Dubai: Emirates NBD has revealed a robust Business Support Initiative designed to alleviate financial strains on small and medium-sized enterprises (SMEs) throughout the UAE. This initiative includes various temporary fee waivers and discounts intended to help businesses maintain their daily operations as they face upcoming challenges.
This strategic move comes in response to the prevailing economic conditions in the region, encouraging businesses to prioritise liquidity and productivity. The initiative is in line with broader economic efforts from the Dubai Government and the Central Bank of the UAE to bolster resilience and facilitate ongoing business operations.
Key Advantages for SMEs
Emirates NBD's support package includes a variety of cost-reduction strategies, such as:
Deferral fee waivers for loans
Complimentary international courier delivery for business cards
Cancellation of cheque return fees caused by cash flow disruptions
No fees for cash withdrawals at ATMs across the UAE and GCC
Free replacement for business debit cards
30% discounts on letters of credit and guarantees
Furthermore, the bank has announced a significant 40% discount on Cash Management services to further assist businesses.
Enhancing Business Confidence
Hamad Mohamed Zayed, Group Head of Business Banking at Emirates NBD, emphasized that this initiative illustrates the bank's strong commitment to supporting SMEs in challenging environments.
He highlighted that the package aims to offer businesses increased financial flexibility, lower operational expenses, and improved confidence as the UAE aims to remain a competitive global economy.
Complementing National Economic Initiatives
This announcement aligns with the recent approval of a AED 1 billion economic support package by the Dubai Government, aiming to increase economic adaptability and readiness. It also corresponds with the Central Bank’s Financial Institution Resilience Package aimed at preserving stability within the banking sector.
Through this initiative, Emirates NBD positions itself as a vital ally for SMEs by delivering effective financial support while ensuring that banking services remain uninterrupted, secure, and accessible. This effort is expected to assist businesses in navigating immediate challenges and fostering sustainable growth.
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