Architect in telecom - Intelligent SME

December 2012 - January 2013
Intelligent SME
Out & About
Leading the way to successful
loan applications
Dubai Chamber’s ‘Guidelines for Enhancing SME Finance’ provides a
list of required documentation as well as tips designed to help SMEs
apply for finance successfully. An ISME report.
The Dubai Chamber of
Commerce and Industry
launched its ‘Guidelines for
Enhancing SME Finance’
during a seminar held at its head office
recently.
The seminar, held in cooperation
with the ministry of economy, sought
to highlight efforts aimed at reducing
the gap between supply and demand of
SME finance. It provided SMEs with
a unique opportunity to learn what
essentials are required when applying
for financing, how to maximise the
effectiveness of an application, and
how to speak to bank representatives on
the spot.
Dubai Chamber chairman Abdul
Rahman Saif Al Ghurair, said that
enhancing SMEs’ access to finance
was an effective way of ensuring
Dubai’s continued development as an
international trading hub.
“Despite their integral role in Dubai’s
economy many of our SME members
continue to face difficulties securing
financing at sustainable rates. In fact,
the UAE’s total bank lending to SMEs
is around 3.85 per cent, when its target
is 24.3 per cent, so addressing this
issue has been a primary task for Dubai
Chamber,” he said.
Eng. Mohammed Al Shehhi,
undersecretary of the ministry of
economy, delivered the keynote speech
about the importance of adequate
financing for SMEs. He said that SMEs
contribute an estimated 40-46 per cent
of nominal GDP for Dubai and more
Eng. Mohammed Al Shehhi, undersecretary of the
Ministry of Economy,
than 60 per cent of GDP of the UAE.
He said that SMEs host the majority
of employment opportunities in Dubai
and the UAE, and that these enterprises
provide 86 per cent of the employment
in the private sector.
“Unfortunately, the banks’ focus
on big loans for big corporations is
also affecting government efforts to
encourage private businesses as a
step towards reducing unemployment
among Emiratis. The ministry of
economy is aware of the immense
potential and contribution of SMEs
to national growth, and is making all
efforts to support this sector. In this
context, it will be the ministry’s effort
to launch the SME Law at the earliest.
The Ministerial Committee has just
approved the draft law and it will
be sent soon to the Federal National
Council,” Al Shehhi added.
Dubai Chamber’s ‘Guidelines for
The seminar, held in
cooperation with the
Ministry of Economy,
sought to highlight
efforts aimed at
reducing the gap
between supply and
demand of SME finance.
Enhancing SME Finance’ provides a
list of required documentation as well
as tips designed to help SMEs make
more successful applications. The
guide also provides applicants with
contextual examples to help identify
the most important aspects to focus on,
while providing guidance on what to
emphasise in discussions with a bank’s
relationship manager.
The seminar featured speeches
by Mohammed M. Abdulrazzaq, head
of Business Banking, HSBC Dubai,
who talked about application-relevant
documentation requirements, and
Douglas Stoneham, head of SME
for UAE and Middle East, Standard
Chartered Bank, who gave tips on how
to ensure a successful interview with
a financier. Following the speeches a
panel discussion between bankers and
SME owners was led by Dr. Belaid
Rettab, senior director, Economic
Research and Sustainable Business
Development Sector, Dubai Chamber.
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