Emirates Development Bank (EDB) signed a new agreement with the National Bank of Umm Al Qaiwain to provide increased financial support to small and medium enterprises in priority sectors in the UAE.
As part of the deal, NBQ will offer up to Dh10 million ($2.72m) of financing to SMEs with 50 per cent of this either guaranteed or co-lent by EDB.
“The UAE government has placed considerable emphasis on developing the SME ecosystem and boosting their contribution to [the] UAE’s non-oil GDP,” Ahmed Al Naqbi, chief executive of EDB, said.
“Our MoU with National Bank of Umm Al Qaiwain will help us facilitate financing through credit guarantee and co-lending options to allow greater operational flexibility to SMEs.”
EDB was founded in 2011 after a merger between the Emirates Industrial Bank and the Real Estate bank. It aims to provide Dh30 billion in financing over the next five years to support the UAE's efforts to more than double the size of its industrial sector by 2031. It will fund industries such as healthcare, infrastructure, food security and technology and help generate 25,000 jobs.
"The NBQ understands the vital role SMEs play in building the nation’s economy. That is why we have developed financial solutions to allow SMEs in the UAE to trade safely and confidently and gain access to international markets, thereby positioning the UAE as the global hub of trade and export,” Adnan Al Awadhi, chief executive at NBQ, said.
The programme also aims to offer financing facilities of up to Dh1m to Emirati entrepreneurs, whereby 60 per cent will be guaranteed or co-lent by EDB, the lender said.
EDB also signed two separate agreements this month with RAKBank and the Commercial Bank of Dubai to offer credit guarantees and participate in co-lending programmes to small and medium-sized enterprises in the UAE.
'Midnights'
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
