Emirates Development Bank, the state-owned lender focused on financing companies in key industrial sectors, has launched a new lending feature that allows businesses to apply for loans of up to Dh5 million ($1.36m) and receive approval feedback within five days.
Start-ups and small and medium enterprises can apply for quick loans directly through the bank's digital banking app, an EDB statement on Monday said.
The service, launched in partnership with peer-to-peer lending platform Beehive, is aimed at enhancing access to finance for SMEs and further simplifying the conducting of business in the country.
“EDB fills a critical gap in the market by providing financing solutions to all companies with a proven potential to contribute to the sustainable development of the UAE,” said Ahmed Al Naqbi, EDB chief executive.
“It is clear that swift access to finance is one of the biggest challenges that SMEs and start-ups face.”
SMEs are the backbone of the UAE economy, comprising 98 per cent of the companies operating in the country. The development of the sector and accelerating the growth of the start-up ecosystem are among the main priorities of government as it chalks out development strategy for the next 50 years.
EDB, which is at the heart of government’s push to improve start-ups' and small businesses’ access to financing, has already launched several initiatives as part of its push to achieve Dh30 billion in total funding before the end of 2025.
The lender aims to boost its funding to Dh5bn by the end of this year from about Dh2bn it had lent up to June. It plans to surpass the Dh5bn financing level next year and in 2024, Mr Al Naqbi told The National in June.
EDB said the new lending service would be available for UAE-based SMEs and start-ups operating in one of five priority sectors — manufacturing, health care, food security, advanced technology and infrastructure — for up to 60 months.
It plans to allocate Dh7bn in financing to the manufacturing sector in the next five years. The advanced technology sector is expected to receive Dh5bn in funding, infrastructure Dh8bn, health care Dh2.5bn and the agricultural technology and food security sector companies are projected to receive another Dh2.5bn.
“We are continuously looking to collaborate with FinTech companies and financial partners to ease the financing process for SMEs and allow for quick and easy access to the bank’s financial services,” Mr Al Naqbi said.
Abu Dhabi-based EDB, which also funds large corporate clients, has provided about Dh350m financing through its credit guarantee programme, which was rolled out in partnership with nine commercial banks.
The 10th financial institution will soon be added to the list to help SMEs access finance and full banking services, Mr Al Naqbi said in June.
In addition to its direct and indirect financing, EDB’s digital platform allows SMEs and start-ups to open an account and reserve an Iban number in a matter of hours to access banking services.
EDB, founded in 2011 through the merger of Emirates Industrial Bank and the Real Estate Bank, aims to generate 25,000 jobs in the next five years.
The lender’s revamped strategy has helped in adding Dh1.91bn to the national economy and supported the growth of more than 1,350 SMEs until the end of the first quarter of this year, Mr Al Naqbi said in June.
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PREMIER LEAGUE RESULTS
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Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
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Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0
Global state-owned investor ranking by size
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
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Company%20profile
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UAE currency: the story behind the money in your pockets
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
Killing of Qassem Suleimani
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
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The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.