26 March 2017

Abu Dhabi - Abu Dhabi Islamic Bank (ADIB) has partnered with ITP Arabian Business/Start-Up Academy for a second year, becoming the programme’s financial education adviser for UAE entrepreneurs and SME leaders. The first StartUp Academy event held in 2017, under the theme “Financing and Funding”, featured interactive sessions with leading industry speakers, including ADIB, speaking about the best approach for SMEs to get a finance from banks, venture capital and crowd funding.

“Contributing to initiatives like the StartUp Academy sits at the core of ADIB’s priorities under Corporate Social Responsibilities (CSR), and we are proud to be continuing with our mission to support and educate UAE entrepreneurs, startups and SMEs in order to help this key segment of the national economy flourish,” said Mahdi Kilani, Head of ADIB Business Banking. “The establishment of a robust corporate governance framework and best-practice accountancy policies are critical first steps for nascent businesses, and remain key to long-term business sustainability. While access to funding poses a challenge for many small businesses, as lead financial education partner to the StartUp Academy, ADIB Business remains a reliable partner which can help promising companies reach their full potential.”

More than 150 start-up founders, SME leaders and entrepreneurs attended the event at Grosvenor House, Dubai Marina on March 20th. During their sessions, speakers explained what entrepreneurs need to look at before going to investors, and shared their insights on the steps needed to secure funding to launch, grow and manage a successful business.

Participants at the StartUp Academy event also received advice on best-practice for entrepreneurs when pitching to investors, and tips on how to think critically about the issues that will strengthen their business proposition in an increasingly competitive environment.

Firas Raai, Head of Business & Product Development at ADIB Business Banking spoke at the event  about the life cycle of a business and the different funding sources available at each stage. He also highlighted the basics that SMEs need to have to apply for finances.  “Mostly, startups overlook the importance of using an accounting tool to manage their financials until they face some issues with their cash flows. Therefore we recommend that businesses set up an accounting process from day one of operation; this will serve them immediately and will ensure long term success. It is also an essential element when entrepreneurs want to pitch for investors or financial institutions,” said Firas.

ADIB sponsored three Arabian Business StartUp Academy events in 2016 and is the programme’s Financial Education Partner this year.

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About ADIB
ADIB is a leading bank in the UAE with more than AED 122 billion in assets. Its 920,682 customers benefit from the third largest distribution network in the UAE with 86 branches and more than 749 ATMs. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).  

In the UAE, the Bank has more than 2,200 employees and remains one of the leading banks in the recruitment, development and promotion of local talent in all the markets in which it operates. The bank has one of the highest Emiratisation ratios with more than 40 percent of the bank’s workforce being UAE Nationals.

ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.

Named “Best Bank in the UAE” by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Etihad and Etisalat and a wide range of financing products.

For media information, please visit www.adib.ae, or contact:
ADIB                                                                                                       Brunswick Group
Radwa Shehab                                                                                      Mouaffak Hajjar
Head of External Communications                                                    Account Director
Direct: +971 2 6910169                                                                     Direct: +971 2 234 4600
Email: Radwa.Shehab@adib.com                                                      Email: adib@brunswickgroup.com

© Press Release 2017