By Andy Sambidge
Banking major says it has allocated more than half of fund for small, medium sized firms
More than AED500m ($136m) has been allocated by HSBC to small and medium sized businesses in the UAE in the past three months, the bank has said.
HSBC Bank Middle East said 57 percent of its AED1bn fund aimed at SMEs - the HSBC International Trade SME Fund - has been allocated just three months after its launch.
The bank said the rate of allocation was more than one and a half times faster than in previous years. This year is the third tranche in HSBC UAE's flagship SME Fund programme.
Rana Al Emam, head of Business Banking, HSBC Bank Middle East Limited, UAE said: "We are very excited to announce that over AED570m of the International Trade SME Fund has been allocated.
"Focusing the fund on businesses with cross border trading requirements is vital given the growing number of businesses positioning themselves to take advantage of international trading corridors to grow and succeed.
"The Middle East is an historic trading hub for East to West trade flows. With the centre of the economic world progressively moving east - these 'trade corridors' have emerged even stronger than ever."
HSBC Middle East said 88 percent of the Fund allocated to date has been awarded to businesses seeking to trade internationally.
It added that it was "very much on track" to fulfil its commitment of allocating 30 percent of the total fund to Emirati owned businesses.