Riyadh: Emirates NBD Saudi Arabia, renewed its partnership with the Kingdom’s KAFALAH Program ((SME Financing Guarantee Program) at a signing ceremony held on the 24th July 2018 at the bank’s premises in the capital Riyadh.

KAFALAH Program is a collaboration between the Ministry of Finance, represented by the Saudi Industrial Development Fund (SIDF) and Saudi banks, and aims to promote financing to Small and Medium Enterprises (SMEs) within the Kingdom of Saudi Arabia.

Emirates NBD KSA’s Chief Executive Officer Eng. Loai Hassan Abduljawad and Head of Business Banking, Mr. Nawaf Farrash attended the signing ceremony along with KAFALAH Program representatives including General Director, Homam Abdul Aziz Hashim; Credit team leader, Anas Alshaikh; and Study and Contracts team leader Anas Albarrak.

Emirates NBD’s partnership with KAFALAH Program began in 2015 when KAFALAH program only provided banks with guarantees up to SAR 1.6 Million for SMEs with revenues up to SAR 30 Million. Following the renewal of the KAFALAH Program partnership, KAFALAH program will include SMEs with revenues up to SAR 200 Million providing banks with guarantees up to SAR 15 Million.

At the ceremony, Homam Abdul Aziz Hashim discussed the program’s contribution to Saudi Arabia’s GDP by empowering SMEs, as a key sector of the Kingdom’s economy. He also stated that with the launch of new products, KAFALAH Program will aim to continue to stimulate the financing of SMEs in line with the Kingdom’s Vision 2030.

Eng. Loai Hassan Abduljawad rejoiced the bank’s long-term commitment to the KAFALAH Program as a key platform to empowering SMEs that provided a vital contribution to the Kingdom’s economy. Following the signing ceremony, Eng. Loai Hassan Abduljawad was presented with a plaque by KAFALAH Program General Director Homam Abdul Aziz Hashim as a token of appreciation for the bank’s continuous contribution.

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About Emirates NBD:

Emirates NBD is a leading banking Group in the region. As at 30th June 2018, total assets were AED 477.5 Billion, (equivalent to approx. USD 130 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.

The bank currently has 227 branches and 1065 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.

The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China and Indonesia.

The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. Emirates NBD Group is an Official Premier Partner of Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com

© Press Release 2018

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