The Dubai Chamber of Commerce and Industry recently initiated a roundtable discussion between representatives of small and medium enterprises (SMEs) from various economic sectors and top officials from Dubai-based banks to discuss optimal SME financing arrangements.
Present at this roundtable were delegates from HSBC, Mashreq, RAK Bank, Lloyds and Standard Chartered Bank; as well as representatives from Dubai-based SMEs.
Dr. Belaid Rettab, Senior Director, Economic Research and Sustainable Business Development Sector, Dubai Chamber, said that SME lending can be seen as a profitable growth segment for Dubai-based banks, pointing out that the proportion of lending to this sector currently represents about 4% of total loans in the UAE, while the average in the Middle East and North Africa (MENA) region is double that level.
Ms. Aya Taha, Senior Relationship Manager, Business Banking, HSBC, said, "HSBC is fully supportive of a coordinated industry approach to highlight challenges and opportunities in the critical SME sector here in the UAE."
Mayank Upadhyaya, Acting Head of Small and Micro Enterprises at Mashreq, stated, " Our priority is to provide entrepreneurs the right tools to achieve their goals and become partners in their success."
Khalid Saqr, Business Development Manager, Commercial Banking, Lloyds TSB, said, "At Lloyds TSB our customers choose us because we offer a unique niche proposition, UK banking expertise based upon relationship management and with a local perspective."