Abu Dhabi's e& enterprise, a subsidiary of technology and telecom company e&, has completed the acquisition of a majority stake in Dubai-based peer-to-peer lending platform Beehive, which is focused on lending to small and medium-sized businesses in the Mena region.
The company will acquire 63.3 per cent of Beehive for $23.6 million, e&, formerly known as the Etisalat Group, said on Tuesday in a regulatory filing to the Abu Dhabi Securities Exchange, where its shares are traded.
“Beehive will be consolidated into e&’s financials effective from August 2023,” the company said.
The move follows on from the deal announced in May.
It is geared to address the lending gap in the SME industry and open up a stream of growth for e& enterprise, the company said at the time.
It will also allow Beehive, which has arranged more than Dh1.5 billion ($408.4 million) worth of loans to SMEs, to scale up its business and expand its offerings.
“SMEs are important drivers of the economy and there is a need more than ever to support their unique financing needs. With Beehive, we have the right technological innovation to accelerate on our agenda in the UAE and beyond,” Salvador Anglada, chief executive of e& enterprise, said in May.
The UAE government has set up several initiatives to support the growth of SMEs and start-ups, which play a key role in a digital economy. They make up a significant portion of businesses in the UAE and are key to the country’s aim of becoming the top nation for entrepreneurship worldwide.
However, SMEs continue to face challenges where access to funding is concerned. In the GCC, there is an estimated credit gap of about $250 billion, according to global consultancy Deloitte.
The agreement between e& enterprise and Beehive “presents a huge opportunity to increase and accelerate financing to SMEs across the region”, Craig Moore, founder and chief executive of Beehive, said in May.
In June 2021, Beehive signed an agreement with Emirates Development Bank to boost SME funding in priority sectors across the UAE through a Dh30 million funding facility from EDB.
SMEs account for about 98 per cent of companies operating in the UAE. Developing the sector and accelerating the growth of the start-ups are priorities for the government, under its development strategy for the next 50 years.
EDB provides direct and indirect financing to start-ups, SMEs and large corporates in five priority sectors – manufacturing, infrastructure, advanced technology, food security and health care.
The company has set aside Dh30 billion for direct and indirect lending to more than 13,500 companies in priority sectors by 2025.
Quick pearls of wisdom
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Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
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By Dave Lory with Jim Irvin
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Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
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Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
Mohammed bin Zayed Majlis
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
