Doha Bank’s UAE branch has launched a new set of product packages for financing small and medium-sized enterprises (SMEs).
The new products available to SMEs include financing for the purchase of inventories from both imported and local purchases, day-to-day working capital and letter of guarantee facilities, as well as term loans for medium and long-term expansions and enhanced electronic-based services products.
This initiative comes as the first phase of the bank’s ongoing effort to promote SME financing.
Zaid Al Halbouni, UAE chief country manager at Doha Bank, remarks: “The entrepreneurial spirit and innovativeness of the SME segment towards nation building is commendable and it requires more financial backing from the banking industry. Through the SME products package, Doha Bank is addressing requirements which are unique to this segment.”
This comes after a dedicated SME team was recently set up at the bank’s Dubai branch, with more single-focus teams planned for the future.
Last Updated June 02, 2010
Reader Comments