Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprises (SMEs) sector, has signed a memorandum of understanding (MoU) with the National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, to support SMEs in the UAE and facilitate their growth.
The MoU provides for collaboration and cooperation between Dubai SME and NBAD to increase their reach to SMEs and encourage entrepreneurialism among young Emiratis. It also enables the two organisations to foster SME growth through tailored solutions on funding, entrepreneurial education and marketing.
Dubai SME works to encourage entrepreneurial spirit and create an enabling environment for small and medium enterprises to play their strategic role as catalysts of social and economic growth. NBAD would leverage its relationship with Dubai SME to further expand the Bank’s services and products to small and medium enterprises.
His Excellency Abdul Basit Al Janahi, CEO of Dubai SME said: “NBAD has extensive resources and capabilities, which could add further value to the strategic consultancy and business support services already provided by Dubai SME to young UAE national business leaders. Cutting edge knowledge of varied financial instruments, risks and marketing opportunities are essential for SMEs to evolve and lead growth. The MoU thus establishes a comprehensive and competitive ecosystem that will nurture SMEs through their launch, growth and expansion.”
Haitham AlRefaie, the Head of Business Banking Group at NBAD, said: “The National Bank of Abu Dhabi is keen to expanding its reach and services to SMEs because this important segment is the UAE’s engine of growth. NBAD and Dubai SME pursue the common goal of cultivating and promoting entrepreneurial spirit and the growth of small- and medium-sized businesses. By catering to the demands of SMEs, NBAD's Business Banking Group is fulfilling a major role as well as ensuring that the financial system is functioning and expanding smoothly.”
As part of its efforts to streamline and expand the SME sector and ensure adequate exposure for small and medium enterprises Dubai SME has created partnerships with globally reputed management consultancies and leading financial institutions.
“These partnerships enable us to provide critical insights, market knowledge and support that help entrepreneurs in deploying their investment prudently and marketing their goods and services,” added Mr. Al Janahi.
The signing of the MoU with Dubai SME follows NBAD’s launch of its first two business banking centres this year in Abu Dhabi Industrial City (ICAD) and Al Ain. NBAD also became an administrator of the Khalifa Fund through its partnership with Khalifa Fund for Enterprise Development which began late last year.
“Our approach is to be accessible to SMEs and we are achieving this through opening business banking centres and by our partnership to expand our geographical reach,” Al Refaie said. “Our partnership with Dubai SME will be very productive to what both organisations aim, which is to help SMEs and to promote entrepreneurial spirit among Emiratis and cultivate further growth for this segment.”