Business | General

New finance options for aspiring entrepreneurs in the UAE

Al Tomooh signs MoU with Rashid Establishment to help SMEs.

  • Staff Report
  • Published: 00:53 March 6, 2008
  • Gulf News

Dubai: The Al Tomooh Scheme and Mohammad Bin Rashid Establishment for Young Business Leaders have signed a Memorandum of Understanding (MoU) to support entre-preneurship throughout the UAE.

Al Tomooh, which provides financial support to start-ups and UAE nationals interested in establishing private commercial projects, will work with the Establishment to offer finance options to both new and existing projects and support the development of the country's small-scale enterprises (SMEs).

"We are pleased to be able to extend our SME expertise to the Mohammad bin Rashid Establishment's members. This move will further economic growth in the country as more entrepreneurs will be able to succeed in their business endeavours," said Ahmad Humaid Al Tayer, chairman of the Supreme Committee of Al Tomooh.

The MoU also encompasses the Establishment's Government Procurement Programme which aims to create a market of young local entrepreneurs to act as suppliers while localising government department purchasing and allowing SMEs to compete with more established companies.

Other benefits include the Establishment acting as guarantor for low-cost bank loans ranging from Dh100,000 to Dh3 million. Entrepreneurs will also get access to the Business Village, a commercial business park, that could be the ideal incubator for fledgling businesses.

Both parties will train of entrepreneurs through the development of specific courses, sponsorship of SMEs and using the expertise of professionals.

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