Dubai : Emirates NBD said yesterday that its seed capital financing programme to help UAE nationals start their own business has been highly successful. The scheme was designed to enable Emirati entrepreneurs to finance the initial capital requirement to start their own enterprises.
The Emirates NBD programme comes at a time when self-employed nationals are being increasingly recognised for their contributions to the UAE economy, and the government is stepping up efforts to streamline and speed up the process to start new businesses.
Favourable response
Jamal Bin Galaita, Group Deputy CEO, Emirates NBD, said: "We are extremely encouraged by this favourable response to Emirates NBD seed capital financing. We see this as a reflection of the strength of creativity and entrepreneurship that exists in our country.
"Small businesses account for 46 per cent of the UAE's GDP and new business start-ups make a significant contribution."
Abdullah Al Kindi, general manager of retail banking, said: "Nationals make up the majority of new business start-ups in the UAE and with this initiative, we hope to encourage more to follow suit.
"We recognise the importance of supporting and encouraging young UAE nationals and self-employment provides an attractive opportunity for them to realise their dreams."
