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.
Al Mansouri, UAE minister of economy, said: “The Ministry is working on a national plan to drive economic development by enhancing the role of SMEs in coordination with concerned government departments in the UAE.
“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 HSBCHSBC will help SMEs continue doing business in these challenging times, and leverage international growth opportunities.”
Simon Cooper, deputy chairman and CEO of HBME, said: “HSBC is delighted to be launching our SME Fund in the UAE which underlines our longstanding commitment to this important sector. We are grateful to the Ministry of EconomyMinistry of Economy for their support of this initiative which demonstrates how the public and private sector can work together in partnership to support the business community in the UAE.”
Simon Vaughan Johnson, regional head of commercial banking at HBME, said: “The UAE was built on cross-border trade conducted by entrepreneurial SMEs and this remains a critical component of the UAE economy. With a presence in more than 80 countries, including an almost universal presence in the Middle East, HSBCHSBC is uniquely placed to support SMEs in doing business internationally.”
