Small and medium-sized businesses are set to get a boost through a new fund to help them expand internationally, the Ministry of Economy announced. The ministry yesterday signed an agreement with HSBC Bank Middle East to launch a US$100 million (Dh367m) fund for UAE companies with a turnover of $30m or less that are heavily invested in cross-border trade, according to the state news agency, WAM.
Lending from the fund will be made to SMEs (Small to Medium Enterprises), with priority given to Emirati-owned businesses that are seeking working capital to finance international expansion plans. "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," said Sultan bin Saeed al Mansouri, the Minister of Economy, in a written statement. "The Ministry welcomes this initiative to support our local SMEs.
"The success of that sector is a priority for the development of the UAE economy and the government, in partnership with the private sector such as with HSBC." He also said the fund would help keep the economy active during difficult economic times. * The National
