Dubai: The Mohammed Bin Rashid Fund (MBRF) of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, and First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, have formed a partnership to launch a new receivable financing programme for Emirati- owned SMEs in Dubai.
The memorandum of understanding was signed at FAB’s Sheikh Zayed branch in Dubai, by H.E. Abdul Basit Al Janahi, CEO of Dubai SME, and Hana Al Rostamani, Group Head of Personal Banking at FAB, in the presence of senior officials from both parties.
Under the agreement, FAB will offer Dubai SME Emirati-owned suppliers with an easy and tailored solution to secure financing against sales invoices. In addition to settling payments, the programme will offer Emirati entrepreneurs with preferential rates, and a wide array of FAB’s suite of Business Banking products and services.
H.E. Abdul Basit Al Janahi, CEO of Dubai SME, said: “The partnership with FAB is a significant opportunity for Dubai SME Emirati-owned suppliers to benefit from the diverse financing options increasingly available in the UAE. Dubai SME has supported the growth and expansion of 7,000 startups since 2002. We also enable our member SMEs to benefit from government contracts and the net value of contracts thus facilitated by Dubai SME now stands at AED 5.2 billion.”
Al Janahi also emphasised Dubai SME’s commitment to building partnerships with businesses and organisations to ensure SME access to the required resources, including knowledge, human capital and funding to move confidently through every stage of their growth.
Commenting on the agreement, Hana Al Rostamani, Group Head Personal Banking, FAB, said: “We are pleased to have partnered with Dubai SME to support businesses through this unique and innovative banking solution. The MoU reaffirms FAB’s commitment towards supporting entrepreneurs by providing them with the financial support and technical expertise they require. This partnership promotes economic development and expansion while also enabling the country to become an entrepreneurial hub.”
Vikas Thapar, Head of Business Banking Group at FAB added: “As a leading supporter of the SME sector in the UAE, FAB was selected to help businesses overcome their long receivables processes by providing them with access to competitive financing rates.”
Emirati Entrepreneurs in Dubai SME will have access to exclusive benefits allowing them to receive payments through FAB in a quicker and more efficient manner, enabling them to increase their liquidity for further growth and expansion.
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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.
For further information, please contact:
Faisal Shamsudheen, Tel: (971 4) 445 5927, Email: faisal.pathiasseri@dubaided.gov.ae
About First Abu Dhabi Bank (FAB)
FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.
Headquartered in Abu Dhabi in Khalifa Business Park, the bank’s international network spans five continents, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.
In line with its commitment to put customers first, to Grow Stronger, FAB will continually invest in people and technology to create the most customer-friendly banking experience, and will support the growth ambitions of its stakeholders across countries in which the bank operates.
To empower its customers and clients to Grow Stronger, FAB initiated a powerful movement, which goes beyond banking. The Grow Stronger movement represents the bank’s promise to support its stakeholders’ goals and growth ambitions, providing ideas, tools and expertise to help them become stronger, today and in the future.
With total assets of AED 788 Billion (USD 214 Billion) as of September-end 2019, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Financeâ as the safest bank in the UAE and the Middle East. The Banker Magazine, has named FAB as the second largest bank in the Middle East by Tier 1 Capital in its Top 1000 World Banks 2019 ranking. FAB is well positioned to unlock the full potential of a unified bank with a strong focus on customer experience, digitisation and continued growth, as we enter the next phase of our journey to grow stronger.
For further information, visit: www.bankfab.com
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