Abu Dhabi (November 25, 2012): The National Bank of Abu Dhabi, the Number One Bank in the UAE, will contribute to International Financial Reporting Standard (IFRS) training for small and medium-sized enterprises (SMEs) to be held in Grand Millennium Al Wahda, Abu Dhabi, from November 27 to 29.

The IFRS training, which is organized by the Abu Dhabi Department of Economic Development, is held to improve financial statements prepared by Abu Dhabi companies, particularly SMEs. 

The event aims to provide Abu Dhabi lenders and companies with the necessary trainings to help them make better business decisions, prepare accurate documents and avoid the risks of non-payments. It would also assist them to guarantee longer returns, lend more volume and value with higher certainty.

"Some SMEs are either not familiar with the characteristic of good financial statement or do not prepare themselves well before presenting their financial report," says Haitham Al Refaie, the Head of Business Banking Group at NBAD. "Through this event, we endeavor to provide needed training to ensure that SMEs owners are on the right track."

NBAD's sponsorship and participation in IFRS training is a part of the Bank's Business Banking Group efforts to support SMEs and facilitate their growth.

"SMEs play a vital role in furthering UAE growth and prosperity. As a financial services provider it is our responsibility to educate entrepreneurs and support initiatives that concern with the development of SMEs industry," says Mr. Al Refaie.

To support SMEs and facilitate their growth, NBAD launched several services for example E-Business Banking, NBAD Visa Business Credit Card, Vehicle Finance and Rent Finance. The Bank also signed a Memorandum of Understanding with various government entities such as Dubai SME, RAK FTZ, Abu Dhabi Chamber of Commerce and Industry and Dubai Chamber of Commerce and Industry. Moreover, the Bank administers Khalifa Fund through its partnership with Khalifa Fund for Enterprise Development.

NBAD has opened 11 Business Banking Centres: four in Abu Dhabi, four in Dubai, and one each in Al Ain, Sharjah and Ras Al Khaima.  The Bank plans to launch three more business banking centres throughout the UAE by the end of 2012.

Arab Society of Certified Accountants and Abu Dhabi accounting firms and lenders are also taking part in the training.

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About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD). Ranked as one of the top 50 safest banks in the world since 2009, NBAD currently operates across 15 countries on four continents.
 
NBAD has a network of 122 branches and more than 560 ATMs to provide banking services to customers all over the UAE. Besides brick & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.

NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong, shanghai- China, Malaysia, and Jordan in Asia to Washington, D.C. in the U.S.A.

NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.

NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.

For media enquiries, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Email: ehab.khairi@nbad.com
Web: www.nbad.com

© Press Release 2012