Emirates Islamic today announced that it has signed a strategic Memorandum of Understanding, MoU, with Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, to support the growth of SMEs in the UAE.
Under this MoU, Emirates Islamic will be recognized as a favored fund accomplice to SMEs enlisted under Dubai SME, empowering youthful Emirati business people to get to financing at exceptional terms from the bank.
Dubai SME was set up to cultivate the advancement of business visionaries, energize and bolster UAE nationals to effectively take part in the financial development of Dubai, and encourage the foundation of little and medium endeavors.
“At Dubai SME, our emphasis is on dispatching shifted activities and making an exhaustive accomplice system to furnish SMEs and business visionaries with the support required to dispatch and extend their services nationally and internationally. Having Emirates Islamic as an accomplice increases the value of our endeavors to empower SME access to front line monetary items and administrations,” said Abdul Baset Al Janahi, CEO of Dubai SME.
Remarking on the MoU, Jamal Bin Ghalaita, CEO of Emirates Islamic, said, “according to the vision of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheik Mohammed canister Rashid Al Maktoum, we are resolved to bolster UAE national business people, particularly in the SME segment. Our association with Dubai SME empowers us to bolster the business thoughts of Emirati business people, helping them to set up or develop their businesses.
“SMEs structure the foundation of the UAE economy and will assume a key part in the development of the country. Our SME business has been our quickest developing portion in the most recent three years and through our organization with Dubai SME, we mean to keep on contributing to this key part.”
Reports demonstrate that SMEs commitment to the GDP of UAE is about 60 percent and in Dubai, SMEs speak to 95 percent of all organizations and record for 42 percent of the workforce.