More details on Emirates NBD’s AED 500 mn SME investment initiative:

Emirates NBD has set the criteria for SMEs taking part in the AED 15 mn first phase of the AED 500 mn Dubai International Growth Initiative, according to a press release. Launched in January, the initiative aims to provide Dubai-based SMEs with financing at the Emirates’ interbank offered rate (EIBOR) to help them expand globally.

The first phase of the initiative will commit AED 15 mn over seven years to SMEs operating in food and beverage, fast-moving consumer goods, retail, e-commerce, and services and manufacturing, the statement said, without clarifying ticket sizes or the number of SMEs targeted. Later phases will include SMEs in other sectors, Emirates NBD added.

Additional criteria: SMEs must only be founded and based in Dubai, and use the financing for global expansion purposes, the statement said. Applicants will need to prepare a comprehensive business plan outlining strategies for growth outside of the UAE, the bank said.

REFRESHER- What’s an SME in the UAE? It varies by business type (trade, industry, services), how many staff you have, and what your annual turnover looks like — but the broad strokes are: You have to have a maximum of 250 employees and an annual turnover of AED 250 mn or less.You can play with the sliders on the Economy Ministry’s website here. The Government of Dubai’s SME unit already provides a range of finance and other support for qualifying SMEs.

What’s next: A committee of representatives from the Dubai government and Emirates NBD will review eligible SMEs before providing them with financing.

If you’re an eligible SME, you can apply for financing through the initiative here.

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