19 October, 2016

Dubai SME ties up with Dubai First to facilitate SME funding

Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with Dubai First, one of the leading consumer finance companies in the UAE, to facilitate SME access to funding.

The agreement will see Dubai First providing collateral free financing to SMEs to enable such enterprises meet their business and working capital requirements.  In addition, the SME owners will receive pre-approved Business Flex Credit Card with pre-set limit, flexible interest rates and rewards.

His Excellency Abdul Baset Al Janahi, CEO of Dubai SME, said: “To ensure the future success of the SME sector in Dubai, the support and partnership of organisations like Dubai First is essential. I am delighted that we have now established this new partnership and I am confident it will prove a further catalyst for continued SME sector growth. The financing options that Dubai First offers will help many SMEs to expand their businesses and make an increasingly important contribution to the UAE economy.”

Amit Talgeri, CEO of Dubai First, added: “We are proud to have partnered with Dubai SME to support the growing number of entrepreneurs in the country.  They are essential to building a stronger SME sector, which plays an important role in the development of the UAE.   There is enormous potential for Dubai First to help meet the business needs of SMEs and bridge financial gaps. This strategic partnership is part of Dubai First’s commitment in engaging with key initiatives that are critical to Dubai’s growth story.”

SMEs can find out more about the partnership and the wide-ranging financial options available to them at www.dubaifirst.com, or by contacting the Dubai First 24-hour Contact Centre at 800 33.

From Left to Right: Amit Talgeri – CEO, Dubai First; H.E Abdul Baset Al Janahi - CEO, Dubai SME