Emirates Development Bank has signed an agreement with Emirates NBD to provide increased financial support to Small and Medium Enterprises in priority sectors in the UAE.
As part of the deal, Emirates NBD will offer up to Dh5 million ($1.36m) of financing to small and medium enterprises with 50 per cent of it being guaranteed by EDB.
The agreement forms part “of our endeavour to support the country’s economic diversification plans and bridging the funding gap for SMEs operating in priority sectors in the UAE”, said Ahmed Al Naqbi, chief executive of EDB.
“We look forward to facilitating easy access to financial sources for SMEs, supporting the UAE’s goals to build a robust knowledge-based economy and contributing to sustainable economic development.”
EDB was founded in 2011 through a merger between the Emirates Industrial Bank and Real Estate bank. It aims to provide Dh30 billion in financing over the next five years to support the UAE's efforts to more than double the size of its industrial sector by 2031.
It will fund industries such as healthcare, infrastructure, food security and technology, and help generate 25,000 jobs.
“We are pleased to join hands with EDB as part of our long-term, strategic commitment to further the growth of small businesses in the UAE through appropriate and timely financing support, enabling more entities to access credit easily to grow their businesses,” Shayne Nelson, group chief executive of Emirates NBD, said.
EDB has signed similar agreements with other lenders in the UAE including RAKBank, Commercial Bank of Dubai and the National Bank of Umm Al Qaiwain earlier this year.
The UAE’s economy is expected to grow by more than 4 per cent this year as the country continues to introduce initiatives to help it recover from the coronavirus pandemic-induced slowdown, Minister of Economy Abdulla bin Touq said earlier this month.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
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Weight of equipment: 50kg
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UAE currency: the story behind the money in your pockets
Results
2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).
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3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.
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BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
MATCH RESULT
Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
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