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UAE banks launch initiative to boost SME sector

UAE banks launch initiative to boost SME sector

 

A new initiative to help small and medium sized enterprises – called the Nationwide SME Campaign – has been launched by the UAE Banks Federation (UBF).

The campaign will help SMEs to growth their businesses, and “is especially important given the sizeable impact that these firms have on the national economy”, UBF said in a statement.

The UBF, an industry association representing banks in the UAE, said that they have “vowed to support” SMEs through a range of business-friendly initiatives that will help build innovation, digitalisation, financial planning, banking and partnerships.

UBF Director General Jamal Saleh said: “In the past 20 years, UAE has shaped up into a global business hub, attracting thousands of entrepreneurs from the four corners of the world. UAE’s leadership has a vision for the country to become an oasis for innovation and we, at UBF, believe that our banking sector and our UBF member banks have a major role to play in bringing this vision to life through the empowerment of SMEs that are constantly enabling our country to progress and advance.”

 

Financial planning services

The UBF is encouraging SMEs to engage with its banking members for the benefit of both parties, with SME owners set to gain access to customised banking services and solutions, financial products and financial planning services, in addition to loans and funding programmes.

“To facilitate SMEs’ access to information about our business-friendly initiatives, we have created an online platform where SME clients can find everything they need to move their business forward. We have also created an exclusive Facebook group to keep SMEs up-to-date with new initiatives and programmes that could help them achieve their real potential, regardless of the size of their business,” said Dhiraj Kunwar, chair of UBF’s SME Committee.

SMEs interested in working with the banks can find out more about the UBF’s campaign by going to https://www.uaebf.ae/SME, or by going to the ‘SMEs Unlock Your Potential’ Facebook group.

UBF said that its initiatives will help entrepreneurs to protect, promote and regulate their businesses using the right plans and business regulations and frameworks aimed at creating good governance.

“This UBF initiative provide SMEs with invaluable mentorship and networking opportunities, in addition to a wealth of informative resources, and social marketing and digital tools to help them reach new business heights,” the group said in the statement.

The UBF consists of 52 members of the banking and financial community that operate in the UAE and provides a platform to increase co-operation and engage in new ideas aimed at elevating the industry.