NBAD Strategic Partner of SME Forum

The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, is the Strategic Partner and sponsor of Middle East SME Forum 2011 in Abu Dhabi and contributed to organising the two-day event to discuss subjects critical to small- and medium-sized enterprises.

Middle East SME Forum 2011 to be held October 3 – 4 in Park Rotana brings to Abu Dhabi entrepreneurs,  banks, government institutions, private equity firms and management consultants to highlight the roll of SME to economic growth.

“Small- and medium-sized entrepreneurs are a major contributor to economic growth in any economy,” said Saif Al Shehhi, the Senior General Manager of Domestic Banking Division of NBAD. “The National Bank of Abu Dhabi believes boosting entrepreneurship would advance significantly the economic growth of the UAE and achieving the objectives of Abu Dhabi Vision 2030, which sets the blueprint for developing Abu Dhabi into a world destination for tourism and commerce.”

Recent statistics reveal that SMEs account for more than 46% of the UAE's GDP and around 90% of all businesses in the country.

Michael H. Tomalin, the Group Chief Executive of NBAD, would deliver the keynote speech on the first day of the event on October 3.

Haitham AlRefaie, the Head of Business Banking Group at NBAD, served as the Chairman of the Advisory Council, which organised the Forum.

“SMEs help the economic growth on a number of fronts. They help create jobs, increase savings and investments, directly support the growth of large firms and spur creation of other companies,” Mr. AlRefaie said. “This is why NBAD pursues the strategy of creating products and services specific to SMEs as well as bringing about platforms to support and inspire entrepreneurship.”

This year NBAD has opened six business banking centres, which exclusively serve SMEs, across Abu Dhabi and Dubai and in Sharjah; and plans to open eight more across the country by Q1-2012. NBAD also launched several SME-oriented products and services that include Rent Finance, Visa Business Credit Card, as well as several partnerships.

These products and services helped NBAD acquire in the first half of 2011 about 3,000 new SME accounts, increase SME deposits by AED 1.15 billion, and loans by AED 400 million.

In addition to chairing the Advisory Council, Mr. AlRefaie would serve a number of other functions at the Forum to provide attendees a quality platform to exchange information and gain knowledge.

He will deliver the opening remarks of the Forum titled: “Fostering Growth in the Region’s SME Sector.”

During the first day of the event, Mr. AlRefaie will moderate three plenary sessions that discuss “Opportunities and Challenges in the SME Sector,” “Challenges faced by SMEs in Growing their Businesses,” and “Innovation, Concept & Opportunities into Islamic Financing the SME.”

He will also deliver a speech on “Driving Innovations & New Ideas to Improve the SME Sector.”

On October 4, he will moderate a plenary session discussing “Clubbing the Government and Private Sector to improve financing and enhance the development of the SME Sector in the region.”

Mr. AlRefaie said Middle East SME Forum 2011 offers entrepreneurs and firms that serve them an opportunity to network and learn about the most critical subjects for the sector.