Another Bank Signs Up To Assist Dubai SME 100

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Another Bank Signs Up To Assist Dubai SME 100

Wednesday, August 03, 2011

It emerged this week that another bank has signed a partnership agreement with Dubai SME to provide benefits and support to the Emirate's top 100 small and medium-sized enterprises.

The Dubai SME 100 ranking was launched by the SME-focused agency of the Department of Economic Development (DED) in March of this year; under the auspices of the initiative, small and medium-sized enterprises are judged according to both their financial and non-financial performances, with criteria being assessed under the latter category including corporate excellence, human resources development, international capacity, and innovation.

Qualifying SMEs (defined in Dubai as businesses registered in the Emirate, with turnover of up to AED250mn, and no more than 250 employees) can apply for inclusion in the index (provided that they have audited financial statements for at least three years), or can be nominated by financial institutions and other public and private sector bodies.

In addition to assisting SMEs in improving their business offerings, by identifying their capability development gaps and addressing them, one of the key aims of the index is to help banks and investors to identify fast-growing and innovative SMEs from the sector, and to provide them with targeted offerings and support.

The latest bank to sign up to the initiative is the Abu Dhabi Commercial Bank.