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Helping Hand: Dubai SME Unveils Financial Assistance for Businesses Hit by Floods

The initiative aims to offer financial aid through newly introduced interest-free loans

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Staff Writer, TLR

Published on April 29, 2024, 10:16:42

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dubai sme, dubai department of economy and tourism, dubai floods, sheikh hamdan, sheikh mohammed

Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a subsidiary of the Dubai Department of Economy and Tourism (DET), has unveiled an initiative to assist businesses impacted by recent adverse weather conditions.

The initiative aims to offer financial aid through newly introduced interest-free loans, along with grace and deferment periods for existing loans obtained by Emiratis who own small and medium-sized enterprises (SMEs).

This effort seeks to bolster ongoing recovery endeavours and stabilise businesses affected by the adverse weather conditions witnessed in the UAE recently.

The launch of this initiative by the Mohammed Bin Rashid Fund for SME, a division of Dubai SME, is a response to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to address the aftermath of the unprecedented rainfall in the UAE.

Furthermore, the initiative is part of the continuous monitoring and guidance of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, ensuring comprehensive oversight of all developments related to this issue, and facilitating the swift recovery of all sectors.

The Mohammed Bin Rashid Fund for SME operates under Dubai SME to propel the development and diversification of the local and national economy.
Under this special incentive for Dubai SME members, eligible companies can access interest-free loans of up to Dh300,000, with a grace period ranging from 6 to 12 months, to repair or replace damaged properties crucial for the smooth operation of their businesses.

This underscores the Fund’s commitment to supporting affected SMEs in overcoming challenges, further solidifying Dubai SME's role in fostering economic sustainability within the SME community.

Moreover, the new initiative offers interest-free business loans for material damages and defers loan repayments for affected business owners who are Dubai SME members.

This aids in easing the financial burden and covering the costs of repair and replacement operations to expedite business resumption and minimise disruptions to regular operations, while also supporting the local economy. This is crucial given the significant role SMEs play in revitalising and developing Dubai’s economy.

Abdul Baset Al Janahi, CEO of Dubai SME, stated: “Under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the diligent oversight of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum to overcome all challenges, we are collaborating with our partners to explore avenues for mitigating the effects of the recent weather conditions that have impacted the country, facilitating a swift recovery.”

Affected Dubai SME members can submit the necessary documents to the Fund’s designated relief financing committee through the website of the Mohammed bin Rashid Fund for SME www.thefund.ae or by contacting the customer service center at 600 555 559.

For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004Follow The Law Reporters on WhatsApp Channels.

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