SHARJAH // Small and medium-sized enterprises (SMEs) in Sharjah that are struggling to secure loans from banks due to the credit crisis will be able to take advantage of lending packages soon to be launched.
The Sharjah Chamber of Commerce and Industry (SCCI), says it is in the final stages of negotiations with banks over the new loan packages. SMEs make up to 80 per cent of Sharjah's economy, according to the chamber, and the emirate is home to about 40 per cent of the UAE's manufacturing industry, employing about 750,000 Emiratis and expatriates.
Since the global downturn reached the UAE, banks have tightened their lending policies, and the chamber believes injecting liquidity into SMEs is needed to ensure Sharjah's future growth.
"We are joining hands with banks and are working on a few different programmes to provide different packages to SMEs," said Hussain al Mahmoudi, the director general of the SCCI, on the sidelines of a meeting with the International Chamber of Commerce (ICC) South Asia and Middle East regional consultative group.
Mr al Mahmoudi said there would be three packages that Sharjah-based lenders would be able to provide to SMEs, with each one co-designed and some backed by the SCCI.
The chamber already provides financial assistance for firms to attend conferences and trade shows that could help them boost sales.
"The work of various chambers in the region is attracting more investors and we are witnessing a shift in investment from Europe to the Middle East and South Asia," said Ahmad Belhasa, the chairman of the UAE committee of the ICC, adding that Sharjah had moved in the right direction to protect its economy.
Tariq Rungoonwala, the regional co-ordinator of the ICC, said: "SMEs are important for every country. Sharjah has stepped up and has built momentum behind it. It is a temporary measure for a critical area and Dubai [also] needs to ease credit restrictions for business.
"You have to provide credit for companies that make 40 to 60 per cent of the economy."
One analyst has warned that, given the tight credit market situation, many small businesses would not survive the second quarter of this year.
"The focus has been on banking and property sectors, but SMEs contribute as significantly as any other sector to the UAE's economy," said Wadah al Taha, an independent analyst based in Dubai.
"Sharjah's initiative is timely and should be a lead for emirates like Dubai - or better still, something for the Federal Government to take into account."
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Director: Hansal Mehta
Rating: 4 / 5
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Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Creator: Lauren LeFranc
Rating: 4/5
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae