Emirates Development Bank (EDB) supported more than 500 UAE-based small and medium enterprises (SMEs) and start-ups to rapidly open bank accounts over the past three months, it said on Tuesday.
EDB's business banking app, designed to give SMEs access to secure digital banking services, allows entrepreneurs to get a business account IBAN reserved within minutes and to have an account activated in 48 hours. The account is free to all SMEs and start-ups across the Emirates and without the criteria of a minimum balance, the bank said in a statement.
Since its launch in September 2021, the app offers businesses a fully operational business bank account, bill payments, invoicing, budgeting and analytics facilities.
"As part of our innovation roadmap, we will continue to add new user-friendly features and banking services on the app in the future. We look forward to building on this success with more innovation in the space," Ahmed Al Naqbi, chief executive of EDB, said.
SMEs are the backbone of the UAE's economy and the country has taken several measures to help boost the sector by easing access to funding, providing mentorship programmes and facilitating exports to international markets.
EDB was founded in 2011 through a merger between Emirates Industrial Bank and Real Estate bank. It aims to provide Dh30 billion ($8.17bn) in financing over the next five years as part of a strategy to support SMEs and the priority industrial sector in the country. The UAE plans to more than double the size of its industrial sector by 2031 to Dh300bn.
The bank will fund industries such as health care, infrastructure, food security and technology, and help to generate 25,000 jobs.
Earlier this week, EDB signed a preliminary agreement with Ajman Bank to offer a credit guarantee and co-lending package for SMEs in the UAE with a focus on the industrial sector. As part of the pact, EDB will provide credit guarantee and/or offer a co-lending programme to Ajman Bank’s SME customers, it said at the time.
Last month, EDB signed a preliminary agreement with the National Bank of Fujairah to offer a credit guarantee and co-lending package for SMEs in priority sectors in the UAE.
The UAE aims to become home to 20 unicorns, or start-ups valued at more than $1bn, by 2031 as part of a programme it launched last month to attract and expand SMEs.
The Entrepreneurial Nation initiative offers support through a series of public-private partnerships that help entrepreneurs set up in the UAE, expand their businesses, export their products and tap into online sales, Ahmad Al Falasi, Minister of State for Entrepreneurship and SMEs, said in November.
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Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
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Director: Goran Hugo Olsson
Rating: 5/5
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
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if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
