Emirates Development Bank has signed a preliminary agreement with Dubai Islamic Bank to offer a credit guarantee for small and medium enterprises in the UAE's priority sectors.
As a part of the deal, DIB will offer up to Dh10 million ($2.7m) to SMEs, with half of it being guaranteed by EDB, the lenders said on Wednesday.
DIB, the largest Sharia-compliant lender in the Emirates, will aim to disburse Dh200m, with a focus on UAE citizens and priority sectors under this initiative.
The two banks will step up lending to the SME segment in sectors such as manufacturing, health care, infrastructure, food security and technology, helping them have easier access to finance.
“Emirates Development Bank is committed to supporting the UAE’s economic diversification strategy. To achieve this, one of the pivotal steps is to bridge the funding gap for SMEs, particularly those operating in priority economic sectors,” said EDB chief executive Ahmed Al Naqbi.
EDB aims to provide Dh30 billion ($8.17bn) in financing over the next five years as part of a strategy to support SMEs and the country's industrial sector.
The UAE plans to more than double the size of its industrial sector to Dh300bn by 2031.
Last year, EDB signed similar agreements with other banks in the UAE, including Emirates NBD, RAKBank, the Commercial Bank of Dubai, the National Bank of Umm Al Quwain and the National Bank of Fujairah.
Wednesday’s agreement reinforces the continuing commitment by both lenders to support the SME ecosystem and increase their contribution to the country’s gross domestic product by offering strategic financing solutions, they said.
The move is in line with EDB’s strategy to offer direct and indirect lending for SMEs, as well as business advisory services for entrepreneurs, start-ups and small companies.
“Cultivating strong and trusted relationships and identifying opportunities to grow the SME ecosystem has seen us contribute to the ongoing success and wealth of the nation,” said Adnan Chilwan, group chief executive of DIB.
EDB was founded in 2011 through a merger between Emirates Industrial Bank and Real Estate Bank. It will fund industries such as health care, infrastructure, food security and technology, and help to generate 25,000 jobs.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Company%20profile
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Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
THE DETAILS
Solo: A Star Wars Story
Dir: Ron Howard
Starring: Alden Ehrenreich, Emilia Clarke, Woody Harrelson
3/5
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Recipe: Spirulina Coconut Brothie
Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)
Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy.
General%20Classification
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
