Emirates NBD, a UAE-based banking group, has introduced a seed capital initiative, which will facilitate UAE nationals to start up their own business. The initiative will enable Emirati entrepreneurs to fund the initial capital requirement to start their own enterprise.
The move by Emirates NBD comes at a time when self-employed nationals are increasingly recognised for their contribution to the UAE economy and the government plans to introduce a new law to help streamline and speed-up the process of setting up new businesses.
Jamal Bin Ghalaita, group deputy CEO at Emirates NBD, said: “Small businesses account for 46% of the country’s GDP and new business start-ups make a significant contribution to this. Our aim is to inspire more UAE nationals to develop their entrepreneurial ideas into fully fledged business enterprises, which are of vital importance to the growth and prosperity of our economy.
“We are therefore pleased to provide a tailor-made financing option for all UAE nationals aged 25 and over, to seed finance and get their business enterprises off to a promising start. Under this initiative, Emirates NBD seed capital loans are available up to a maximum of two million dirhams with easy qualification and repayment terms.”