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Local news in Dubai Business

2 months ago Services Dubai   45 views

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H.E. Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, noted that the Federation gives close attention to the needs of SMEs and has been developing and implementing several major banking initiatives for the sector since 2013. His Excellency added that the launch of the new guarantee scheme to boost bank financing for SMEs is one of the most important outcomes of those initiatives, which has been the result of the cooperation between the Federation, represented by the SMEs Financing Committee, and Emirates Development Bank.

H.E. further highlighted that the Federation is committed to continuing supporting the move to drive growth for SMEs that have become a major player in economic growth and sustainable economic development.

His Excellency commented: “We commend the efforts of Emirates Development Bank to support SMEs and the key contributions of this initiative to the UAE banking sector. The UAE Banks Federation is committed to continually developing and providing solutions, initiatives, and schemes that will further enhance the role of banks in the sector, which is one of the most important players in promoting business and investment in the country.”

UAE Business Media Emirates Development Bank has signed agreements with several leading banks in the UAE, including Commercial Bank of Dubai, RAKBANK, Mashreq Bank, Al Masraf, National Bank of Fujairah, and Commercial Bank International. EDB plans to further expand their partnership portfolio by signing with additional banks as part of the Bank’s commitment towards backing up the SME ecosystem to support the goals of the National Agenda under UAE Vision 2021. Day of Dubai Emirates Development Bank (EDB) was established under Federal Law No. (7) of 2011 with an authorized capital of AED 10 billion. The Bank aims to contribute to the economic and social prosperity of UAE citizens by supporting the development of innovative SMEs and provide financing solutions to help citizens obtain high-quality affordable housing. EDB provides financing and innovative banking solutions to SMEs, considered as one of the foundations of the national economy. More details can be found on www.edb.ae.


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