Second Tranche of HSBC UAE SME Fund Is Launched; Reflecting Continued Growth & Customer Demand
HSBC today announced that it has launched its second UAE SME Fund, which represents a further commitment of USD100m to small and medium sized enterprises in the UAE. The Bank signed an MOU with the UAE Ministry of the Economy in January 2010 which outlined a strategic focus to develop the SME sector, and this second tranche of funds brought to the market by HSBC demonstrates the ongoing success of this program and the Bank's positive outlook on the UAE economy.
The HSBC UAE SME Fund has a clear remit to focus on enabling Emirati owned businesses across the UAE, as well as locally and internationally owned companies looking to develop their cross border business activities. Businesses can also choose to access the Fund through HSBC Amanah, which enables them to leverage Shariah-compliant financing to grow their businesses.
"HSBC is delighted to announce this second instalment of the HSBC UAE SME Fund, in line with the UAE's strategic direction to encourage growth in its SME sector," commented Abdulfattah Sharaf, CEO, HSBC UAE. "The UAE is increasingly recognised as a global hub for cross border commerce, combining the necessary fundamentals with visionary leadership. HSBC works closely with more than 3 million SME customers globally and has a heritage of over 60 years in the Emirates, giving us the unique combination of local and global insights and expertise which can help these companies succeed with their business goals."
HSBC has operated dedicated teams focused on the needs of the SME sector since it first started operations in the UAE, and has teams of specialists in the market dedicated to working closely with SME companies to deliver targeted financial solutions which meet their unique business requirements.
A beneficiary of the 2010 fund, Salwa Shaibani, C.E.O. of Condor Medical Waste Management Co., spoke at the press conference launching the HSBC UAE SME Fund, commented on her experience of working with HSBC during 2010. "As a businesswoman with many years of experience in building and managing small to medium sized companies in the UAE, I have developed a close working relationship with my relationship managers from HSBC. In 2010, HSBC supported me by financing the purchase of a state of the art medical waste processing machine from the United States. In addition to enabling Condor to grow our business, this new technology brings a range of environmental and other advantages which will benefit the country. When I choose a bank, it is important to have access to people that I can rely upon to help me achieve my business goals and I am grateful to HSBC for believing in the vision I have for my company."
2010 Results of HSBC UAE SME Fund
Final results from the HSBC UAE SME Fund in 2010 show that companies from around the Emirates benefited from the funds, reflecting HSBC's even coverage and focus across the seven Emirates.
Two thirds (66%) of the companies used the funds to drive international trade opportunities, with a further 24% using the funds to supplement working capital levels, and 10% applying for term loans.
To increase support to SMEs across the country, coordination with government partners has become a central theme of HSBC's strategy for this segment. Nicholas Levitt, Head of Commercial Banking, HSBC UAE said "HSBC recognises the important role of both the federal and local governments in developing entrepreneurship in the economy. Building on the MoU with the Ministry of Economy which was signed in January 2010, we have signed partnerships to support and develop the SME sector with a number of leading organisations including the Abu Dhabi Chamber of Commerce and Industry, RAK Free Trade Zone, RAKIA, Hamriyah free trade zone, and KIZAD. HSBC continues to welcome additional strategic partners where formalised cooperation can benefit SMEs."
HSBC's Business Banking specialists will be actively engaging with existing customers and business partners in the coming weeks to begin to roll out the launch of the HSBC UAE SME Fund. Interested companies can find out more information on www.HSBC.ae or by calling 600 54 0004, or from the dedicated Business Banking desks in HSBC's branches around the UAE.
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HSBC Bank Middle East Limited (HSBC)
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 50 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In addition to the branch network HSBC maintains a representative office in Tripoli, Libya. This extensive regional coverage is strengthened by HSBC Bank Egypt SAE; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.
Media enquiries:
Aimee Peters
Corporate Communications -Commercial Bank HSBC MENA
aimeepeters@hsbc.com
+971 4 423 5608
© Press Release 2011
