Emirates NBD launches new initiative for SMEs

Dubai: Emirates NBD announced on Tuesday the launch of Rise — a brand new initiative from the Business Banking division that will provide small and medium business owners in the UAE with a comprehensive platform to learn, connect and grow their businesses.

The news initiative aims to provide wide-ranging support for UAE-based SMEs from knowledge library for business management, business networking, inspirational success stories, and exchanging business opportunities. The strategic objective of Rise is to create an all-inclusive platform that all UAE-based SMEs can reach out to for fully-fledged business support.

“Emirates NBD believes that small and medium enterprises need to be nurtured and supported at every step of their growth journey to empower and enable them to compete on global platforms,” Suvo Sarkar, general manager of retail banking at Emirates NBD.

Official statistics state that the UAE is home to more than 230,000 small and medium-sized companies that together contribute more than 40 per cent to the country’s GDP, and employ in excess of 42 per cent of its workforce. With Dubai’s economy considerably diversified away from oil, SMEs account for 95 per cent of the total enterprise population in the emirate, according to Dubai SME, an agency set up by the Department of Economic Development to provide support to the SME sector.

“Emirates NBD’s market research into the SME sector, and associations with Dubai SME and other like-minded institutions, have highlighted the need for a targeted programme that assists small businesses to access their true potential,” said Vikas Thapar, head of business banking. “The Rise platform effectively meets this requirement, as it enables SMEs to leverage growth opportunities, explore business partnerships, access industry knowledge and avail of mentoring and guidance from recognised industry experts, through a close-knit business community experience.”

Launched through a dedicated portal (risebusiness.com), Rise is characterised by several components, including Rise Intel, Rewards and Beyond and Rise Exchange. A library of case studies, white papers and global best practice examples, Rise Intel offers SMEs a collected body of information and knowledge. A networking forum that enables SMEs to find the right business partners and contacts, the Rise exchange is another module that emphasises the significance of connectivity. Closely linked to the Rise initiative is Rewards and Beyond that offer SME members a range of exclusive discounts and privileges to run their businesses more cost efficiently.

The Rise initiative will be supported by a series of events and workshops, offering SMEs around the country the right platform to showcase their success stories and also connect with other businesses for further development and growth.

Box:

Bank begins marketing bond issue

London: UAE lender Emirates NBD has begun marketing a Tier 1 perpetual non-call six year bond at low six per cent on Tuesday, according to a source and its lead manager. Books are open on the unrated Reg S-only issue, which is expected to launch and price on Wednesday. There is a 50 cent rebate for private banks. The bond is guaranteed by Emirates NBD PJSC, which is rated BAA1 by Moody’s and A+ by Fitch.

HSBC is global co-ordinator and is joined as bookrunner by Bank of America Merrill Lynch, Deutsche Bank, Emirates NBD Capital, ING and Morgan Stanley.