$100m fund to back SMEs

The UAE Ministry of Economy yesterday signed a memorandum of understanding (MoU) with HSBC Middle East to support the international expansion of the country's small and medium-size enterprises (SMEs).

Sultan bin Saeed Al Mansouri, Minister of Economy, signed the MoU with Simon Cooper, Deputy Chairman and CEO, HSBC Middle East.

As per the MoU, HSBC has launched a $100 million (Dh367m) fund specifically for UAE companies with a turnover of $30m or below, which are engaged in cross-border business.

Al Mansouri said the MoU reflects the confidence of international businesses in the UAE economy. He said the ministry will exert strong efforts in 2010 to further energise the small and medium businesses. "The ministry is working on a national plan to drive economic development by enhancing the role of SMEs in co-ordination with government departments concerned."

He said: "The ministry welcomes this initiative to support our SMEs. The success of the sector is a priority for the development of the UAE economy."

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