•   Opportunity for young Emirati entrepreneurs to start up own business
•   In line with strong commitment to supporting UAE nationals
Emirates NBD, the largest banking group in the Middle East in terms of assets, announced today the introduction of a seed capital initiative, which will facilitate UAE nationals to start up their own business. The initiative will enable Emirati entrepreneurs to fund the initial capital requirement to start their own enterprise.
The move by Emirates NBD comes at a time when self-employed nationals are increasingly recognised for their contribution to the UAE economy and the government plans to introduce a new law to help streamline and speed-up the process of setting up new businesses.
“Small businesses account for 46 per cent of the country’s GDP and new business start-ups make a significant contribution to this,†said Jamal Bin Ghalaita, Group Deputy CEO, Emirates NBD. “Our aim is to inspire more UAE nationals to develop their entrepreneurial ideas into fully fledged business enterprises, which are of vital importance to the growth and prosperity of our economy.
“Nationals make up the majority of new business start-ups in the UAE and with this new initiative from Emirates NBD, we hope to encourage more to follow suit,†he added. “We recognise the importance of supporting and encouraging young UAE nationals and self-employment provides an attractive opportunity for them to realise their dreams and aspirations.
“As a leading financial provider, Emirates NBD understands the obstacles faced in starting up a new business,†he added. “We are therefore pleased to provide a tailor-made financing option for all UAE nationals aged 25 and over, to seed finance and get their business enterprises off to a promising start. Under this initiative, Emirates NBD Seed Capital loans are available up to a maximum of two million dirhams with easy qualification and repayment terms.â€
Emirates NBD’s consumer lending business has grown in strength in recent years and today offers a comprehensive range of products and services, including this new seed capital financing targeted specifically to UAE nationals. The straightforward loan requires minimal documentation and offers fast processing.
