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Ministry of Economy Signs MoU with HSBC Middle East
DUBAI — The UAE Ministry of Economy on Monday signed a Memorandum of Understanding with HSBC Middle East, to support the international expansion of the country’s small and medium-sized enterprises (SMEs).
Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, signed the MoU with Simon Cooper, Deputy Chairman and CEO of HSBC Middle East.
As per the MoU, HSBC has launched a $100 million fund specifically for UAE companies with a turnover of $30 million or below, which are engaged in cross-border business.
Al Mansouri said the MoU reflects the confidence of international businesses in the UAE economy.
He emphasised that the ministry would exert strong efforts in 2010 to further energise the small and medium businesses.
“The ministry is working on a national plan to drive economic development by enhancing the role of SMEs in coordination with concerned government departments in the UAE.”
He added: “The ministry welcomes this initiative to support our local SMEs. The success of the sector is a priority for the development of the UAE economy, and the Government in partnership with the private sector such as with HSBC will help SMEs continue doing business in these challenging times, and leverage international growth opportunities.”
The UAE fund is part of HSBC’s global strategy to support internationally focused SMEs, by ensuring that they have access to appropriate credit to enable them to grow and conduct business internationally.
Lending from the fund will be made to SMEs in the United Arab Emirates that need working capital finance for international expansion, with high priority accorded to Emirati-owned businesses.Simon Cooper, Deputy Chairman and CEO HSBC Bank Middle East said, “HSBC is delighted to be launching our SME Fund in the UAE which underlines our longstanding commitment to this important sector. We are grateful to the Ministry of Economy for their support of this initiative which demonstrates how the public and private sector can work together in partnership to support the business community in the UAE.
The UAE has been ranked among the top five countries selected from 84 countries all over the world in terms of support to SMEs.
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