Global ports operator DP World has signed an initial agreement with Emirates Development Bank (EDB) to provide trade financing to small and medium enterprises and support their growth.
As part of the agreement, EDB and DP World will provide finance to SMEs at competitive rates through the port operator's trade finance platform, DP World said on Wednesday.
“We always aim to unlock new geographies to enable global trade and empower SMEs to reach their goals,” Sultan bin Sulayem, group chairman and chief executive of DP World, said.
“This partnership will connect SMEs in the UAE with a wider range of financing options that allow them to trade across borders.”
SMEs are the backbone of the UAE economy, accounting for 98 per cent of the companies operating in the country.
Developing the sector and growing the start-up ecosystem are among the main priorities of the government as it chalks out the development strategy for the next 50 years.
DP World’s trade finance platform provides borrowers with numerous trade finance solutions while offering lenders access to data on cargo movements to support SMEs.
These services are provided by DP World Financial Services, a company registered under the Dubai International Financial Centre and regulated by Dubai Financial Services Authority.
Ahmed Al Naqbi, chief executive of EDB, said the partnership with DP World will create new opportunities for SMEs
“Over the years, EDB has expanded its SME support, enhanced their bankability, and provided them with easy and smooth access to growth finance,” he said.
EDB, founded in 2011 after a merger between Emirates Industrial Bank and Real Estate Bank, has launched various initiatives to support SMEs in the UAE including a new lending feature that allows businesses to apply for loans of up to Dh5 million ($1.36m) and receive approval feedback within five days.
In August, EDB said that start-ups and SMEs can apply for quick loans directly through the bank's digital banking app.
It is also collaborating with Future Factory to offer guidance and consultancy services to SMEs within the lender's portfolio.
EDB aims to provide Dh30 billion in financing over the next five years to support the Emirates' efforts to more than double the size of its industrial sector by 2031. It will fund industries such as health care, infrastructure, food security and technology, and aims to generate 25,000 jobs.
DP World reported a 2.1 per cent increase in gross container volumes during the third quarter of 2022 as global trade flows continue to pick up amid the easing of Covid-related movement restrictions.
The%20specs
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Match info
Uefa Champions League Group H
Manchester United v Young Boys, Tuesday, midnight (UAE)
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.”
Pros%20and%20cons%20of%20BNPL
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Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Avatar%20(2009)
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Killing of Qassem Suleimani
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
TOURNAMENT INFO
Opening fixtures:
Friday, Oct 5
8pm: Kabul Zwanan v Paktia Panthers
Saturday, Oct 6
4pm: Nangarhar Leopards v Kandahar Knights
8pm: Kabul Zwanan v Balkh Legends
Tickets
Tickets can be bought online at https://www.q-tickets.com/apl/eventlist and at the ticket office at the stadium.
TV info
The tournament will be broadcast live in the UAE on OSN Sports.
