Dubai SME, which is part of Dubai Economy, is partnering with lending platform Beehive in an effort to allow individuals to invest in SMEs in the country.
The move will help investors “reap remarkable returns while also enabling entrepreneurs and small businesses to consolidate their gains and aim for sustainable growth”, the agency said in a statement on Sunday.
“The Beehive platform provides an innovative crowdfunding solution whereby investors can participate in supporting small businesses in a safe and secure way, beneficial for the investor and the SME,” Saeed Al Marri, deputy chief executive of Dubai SME, said.
SMEs seeking financing through Beehive are subject to an eligibility test and credit assessment, according to Dubai SME. The companies will have to provide bank statements, personal data of the owner and its audited financial statements.
“Successful SMEs will be notified on the loan amount they could obtain, tenure and the profit rate applicable,” Dubai SME said.
Generally, the loan amount is pooled from contributors within a maximum of two weeks. A single company may obtain an additional loan after the first loan is paid off, it said.
Dubai SME's partnership with Beehive comes as it looks to expand access to finance for local start-ups and SMEs.
Earlier this year, the organisation said SMEs in Dubai, fully-owned and managed by Emiratis, can obtain financing of up to Dh1 million backed by a 100 per cent capital guarantee and financed by Dubai SME’s financial arm, The Mohammed Bin Rashid Fund (The Fund) through its guarantee pool of Dh20m. SMEs in Dubai in which Emiratis have 50 per cent ownership and management rights can obtain financing of up to Dh420,000, backed by 50 per cent capital guarantees.
“The guarantee provided by The Fund contributes to motivating investors to participate in lending and supporting SMEs so that in the event of a particular company defaulting on repayment The Fund would take care of the outstanding capital and return the amount to investors,” Dubai SME said.
Dubai SME has allocated Dh25m to the capital guarantee programme that is managed by The Fund and the Beehive Platform. A total of 220 loans have been registered on this programme since the beginning of 2020 with a value exceeding Dh19m, compared to 280 loans in 2019 valued at Dh16m.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
MATCH INFO
Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)
Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
Sholto Byrnes on Myanmar politics
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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UAE currency: the story behind the money in your pockets
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
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