Apr 27 2011 |
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HSBC launches second ?$100m fund for SMEs
By Issac John DUBAI -- HSBC launched a $100 million fund to help small and medium sized enterprises, or SME, in the UAE, the bank said on Tuesday.The second installment of the HSBC UAE SME Fund is in line with the UAE's strategic direction to encourage growth in its SME sector, said Abdulfattah Sharaf, chief executive of HSBC UAE.
The bank signed an MoU with the UAE Ministry of the Economy in January 2010, which outlined a strategic focus to develop the SME sector, and this second tranche of funds brought to the market by HSBC demonstrates the ongoing success of this program and the bank's positive outlook on the UAE economy, the bank said in a statement.
The fund has a clear remit to focus on enabling Emirati owned businesses across the UAE, as well as locally and internationally owned companies looking to develop their cross border business activities, the bank said.
"The UAE is increasingly recognised as a global hub for cross border commerce, combining the necessary fundamentals with visionary leadership. HSBC works closely with more than three million SME customers globally and has a heritage of over 60 years in the Emirates, giving us the unique combination of local and global insights and expertise which can help these companies succeed with their business goals," said Sharaf.
The bank said companies from around the Emirates benefited from the funds, reflecting HSBC 's even coverage and focus across the seven Emirates.
Two thirds (66 per cent) of the companies used the funds to drive international trade opportunities, with a further 24 per cent using the funds to supplement working capital levels, and 10 per cent applying for term loans, the bank said.
© Khaleej Times 2011
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