Emirates NBD, a leading bank in the region, announced that it was the preferred banking partner for 37 of the 100 top performing SME organizations in Dubai (Dubai SME 100), including three of the top ten Dubai SME 100 companies – MEPCO Gulf co, ENERPLASTICS LLC and Mani Foods Ind. LLC.
Emirates NBD’s Business Banking Division has also registered a 32% increase in income since 2008, while its loan book size has grown by 20%, according to a statement from the bank.
“Emirates NBD is honored to be a strategic partner of Dubai SME 100, because we strongly believe that small and medium enterprises hold the key to future economic growth in the UAE,” said Vikas Thapar, Head of Business Banking, Emirates NBD. “The wide range of our SME-focused products and services, have enabled us to garner more than 30% market share of SME business relationships in the UAE, and 37% of the top SMEs in the country have close associations with the bank.”
A premier ranking of Dubai’s 100 top-performing small and medium enterprises, Dubai SME 100 was launched in 2011 by the Mohammed Bin Rashid Establishment for SME Development (Dubai SME). It seeks to identify Dubai’s top SMEs that are role models, and aims to inspire them to invest in innovation and people to sustain growth. The ranking is also expected to serve as a tool that enables SMEs to identify capability gaps for improvement, and attract the attention of investors.
As a strategic partner of Dubai SME 100, Emirates NBD offers Dubai’s top SMEs exclusive benefits including competitive foreign exchange and telegraphic transfer (TT) rates, preferential rates on trade services, preferential rates for online transactions through smartBUSINESS, special rates on deposits and investments and the highest number of free or discounted charges on day to day transactions.
Enterprises from the Dubai SME 100 list who bank with Emirates NBD Business Banking also have dedicated Relationship Managers as key contacts, in addition to a complimentary upgrade to the Business Banking Select Package.
Applicants for Dubai SME 100 must be classified as SMEs based on the official definition of Dubai’s SMEs, in addition, to having at least three years audited financial statements, and be an independent entity registered in Dubai (DED or FreeZones).
Unlike other rankings which are based mainly or purely on financial indicators, the Dubai SME 100 ranking places a balanced emphasis on financial and non-financial dimensions that affect enterprise performance and development. The non-financial dimensions cover Innovation, International Orientation, Human Capital Development and Corporate Excellence.