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• Launches Credit Guarantee Scheme to finance commercial projects up to AED 3 million
• Buamim: Dubai Chamber facilitates access to finance for establishing innovative commercial projects
• Nelson: Emirates NBD is committed to provide financial support for young UAE entrepreneurs
• Financial facility offered includes interest-free loans for over three years without paying premiums in the first year
Dubai - As part of its objective to provide financial assistance to promising entrepreneurs to realise their dreams of setting up a business, the Dubai Chamber of Commerce and Industry initiative, Tejar Dubai entrepreneurship development programme, signed a Memorandum of Understanding (MoU) with EmiratesNBD,a leading bank in the region,to offer credit facilities to successful participants of the programme.
The MoU was signed by H.E. Hamad Buamim, President and CEO, Dubai Chamber and Mr. Shayne Nelson, CEO of Emirates NBD, during a ceremony held in the presence of Mr.Essa Al Zaabi, Senior Vice-President, Institutional Support Sector, Dubai Chamber, and General Coordinator of Tejar Dubai at the Chamber headquarters.
Under the agreement, successful participants of Tejar Dubai can apply to the Credit Guarantee Scheme at Emirates NBD for a loan of up to US$ 3 million, which is interest free for the first three years and with no premiums due in the first year.
As part of the MoU terms, for any business that fails Dubai Chamber will stand as guarantor of 50% of the loan value, while the bank will guarantee 30%. The remaining 20% would be financed personally by the participant.
Commenting on the signing of the MoU, H.E. Buamim stated that Tejar Dubai's joint agreement with Emirates NBD, proves its commitment to promote a culture of entrepreneurship amongst young Emirati citizens while supporting them to take their first step in the world of business.
He added that any commercial project which is based on an innovative business idea and is approved and supported by TejarDubai could qualify for the credit facility.
"The Credit Guarantee Scheme developed by Dubai Chamber in cooperation with Emirates NBD is a real advantage for the participants of Tejar Dubai," said H.E. Buamim, adding, "Often young entrepreneurs find access to adequate funding is scarce and so this scheme is another way that they can get on the ladder and make their successful commercial idea a reality."
Praising the new partnership with Emirates NBD, His Excellency added that the Tejar Dubai programme is an exceptional initiative and in line with Dubai Chamber's efforts to motivate young national talent to contribute to the emirate's spirit of entrepreneurship set rolling by its first generation of entrepreneurs whose hard work has enhanced the reputation of the city as a global centre of trade and finance.
Shayne Nelson, Group CEO of Emirates NBD, said: "Entrepreneurs play a critical role in supporting the local economy and strengthening Dubai's position as a leading hub for trade and business. Our partnership with Dubai Chamber's Tejar Dubai programme is a reflection of our deep commitment to provide financial support for young entrepreneurs in the UAE, which will enable them to achieve growth in a sustainable and efficient manner."
On his part, Essa Al Zaabi, pointed out that the Tejar Dubai entrepreneurship development programme continues its efforts to instil a culture of entrepreneurship amongst Emirati youth and this latest agreement with Emirates NBD reflectsits commitment to this approach.
He further informed that till date the Selection Committee Panel has approved 21 commercial projects, out of which six were launched whilemany more are waiting to be launchedas well as over 60 projects were assessed, 25 workshops were held and 170 one-to-one consultative meetings were arrangedfor the participants of the programme.
The Tejar Dubai initiative launched by Dubai Chamber offers a specialised programme and platform for youth to help them establish their own small-to-medium-sized businesses. With its commitment to the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, which emphasises that entrepreneurship is the shortest route to a bright future, the training programme aims to find and train creative and commercially-minded youth to help them turn their business ideas into a reality.
Under its three key pillars of assess, assist and attain, the Tejar Dubai initiative provides youth with access to an extensive development programme, including classroom learning, on-site training, mentoring and business advice. Candidates also get networking opportunities with local and international business leaders and access to investment capital.
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About Dubai Chamber of Commerce & Industry
Established in 1965, Dubai Chamber of Commerce & Industry is celebrating its milestone anniversary of 50 years empowering vision in Dubai's business community. A non-profit public entity, Dubai Chamber supports Dubai's vision as a global player by empowering businesses, providing innovative value added services and access to influential networks. Its mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
For more information visit:www.dubaichamber.com
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For more information, please contact:
Ruba Abdel Halim
Dubai Chamber of Commerce & Industry
PR &Corporate Communications Department
Tel: +971 4 2028450
Email: ruba.halim@hotmail.com
About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 31st December 2014, total assets were AED 363 billion, (equivalent to USD 98.8).The Group has a leading retail banking franchise in the UAE, with more than 215 branches and over 889 ATMs and CDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and representative offices in India, China and Indonesia.
The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
For further information, please contact:
Ajith Henry
Communications - Group Marketing, Emirates NBD
Tel: 971-4-3874421
Mob: 971 55 6612391
Email: AjithH@emiratesnbd.com
Tricia Rego
ASDA'A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: tricia.rego@bm.com
© Press Release 2015
