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Union National Bank, ADCIC sign SME MoU.

Union National Bank (UNB) has signed a Memorandum of Understanding (MoU) with Abu Dhabi Chamber for Industry and Commerce to launch a new award for young local Small and Medium Enterprises.

The MoU was signed by HH Sheikh Nahayan Mabarak Al Nahayan, Minister of Higher Education and Scientific Research, Chairman of UNB and HE Mohammed Thani Al Rumaithy, Chairman of Abu Dhabi Chamber of Industry and Commerce.

HH Sheikh Nahayan Mabarak Al Nahayan Minister of Higher Education and Scientific research, Chairman of UNB, said, " We are pleased to tie up with the Abu Dhabi Chamber to launch this significant award that reflects a mutual dedication to support and encourage the SME sector in the UAE. The award will encourage young UAE nationals to venture into the SME zone with the proper financial and infrastructural support. This award will propagate the entrepreneurial culture among UAE nationals and set a model for SMEs by highlighting the best innovative ideas and the best practices for successful SMEs."

HE Mohammed Thani Al Rumaithy Chairman of Abu Dhabi Chamber of Industry and Commerce said, "We are looking forward to the success of this award and the fruitful cooperation with UNB. The award will pave the way for UAE nationals to fulfill their dreams by elevating their projects form the idea phase to the implementation stage. The SME sector represents 80 per cent of companies and businesses in the UAE and supporting it will contribute to the UAE's welfare and development."

The award has different categories including the best innovative idea for a new SME project and the best existing innovative project. The award will also be given to the best projects at various stages starting from the idea to planning then execution ending with the project fulfillment and its development. The award covers various sectors including industrial, service, technical and vocational.

Winning SMEs will be chosen based on the decision taken by highly qualified committee members who will work on the evaluation of projects and decide upon the winners and their categories.

After the signing ceremony Mohammad Nasr Abdeen, UNB CEO announced that UNB has allocated a total of AED 5 billion in the upcoming three years for SME projects and added, "We recognize that the SME sector constitutes one of the most dynamic sectors in the UAE economy. UNB has always believed in the potential of young UAE nationals and we are proud to launch this award together with ADCIC that brings together innovative UAE entrepreneurs and business leaders who can serve as sources of inspiration and provide practical business advice. Through the award, UNB would like to reiterate its commitment to strengthening this sector in line with the vision of the UAE government."

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Publication:CPI Financial
Date:Mar 26, 2012
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