Emirates Development Bank today underlined its commitment to Small and Medium Enterprises (SMEs) and entrepreneurs – the engine room of the UAE economy. Through its offices in Abu Dhabi and Dubai, Emirates Development Bank provides citizens with a combination of expert business and financial advice, with products designed specifically to help local entrepreneurs and businesses.
Products being developed for local businesses include an SME business loan, business accounts and strategic sector finance for qualifying clients Emirates Development Bank is committed to helping SMEs overcome hurdles which may halt their development. Emirates Development Bank’s support is available for businesses owned and managed by UAE Nationals, with the branches providing a team of experienced experts and an ‘incubation’ environment where budding business leaders can perfect their proposed ideas.
This includes high-tech, private meeting rooms, accessible to disabled people, where Emirates Development Bank employees can provide confidential and bespoke advice to UAE entrepreneurs. Rashid Mahboob, Acting CEO of Emirates Development Bank said: “Comprising of around 300,000 companies and accounting for 86 per cent of the workforce in the private sector, SMEs play a critical role in the UAE economy. With more challenging economic conditions, it has never been more important to support this sector, which is so important to the future growth and prosperity of our nation. We want to send a clear message to SMEs and entrepreneurs that our door is open and we are here to help with expert advice and accessible finance.”
Established in 2011 under a decree issued by the President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan, EDB’s vision is to help build a national economy characterized by diversity that is based on innovation and allows citizens’ access to suitable accommodation by providing finance at affordable economic cost. The bank provides support, finance and innovative banking solutions to achieve sustainable development of small and medium sized companies.
EDB will also partner with the Government on strategic development projects, many of which are expected to have national importance for the future of the UAE. Healthcare, manufacturing, ICT and construction are all key areas of the UAE economy in which EDB can contribute by providing integral financing.
