Dubai, 24 March 2013: Dubai SME, the agency of the Department of Economic Development (DED) mandated to develop the small and medium enterprise (SME) sector, and Noor Islamic Bank has formed a partnership to implement the Credit Guarantee Scheme of the Mohammed Bin Rashid Fund, announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to support Emirati entrepreneurs.
Dubai SME is tasked with developing the Credit Guarantee Scheme (CGS) under the Mohammed Bin Rashid Fund (MBRF) to support and finance projects of young entrepreneurs. The MBRF will have three windows of support - seed capital for early stage businesses, credit guarantee for existing and growing businesses, and an equity Venture Capital window for scaling up businesses.
Noor Islamic Bank has a track record of supporting entrepreneurs in partnership with Dubai SME since 2009. Together, Dubai SME and Noor Islamic Bank will use their partnership experience and reach within the SME community to enable a quick take-off for MBRF.
"We are grateful to His Highness Sheikh Mohammed Bin Rashid Al Maktoum for trusting us with the implementation of the Mohammed Bin Rashid Fund. With expert and esteemed partners like Noor Islamic Bank we are confident of validating His Highness's trust," commented Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME.
Dubai SME and Noor Islamic Bank will jointly work to create the concept, structure and operating mechanism of the Credit Guarantee Scheme and obtain the necessary approvals. The scheme will be launched by April 2013.
Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank said: "This mandate is another milestone in our deepening relationship with the Dubai government. It is the latest in a series of strategic partnerships with the DED and underlines our strong support for the SME sector."
Established as per Law No (11) of 2012, the Mohammed Bin Rashid Fund has the authority to give loans, provide financial guarantees or to contribute to projects of Emirati entrepreneurs. The law mandates MBRF to actively monitor the supported businesses. It will also seek financial and technical support for projects undertaken by community members or companies and institutions operating in the country.
-Ends-
About Dubai SME:
Dubai SME, an agency of the Department of Economic Development (DED), Government of Dubai, aims to foster an entrepreneurial culture and develop a competitive SME sector for the Emirate of Dubai. The key strategies adopted by Dubai SME are: advocate a pro-business environment for developing entrepreneurship and SMEs, seed innovative start-ups and groom promising SMEs.
Dubai SME's vision is to make Dubai the centre for innovative SMEs to start, grow and expand their businesses, thus adding greater value to the economy of Dubai.
For further information, please contact:
Nafisa Elmarzouky
Marketing & Communication Department
Department of Economic Development
Tel: (971 4) 3613067
Email: nafisa.elmarzouky@dubaided.gov.ae
© Press Release 2013
