First Abu Dhabi Bank, the biggest lender in the UAE by assets, expects its small- and medium-sized enterprises business to continue delivering double-digit growth in 2019 as the lender eyes increasing its share of the SME market to beyond 20 per cent, a senior FAB executive said.
The bank, which currently controls about 15 per cent of total SME market share in the UAE, is looking to achieve the milestone by 2020, said Vikas Thapar, head of the business banking group at FAB.
The combined book of FAB’s business banking group – primarily its SME business including assets and liabilities – grew a little more than 15 per cent in 2018 to Dh20 billion and Mr Thapar expects it to grow by double digits this year as well.
"We continuing to grow ... there's a lot of focus on overall SME business in FAB," he told The National on the sidelines of the SME World Summit in Dubai.
“Every SME generally banks with three or four banks on average and as the leading bank [in the UAE] we want to have the biggest share of the wallet from all the customers we have.”
Increasing the contribution of SMEs to the economy is a key objective of the UAE’s national growth strategy. SMEs account for 95 per cent of the registered businesses in the UAE and employ slightly over half of the entire labour force in the country. These businesses contribute 47 per cent of the gross domestic product of the UAE, the region’s second-biggest economy, which it aims to increase to 70 per cent by 2021, according to a FAB presentation at the conference.
With the three-year oil slump that began in 2014, banks became more averse to lending to small businesses, curtailing their ability survive the downturn. In turn, defaults on loans increased (or skips as they were called at the time) as some of the businesses went under.
However, the number of skips and bad loans in the SME sector have come down “drastically” from the peak, Mr Thapar noted.
“From our perspective we see a very radical change in the quality of our portfolio as the number of skips has fallen,” he said. “Non-performing loans are one-fourth of what they used to be.”
The government at both the federal and emirate level is now encouraging lenders to increase financing for SMEs. FAB is working with different government agencies in both Dubai and Abu Dhabi, including a major project with Abu Dhabi Executive Council, on development and growth of the SME sector, he said, declining to give the details of Abu Dhabi project.
Mohammed bin Zayed Majlis
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
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Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets
Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2
Killing of Qassem Suleimani
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The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
The years Ramadan fell in May
COMPANY%20PROFILE
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
How%20I%20connect%20with%20my%20kids%20when%20working%20or%20travelling
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FROM%20THE%20ASHES
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ZAYED SUSTAINABILITY PRIZE
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The biog
Name: Greg Heinricks
From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
MO
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000