By Tamara Pupic
Dubai SME and Emirates Islamic have teamed up to encourage and support UAE nationals to actively participate in the economic growth of Dubai.
Dubai SME, an agency of the Department of Economic Development (DED), and Emirates Islamic have signed a memorandum of understanding (MoU) to enable young Emirati entrepreneurs to access financing at special terms.
Under the terms of the new agreement, Emirates Islamic, an Islamic financial institution belonging to Emirates NBD Group, will act as a preferred finance partner to SMEs registered under Dubai SME.
Commenting on the MoU, Jamal Bin Ghalaita, CEO of Emirates Islamic said: “As per the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, we are committed to support UAE national entrepreneurs, especially in the SME sector. Our partnership with Dubai SME enables us to support the business ideas of Emirati entrepreneurs, helping them to set up or grow their business by providing customised banking solutions to match their specific business needs.
“SMEs form the backbone of the UAE economy and will play a key role in the growth of the nation. Our SME business has been our fastest growing segment in the last three years and through our partnership with Dubai SME, we aim to continue to contribute to this vital sector.”
Dubai SME annually identifies top-performing 100 SMEs in the emirate in a bid to help them grow bigger and support them through their growth.
Earlier this year, Abdul Baset Al Janahi, CEO of Dubai SME, said that 88 companies among the top 100 in 2015 had achieved double-digit revenue growth over the last three years, compared to 81 such companies in the 2013 ranking and 53 in the 2011 cycle.