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Under the auspices of the Ministry of Economy, “Emirates Development” honors its partners from commercial banks and financial technology companies.
Abu Dhabi, May 7 / The Emirates Development Bank and the Ministry of Economy honored the bank’s partners, including commercial banks and financial technology companies, in recognition of their role in supporting startups, small and medium enterprises, and the success of the “financing guarantee program” of the Emirates Development Bank.
The honoring ceremony, which was held at the offices of the Ministry of Economy in the Dubai International Financial Center, was attended by representatives of the 11 commercial banks that are partners in the Funding Guarantee Program, where the successes of the program and the latest related developments were reviewed. Appreciation awards were also given to the partners to celebrate their vital role in facilitating financing for startups and projects. small and medium enterprises in the UAE.
And since the launch of its five-year strategy two years ago in April of the year 2021, the bank continues its efforts to support small, medium and large companies operating in the five priority sectors, which include industry, technology, health care, renewable energy, and food security, as the bank works to provide 30 billion dirhams to support financing 13,500 A company within the aforementioned sectors by the year 2026.
The Emirates Development Bank launched the financing guarantee program to support emerging companies and micro, small and medium enterprises in the UAE, to help these companies and improve their access to financing sources from commercial banks, by providing a partial guarantee to lending banks that applies in the event that these companies fail to pay their obligations. Finance.
The program also offers additional benefits that help these projects to establish a strong credit record with banks, allowing them to obtain sustainable financing for their business in the future, thus ensuring their long-term growth and success.
On this occasion, His Excellency Abdullah Al Saleh, Undersecretary of the Ministry of Economy, said: “Last year, we witnessed a remarkable increase in the spread and distribution of small and medium-sized companies in the UAE, thanks to the credit guarantees and joint lending schemes offered by the partnership to support corporate financing. This partnership has proven its role in bridging the financing gap.” For small and medium-sized companies and strengthening the system of this sector in the country, in a way that supports the national goals of building a solid knowledge economy.
Ahmed Al Naqbi, CEO of the Emirates Development Bank, said: “The achievements of the Emirates Development Bank are an important indicator in our journey towards supporting the growth of the UAE economy, through which we seek to establish a national system for financing innovation, enhancing banking eligibility and financial inclusion for micro, small and medium enterprises. Partnerships with commercial banks are a major pillar in achieving them.
Al-Naqbi added, “We value our strong and constructive relations with our strategic partners, including commercial banks and financial technology professionals, who have played an important role in supporting startups, small and medium-sized companies, and in making the financing guarantee program a success. We will continue to work together to support financing small and medium-sized companies, which are the backbone of our national economy.”
He continued: “On this day, we celebrate what we have achieved so far since the launch of our five-year strategy in April of 2021, when we provided financing worth 813 million dirhams through the financing guarantee program, which represents tangible evidence of our commitment to empowering small and medium enterprises and stimulating economic growth.” .
The list of honorees included representatives from senior officials of Commercial Bank of Dubai, National Bank of Umm Al Quwain, Emirates NBD, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah, National Bank of Fujairah and Dubai Islamic Bank, as well as CEOs and partners. The founders of financial technology companies YAP and BEEHIVE, who received awards for their role in supporting the Funding Guarantee Program.
The Emirates Development Bank is committed to supporting the growth of small and medium enterprises and promoting innovation in the business sector in the UAE. In line with this mission, the bank provides its digital services to small and medium enterprises in the country through the application of corporate banking services from the Emirates Development Bank supported by “YAP”. This application provides a corporate bank account and an international bank account number (IBAN) within 48 hours, in addition to providing a package of fast and secure banking services around the clock.
To further empower SMEs, the bank has partnered with BEEHIVE to offer a digital financing feature that allows eligible SMEs to apply for financing of up to AED 5 million directly through the Emirates Development Bank’s corporate banking app. And get a reply within five days. The application was also supported with the “Digital Identity – UAE Pass” service to ensure a seamless experience for users, as the application of corporate banking services from the Emirates Development Bank, since its launch in September 2021, has succeeded in attracting 2094 customers.
Small and medium-sized businesses can also benefit from the bank’s support through a range of non-financial products and services, including the Business Lab, an online platform that provides free basic resources and content to help entrepreneurs in the various stages of their business development. The platform provides entrepreneurs with practical professional advice on how to overcome common business challenges through a series of videos.
The Bank adopts a unique approach in providing financing solutions based on the developmental impact of projects. It offers flexible solutions for direct and indirect financing, with competitive and convenient interest rates and repayment periods, with grace periods and a high financing ceiling compared to the project value.
