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Al Tomooh Signs MOU to Futher Support Local Entrepreneurs

Emirates NBD's Al Tomooh Scheme and Mohammed Bin Rashid Establishment for Young Business Leaders have signed a Memorandum of Understanding (MoU) to support entrepreneurship throughout the UAE.

Al Tomooh, an Emirates NBD Initiative which provides financial support to arising projects and UAE Nationals willing to establish private commercial projects, will work with the Establishment to offer financing options for both start ups and existing projects and support the development of the country's small and medium enterprises.

"Emirates NBD is the first bank in the region to establish a dedicated Community Services Department and Al Tomooh Scheme one of the most successful projects we have launched. We are pleased to be able to extend our SME expertise to the Mohammed bin Rashid Establishment's members. This move will contribute to further economic growth in the country as more entrepreneurs will be able to succeed in their business endeavours," said HE Ahmed Humaid Al Tayer, Chairman of the Supreme Committee of Al Tomooh.

Abdul Baset Al Janahi, CEO, Mohammed bin Rashid Establishment for Young Business Leaders, said: "We are delighted a leading financial institution such as Emirates NBD has come forward to acknowledge the responsibility of the banking sector towards encouraging start-up businesses. The bank is leading by example in providing this incentive, and encouraging more UAE national entrepreneurs to look at new avenues for launching their own businesses. The wide range of financing options and related products offered by the bank will help them hone the competitiveness of their businesses and sustain operational viability. Taking cue from Emirates NBD, we are confident more financial institutions will volunteer their strengths to foster the growth of SMEs in the UAE."

"Under the terms of the MoU the Establishment's members will benefit from a number of financial and non financial products provided by Al Tomooh to support the development of SMEs. Among the services provided by Al Tomooh are financing start-up projects up to 90 per cent, financing existing projects up to Dh2,000,000 and granting tenor of 8 years with the first three years exempt from interest and one year grace period" said Sulaiman Al Mazroui, the Executive Member of the Supreme Committee of Al Tomooh.

"The Mohammed bin Rashid Establishment for Young Business Leaders is keen to offer its wide range of enabling services to partners. These include business consultancy, low cost office space, technical and logistical support and world class infrastructure. We are also looking forward to effectively contributing to the success of the Al Tomooh programme's members," Al Janahi added.

The MoU also encompasses the Establishment's Government Procurement Programme which aims to create a market of young local entrepreneurs to act as suppliers while localising government department purchasing and allowing SMEs to compete with more established companies.

Other benefits include the Establishment acting as Guarantor for low cost bank loans ranging from Dh100,000 to Dh3,000,000 and access to entrepreneurs Business Village a commercial business park located in the centre of Dubai providing the ideal incubator for fledgling businesses.

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