PHOTO
UAE: Numou, a subsidiary of Abu Dhabi Global Market (ADGM) the international financial centre of Abu Dhabi, has recently announced a significant expansion of its lending partner network to strengthen its position as a groundbreaking digital lending marketplace, according to a press release.
The platform now features strategic collaborations with leading institutions, including the Khalifa Fund for Enterprise Development and private credit providers such as Credible-X, Klubworks, and NymCard Payment Technologies.
With the goal of transforming the financing landscape for SMEs in the UAE, this state-of-the-art platform provides a seamless, fully digital application process, empowering businesses to access a diverse range of financial products while connecting them directly with lenders suited to their unique needs.
With SMEs constituting an impressive 94% of all companies in the UAE and contributing approximately 40% to the national GDP, their role in the economy is vital. Despite their significance, securing adequate and timely financing remains a persistent challenge for many SMEs.
Recent data from the UAE Central Bank highlights the issue, showing that loans to SMEs account for just 9.50% of the total cumulative financial facilities extended to the commercial and industrial sectors.
Recognising this gap, Numou has introduced a digital platform designed to address these challenges head-on by simplifying the lending process, increasing transparency, and enabling competition among lenders to drive better outcomes for SMEs.
Chief Market Development Officer at ADGM, Arvind Ramamurthy, said: "Numou exemplifies ADGM’s commitment to empowering SMEs as a cornerstone of Abu Dhabi’s economy.”
Ramamurthy noted: “By leveraging innovation and collaboration, this platform simplifies access to critical financing, fostering sustainable growth and strengthening the UAE’s position as a global hub for business and investment.”
From his part, Khalifa Al Zaabi, General Manager of Numou, noted: “Numou is more than just a digital lending platform—it’s a transformative tool for SMEs to unlock their full potential. By bringing together a comprehensive suite of lending options on a single platform, we’re enabling businesses to access the capital they need to grow faster and more efficiently.”
Al Zaabi concluded: “Numou is also a testament to Abu Dhabi’s commitment to supporting the SME sector. It complements various initiatives aimed at enhancing SME access to funding, market opportunities, capacity-building programs, and overall ease of doing business.”
In the coming months, the platform plans to broaden its offerings with the introduction of supply chain financing (factoring) and in the future to extend to equity financing.
These additions will provide SMEs with even greater flexibility and access to capital, ensuring they can tackle new challenges and seize emerging opportunities.
These future developments align closely with the UAE’s broader vision of fostering a dynamic, diversified economy, where SMEs play a pivotal role in sustainable growth and innovation.
By expanding its suite of financial products, Numou aims to solidify its position as the go-to platform for SME financing, supporting businesses at every stage of their journey.
All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).