First Abu Dhabi Bank has mutually agreed with Lebanon’s Bank Audi to stop the transaction process on the acquisition of its fully owned subsidiary in Egypt.. Chris Whiteoak / The National
First Abu Dhabi Bank has mutually agreed with Lebanon’s Bank Audi to stop the transaction process on the acquisition of its fully owned subsidiary in Egypt.. Chris Whiteoak / The National
First Abu Dhabi Bank has mutually agreed with Lebanon’s Bank Audi to stop the transaction process on the acquisition of its fully owned subsidiary in Egypt.. Chris Whiteoak / The National
First Abu Dhabi Bank has mutually agreed with Lebanon’s Bank Audi to stop the transaction process on the acquisition of its fully owned subsidiary in Egypt.. Chris Whiteoak / The National

Abu Dhabi Government ties up with banks to expand SME financing


Sarmad Khan
  • English
  • Arabic

Abu Dhabi’s department of finance has joined hands with three of the emirate’s top lenders to expand the SME Credit Guarantee Scheme, as it looks to soften the impact of the coronavirus pandemic on smaller business.

Under the deal with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and the country's biggest lender First Abu Dhabi Bank, the government will guarantee up to 80 per cent of the value of the scheme extended to small and medium-sized businesses, it said in a statement on Thursday. The move is aimed at “bolstering businesses’ resilience” to withstand market fluctuations, it added.

The pact provides SMEs with wider access to renewable financing options for working capital loans for a three-month duration and term loans for a up to four-year duration to support further investment in Abu Dhabi.

“The scheme is available to all SMEs that are registered, operating and headquartered in the emirate,” the statement said.

SMEs are a key component of Abu Dhabi’s business landscape, accounting for 98 per cent of all companies in the emirate, 29 per cent of its GDP, and 44 per cent of the non-oil economy.

“Providing this significant sector with more financing options during this period creates invaluable long-term economic returns and ensures a sustainable and robust path towards Abu Dhabi’s knowledge-based, diversified economy,” the statement added.

The new partnership is part of Abu Dhabi’s economic stimulus package announced last month. The economic relief scheme includes 16 initiatives aimed at reducing the costs of living and supporting businesses in the emirate.

The UAE, the second-biggest Arab economy, was the first in the Middle East and North Africa to roll out Dh282bn in fiscal and monetary support, providing zero interest funding to banks to boost lending growth in the country. The government, in addition, has also implemented a variety of other initiatives that range from discounted utility bills to waivers of fees to buttress the economy.

Lenders in the UAE have already rolled out a comprehensive package to reduce financial distress of their clientele. Banking benefits packages extend relief to businesses and individuals, particularly in stressed sectors, through reduced costs and fees, loan deferrals, reduced interest rates and processing fees.

Earlier this month, the UAE Central Bank also urged lenders to support the private sector and individual borrowers to cushion the impact of Covid-19 and disbursed Dh10bn worth of zero interest loans to banks from the Targeted Economic Support Scheme launched in March.

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.
COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

While you're here
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

UAE currency: the story behind the money in your pockets
What is a calorie?

A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.

One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.

A kilocalorie represents a 1,000 true calories of energy.

Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.

Alcohol contains about seven calories a gram. 

Champions parade (UAE timings)

7pm Gates open

8pm Deansgate stage showing starts

9pm Parade starts at Manchester Cathedral

9.45pm Parade ends at Peter Street

10pm City players on stage

11pm event ends

Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

Persuasion
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Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)