SMEs to get financial boost

08/07/2011 - Dubai Investment News Posted by Neil King
SMEs to get financial boost

Small to medium-sized enterprises (SMEs) operating in Dubai are set to see access to finance boosted by the government.According to the Khaleej Times, the Dubai Chamber of Commerce and Industry (DCCI) is in discussions with business leaders on how to improve SME finance arrangements.Representatives from the business and banking sectors were invited to take part in the roundtable discussions to put forward initiatives that could lead to better access to finance and lower borrowing rates."Dr Belaid Rettab, senior director of economic research and sustainable business development sector at the DCCI, highlighted the important role that SMEs play in the economy, noting that SMEs contribute to 30-35 per cent to the country’s GDP," the news provider explained."He said that SME lending can be seen as a profitable growth segment for Dubai-based banks, pointing out that the proportion of lending to this sector currently represents about four per cent of total loans in the UAE, while the average in the Middle East and North Africa region is double that level."