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Partnership ensures collateral free financing and other benefits to SMEs
Dubai - Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with Dubai First, one of the leading consumer finance companies in the UAE, to facilitate SME access to funding.
The agreement will see Dubai First providing collateral free financing to SMEs to enable such enterprises meet their business and working capital requirements. In addition, the SME owners will receive pre-approved Business Flex Credit Card with pre-set limit, flexible interest rates and rewards.
His Excellency Abdul Baset Al Janahi, CEO of Dubai SME, said: “To ensure the future success of the SME sector in Dubai, the support and partnership of organisations like Dubai First is essential. I am delighted that we have now established this new partnership and I am confident it will prove a further catalyst for continued SME sector growth. The financing options that Dubai First offers will help many SMEs to expand their businesses and make an increasingly important contribution to the UAE economy.”
Amit Talgeri, CEO of Dubai First, added: “We are proud to have partnered with Dubai SME to support the growing number of entrepreneurs in the country. They are essential to building a stronger SME sector, which plays an important role in the development of the UAE. There is enormous potential for Dubai First to help meet the business needs of SMEs and bridge financial gaps. This strategic partnership is part of Dubai First’s commitment in engaging with key initiatives that are critical to Dubai’s growth story.”
SMEs can find out more about the partnership and the wide-ranging financial options available to them at www.dubaifirst.com, or by contacting the Dubai First 24-hour Contact Centre at 800 33.-END-
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.
About Dubai First
Dubai First, a wholly owned subsidiary of FGB Group, was established in 2007 and is today one of the leading consumer finance companies in the UAE specializing in Credit Card and Liability products, SME finance and Bancassurance. Dubai First strategy is based on building sustainable long term value through innovation in harnessing a genuine customer service experience. Fully operational out of Dubai, the company’s distribution network extends to Abu Dhabi and Sharjah. Dubai First is a customer centric organization striving to build and strengthen customer relationships through outstanding products and an unrivalled approach to quality service. The company has been recognized at numerous industry platforms for its innovative and distinct products, world-class service and Corporate Social Responsibility.
For further information, please contact:
Faisal Shamsudheen
Government Communication Division
Department of Economic Development
Tel: (971 4) 455 5927
Email: faisal.pathiasseri@dubaided.gov.ae
For further information, please contact:
Paul Williams,
BPG Cohn & Wolfe,
Dubai,
UAE
Tel: + 971 4 506 5555;
E-mail: paul@bpgcohwolfe.com
© Press Release 2016
