Obaid Al Tayer, the Minister of State for Financial Affairs and chairman of Emirates Development Bank, said SMEs are the backbone of the UAE economy. Ravindranath K / The National
Obaid Al Tayer, the Minister of State for Financial Affairs and chairman of Emirates Development Bank, said SMEs are the backbone of the UAE economy. Ravindranath K / The National
Obaid Al Tayer, the Minister of State for Financial Affairs and chairman of Emirates Development Bank, said SMEs are the backbone of the UAE economy. Ravindranath K / The National
Obaid Al Tayer, the Minister of State for Financial Affairs and chairman of Emirates Development Bank, said SMEs are the backbone of the UAE economy. Ravindranath K / The National

Emirates Development Bank allocates Dh1bn for SME financing in 2018-19


Sarmad Khan
  • English
  • Arabic

Emirates Development Bank (EDB), the state-controlled lender, is allocating about Dh1 billion to fund small and medium-sized enterprises run by Emirati entrepreneurs this year and next.

EDB, which extends funding to UAE nationals, will finance up to 80 per cent of fixed assets and purchases of SMEs in the country with attractive interest rates, flexible tenors, and convenient instalments, it said in a statement.

"Small and medium-sized enterprises are two of the most important cornerstones of the UAE's national economy, as they play a vital role in its progress," said Obaid Al Tayer, UAE's minister of state for finance.

SMEs are a key component of UAE's business sector and the government wants their contribution to reach 70 per cent of GDP by 2021. That will help fuel the growth of the country's non-oil economy as the government looks towards diversification and less dependency on energy.

However, smaller companies have taken a hit in the last few years as the economy slowed amid falling oil prices. Many have struggled to pay their debts amid payment delays and failed to get new credit lines as banks reduced their exposure to the SME sector.

The Central Bank of the UAE is now working on initiatives to help smaller businesses get access to fresh funding on more accessible rates. It is coordinating with the UAE Banking Federation for the revision of rules and operating procedures for lenders dealing with the small companies.

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Mr Al Tayer, who is also the chairman of EDB, said the bank is offering UAE Nationals a "comprehensive set" of products including sales and receivable financing; business expansion loans and project financing; and asset backed financing and purchase financing.

EDB in December said that it plans to allocate Dh450 million of its Dh1bn budget in 2018 alone to support the country’s SME sector.

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Top New Zealand cop on policing the virtual world

New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.

The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.

Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.

“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.

"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."

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Volunteers offer workers a lifeline

Community volunteers have swung into action delivering food packages and toiletries to the men.

When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.

Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.

Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.

“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.

Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.

“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.

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