UAE’s UNB To Fund SMEs

Dubai Abu Dhabi headquartered Union National Bank (UNB) is instituting a new award targeted at small and mid-sized enterprises (SMEs) in their formative years. This is in association with the Abu Dhabi Chamber of Commerce and Industry. UNB has allocated Dh5 billion for the next three years for SME projects.

The winning SMEs will be chosen based on decisions made by a committee whose members will work on the evaluation of projects and decide on the winners and their categories.
The award has multiple categories including the “best innovative idea for a new SME project” and the “best existing innovative project”. Awards will also be given to the best projects in various stages from the concept to planning, execution and ending with the project fulfillment and development. The sectors will include industrial, service, technical and vocational.

“We recognize that the SME sector constitutes one of the most dynamic sectors in the UAE economy,” said Mohammad Nasser Abdeen, UNB’s CEO. “UNB has always believed in the potential of young UAE nationals and we are proud to launch this award together with ADCCI that brings together innovative UAE entrepreneurs who can serve as sources of inspiration and provide practical business advice.” The bank recently introduced a series of dedicated finance products aimed at expanding its influence and reach among an SME client base. Apart from direct commercial loans, it has also assumed the role of funding projects launched within this space, Gulf News reported.