In Dubai alone, SMEs make up nearly 95 per cent of all companies, employing 42 percent of the workforce and contributing around 40 per cent to Dubai’s GDP. Private institutions can do more to back entrepreneurship and innovation by supporting local businesses. ‘At Mashreq Bank, we recognise the need of SMEs for trade and working capital finance and we support business growth and development in the UAE. However, what’s equally important as financial support is knowledge sharing. We work with SMEs to ensure they find the right solution for their business, which is delivered in the most effective and efficient manner. Through our flexible working capital and financing, we provide overdrafts and short-term loans. However, it is critical for private institutions to extend support that goes beyond just funding’ said Abdul Aziz Al Ghurair, CEO of Mashreq Bank.
Abdul Aziz Al Ghurair, CEO of Mashreq Bank