Emirates NBD has established the criteria for SMEs participating in the initial AED 15M phase of the AED 500M Dubai International Growth Initiative, as outlined in a press release.
Launched in January, the initiative’s goal is to offer Dubai-based SMEs financing at the Emirates’ interbank offered rate (EIBOR) to facilitate global expansion.
Emirates NBD Allocates AED 15M for Initial Phase to Boost SMEs
During the first phase, the bank will allocate AED 15 million over seven years to SMEs in food and beverage, fast-moving consumer goods, retail, e-commerce, services, and manufacturing, without specifying ticket sizes or the number of targeted SMEs. Subsequent phases will extend to SMEs in other sectors, as per Emirates NBD.
The additional criteria specify that SMEs must found and headquartered exclusively in Dubai, utilizing the financing for global expansion purposes.
According to the bank’s statement, applicants must prepare a comprehensive business plan outlining growth strategies beyond the UAE.
Regarding SME classification in the UAE, it varies based on business type, staff count, and annual turnover. Generally, SMEs have a maximum of 250 employees and an annual turnover of AED 250M or less. The Government of Dubai’s SME unit already offers various financial and support services for qualifying SMEs.
In the next steps, a committee comprising representatives from the Dubai government and Emirates NBD will assess eligible SMEs before providing them with financing, according to Enterprise.
