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Sun 26 Apr 2020 02:56 PM

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Shuaa Capital to provide support to UAE tech SMEs amid Covid-19 pandemic

Company to provide advisory services and facilitate interest-free loans

Shuaa Capital to provide support to UAE tech SMEs amid Covid-19 pandemic

Jassim Alseddiqi, chief executive officer of Shuaa Capital. Image: ITP Media Group

UAE-based Shuaa Capital is to provide free expert advisory services and interest-free loans to support the country’s small and mid-sized technology enterprises (SMEs) impacted by the coronavirus pandemic.

The financial package aims to help provide the capital and expert guidance tech SMEs will need to emerge from Covid-19 on a healthy footing.

Shuaa's regulated partners will provide the interest-free loans, while the company’s sector experts in manufacturing, logistics, construction, healthcare, travel and tourism, retail and real estate will offer free advisory services.

Jassim Alseddiqi, chief executive officer of Shuaa Capital, said: “Small and mid-sized technology companies are an integral part of the UAE's economy and society and will spearhead our country's post Covid-19 economic recovery. Our support package will help empower those firms to continue to create innovative products and services in key sectors for our nation."

According to the UAE Ministry of Economy, SMEs represent more than 94 percent of the total number of companies operating in the UAE, employing about 86 percent of the country’s private sector workforce and generating 52 percent of the non-oil GDP.

To be considered for the support, tech SMEs need to be active and demonstrate how they have been impacted by Covid-19. Companies interested in learning more about the support package should contact sme_aid@shuaa.com.

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