Emirates Development Bank, the state-owned lender focused on financing the UAE's priority sectors, has signed a preliminary agreement to launch supply-chain financing and working capital solutions for small and medium-size enterprises in the country.
The initiative is being carried out in collaboration with Abu Dhabi-based Trade Capital Partners (TCP), a technology platform that delivers working capital finance solutions to SMEs, and is part of EDB’s efforts to support start-ups through its network of government and corporate partners, the lender said on Thursday.
Under the pact enabled by Hub71, Abu Dhabi’s tech ecosystem, the two partners will create a working group to explore ways of delivering supply-chain financing, which reduces the risk of disruption and enables both buyers and suppliers to optimise working capital.
“We are constantly looking at new and innovative ways to support SMEs, which contribute more than 60 per cent of the UAE's non-oil GDP [gross domestic product],” said Shaker Zainal, chief business officer at EDB.
“We will leverage our expertise combined with TCP's platform to jointly bring more financing solutions to a wider range of businesses. This [pact] reflects our value of excelling through partnerships and will further support the growth of SMEs and promote innovation in the UAE.”
EDB offers a “patient debt approach” with an emphasis on accelerating the pace of development in the country. The bank’s direct and indirect financing is offered with long tenors, higher loan-to-value ratios, lower rates and interest payment grace periods.
The lender is at the heart of the UAE’s efforts to the boost growth of SMEs and start-ups in the Arab world’s second-largest economy.
EDB contributed more than Dh3.5 billion ($953 million) to the country’s GDP last year and supported the creation of more than 12,000 industrial jobs.
It aims to provide Dh30 billion in support to 13,500 companies, which, in turn, will contribute Dh10 billion to the country's economic output, EDB said in its 2022 annual report last month.
Last year, EDB approved Dh6.1 billion ($1.6 billion) in loans, of which Dh1.8 billion was approved for SMEs. The funding approved for large corporates rose to Dh4.3 billion.
The bank is targeting the approval of loans worth Dh6 billion or more this year, to match the size of funding last year, chief executive Ahmed Al Naqbi told The National in March.
EDB, which started in 2015, finances companies or projects in five priority sectors – manufacturing, infrastructure, advanced technology, food security and health care.
It is a key plank in the success of the UAE’s industrial strategy, which aims to boost the sector’s contribution to GDP to Dh300 billion by 2031.
Last month, the bank introduced an agriculture technology loans programme, with plans to allocate Dh100 million in finance for the country's food security sector.
In August last year, EDB launched a lending feature that allows businesses to apply for loans of up to Dh5 million and receive approval feedback within five days.
“SMEs are the driving force of an economy and start-ups are the future drivers,” said Bill Crawley, founder and chief operating officer of TCP.
“In line with other government initiatives to grow and drive these sectors, this partnership will provide significant support to this ecosystem and provide trade finance alternatives to growing businesses.”
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
KILLING OF QASSEM SULEIMANI
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
UAE currency: the story behind the money in your pockets
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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UAE currency: the story behind the money in your pockets
