Mar 28 2012
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UNB, Abu Dhabi Chamber to fund SME projects
Wednesday, Mar 28, 2012
Dubai Abu Dhabi headquartered Union National Bank ( UNB ) is instituting a new award targeted at small and mid-sized enterprises (SMEs) in their formative years. This is in association with the Abu Dhabi Chamber of Commerce and Industry . UNB has allocated Dh5 billion for the next three years for SME projects.
The winning SMEs will be chosen based on decisions made by a committee whose members will work on the evaluation of projects and decide on the winners and their categories.
The agreement was signed by Shaikh Nahyan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research and chairman of UNB , and Mohammad Thani Al Rumaithy, chairman of the Abu Dhabi Chamber . Also present were Mohammad Nasser Abdeen, UNB’s CEO, as well as senior management of both institutions.
The award has multiple categories including the “best innovative idea for a new SME project” and the “best existing innovative project”. Awards will also be given to the best projects in various stages from the concept to planning, execution and ending with the project fulfilment and development. The sectors will include industrial, service, technical and vocational.
The bank recently introduced a series of dedicated finance products aimed at expanding its influence and reach among an SME client base. Apart from direct commercial loans, it has also assumed the role of funding projects launched within this space.
Abu Dhabi is seeing a lot of activity in start-ups and platforms to support them.
This award will propagate the entrepreneurial culture among UAE nationals and set a model by highlighting the best innovative ideas and the best practices for successful SMEs.”
Shaikh Nahyan Bin Mubarak Al Nahyan
Minister of Higher Education and Scientific Research
By Manoj Nair?Associate Editor
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