Dubai SME, ADCB sign partnership on privileges for ‘Dubai SME 100’
Dubai SME, an agency of the Department of Economic Development (DED)-Government of Dubai, has signed a partnership agreement with Abu Dhabi Commercial Bank to offer benefits to the top 100 SMEs in Dubai.
August 2, 2011 11:16 by Precious de Leon
Under the MoU, ADCB will commit to develop a special SME100 package that covers the following features:
- reduced interest rates
- funded credit facilities at ADCB’s base rate
- priority transaction processing
- reduced fees and charges on export transactions
- flexible repayment options
- access to a complete suite of SME products from overdrafts and Short Term Loans to Construction Equipment Loan and Online Trade Finance platforms
HE Abdul Baset, Chief Executive of Dubai SME (photo, left), said, “The support from partners like ADCB is not just about enhancing all manner of financial assistance but non-financial aspects as well, most notably in the development of financial management capabilities.”
Howard Gaunt, Head of Business Banking Group, ADCB (photo, right) said: “The SME segment continues to be an area of strategic growth for ADCB and one that we hope to further help develop in the UAE.”
Unlike other rankings which are based mainly or purely on financial indicators, the Dubai SME 100 ranking places a balanced emphasis on financial and non-financial dimensions of enterprise performance and development. The non-financial dimensions cover Innovation, International Orientation, Human Capital Development and Corporate Excellence. The ranking will also serve as a tool for helping SMEs identify capability gaps for improvement.
The basic criterion is that the applicant must be an SME based on the official definition of Dubai’s SMEs, with up to 250 employees and a turnover of up to AED250 million. In addition, it must have audited financial statements for at least three years, and be an independent entity registered in Dubai (under DED or any Free Zone).
Over 830 eligible SMEs have been nominated by banks, business councils and Free Zones to participate in the initiative, with more applications coming in. The first ever Dubai SME100 ranking list will be out in late October 2011.
The Abu Dhabi Government owns 61.59 percent of ADCB through the Abu Dhabi Investment Council. As of March 2011, ADCB’s total assets were approximately AED180.7 billion.