fund for Enterprise Development.
NBAD has opened 11 Business Banking Centres: four in Abu Dhabi, four in Dubai, and one each in Al Ain, Sharjah and Ras Al Khaima. The Bank plans to launch three more business banking centres throughout the UAE by the end of 2012.
Arab Society of Certified Accountants and Abu Dhabi accounting firms and lenders are also taking part in the training.