Post by : Bianca
Haleem
Dubai: In a proactive move, Emirates NBD has launched a detailed Business Support Package tailored to alleviate financial stresses faced by small and medium-sized enterprises (SMEs) in the UAE. This initiative encompasses several temporary fee waivers and discounts intended to ensure that businesses can maintain efficient operations during upcoming months.
The package responds to current regional economic challenges, encouraging businesses to prioritize liquidity and enhance operational efficiencies. It aligns with ongoing initiatives by both the Dubai Government and the Central Bank of the UAE aimed at bolstering economic resilience and assuring business continuity.
Benefits for SMEs
Included in the support package are a variety of cost-reduction measures, such as:
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Elimination of loan deferment fees
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Complimentary international courier delivery for business cards
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Waiving of cheque return fees linked to cash flow concerns
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No charges for cash withdrawals at ATMs throughout the UAE and GCC
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Free replacements for business debit cards
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30% discount on letters of credit and guarantees
Furthermore, the bank has revealed a significant 40% discount on Cash Management services, extending its introductory pricing to further alleviate the financial burden on businesses.
Building Business Confidence
Hamad Mohamed Zayed, Emirates NBD’s Group Head of Business Banking, emphasized the bank’s commitment to fostering stability for SMEs during tough economic periods.
He remarked that the support package aims to enhance financial flexibility for businesses, reduce operational costs, and instill confidence as the UAE strives to strengthen its position in the global economy.
Supporting National Economic Initiatives
This announcement coincides with the Dubai Government’s recent stamp of approval on a AED 1 billion economic support initiative, designed to strengthen economic flexibility and preparedness. It further complements the Central Bank’s Financial Institution Resilience Package, which is geared towards maintaining the banking sector's stability.
Through this initiative, Emirates NBD solidifies its role as a pivotal ally for SMEs, delivering essential financial relief while ensuring that banking services remain secure, seamless, and accessible. This effort is anticipated to support businesses as they confront short-term difficulties while pursuing long-term growth.
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