Abu Dhabi: The UAE Ministry of Economy yesterday signed a Memorandum of Understanding (MoU) with HSBC Middle East to support the international expansion of the country's small- and medium-sized enterprises (SMEs).
Sultan Bin Saeed Al Mansouri, Minister of Economy, signed the MoU with Simon Cooper, Deputy Chairman and CEO of HSBC Middle East.
Under the MoU, HSBC has launched a $100 million (Dh367 million) fund specifically for UAE companies with a turnover of $30 million or less which are engaged in cross-border business.
Al Mansouri said the MoU reflects the confidence of international businesses in the UAE economy. He emphasised that the ministry will exert strong efforts in 2010 to further energise the small and medium businesses. "The ministry is working on a national plan to drive economic development by enhancing the role of SMEs in coordination with concerned government departments.
"The ministry welcomes this initiative to support our local SMEs. The success of the sector is a priority for the development of the UAE economy, and the government in partnership with the private sector such as with HSBC will help SMEs continue doing business in these challenging times, and leverage international growth opportunities."
The UAE fund is part of HSBC's global strategy to support internationally focused SMEs, by ensuring that they have access to appropriate credit to enable them to grow and conduct business internationally.
Lending from the fund will be made to SMEs that need working capital fin-ance for international expansion, with high priority accorded to Emirati-owned businesses.
