International banking heavyweight HSBC announced in a media statement on Tuesday that it has fully allocated its Dh1 billion UAE International Trade SME Fund, 2012.
Open to new and existing SME customers with cross-border trading requirements, the latest fund was the third tranche in HSBC UAE's flagship SME Fund programme.
Speaking to businesses at the celebration of the close of the fund, Sheikha Lubna Al Qasimi, UAE's Minister for Foreign Trade, said: "There are many factors that make SMEs vital cogs in our long-term development plans. For one, they fully complement our successful diversification strategy which has transformed the UAE into the Middle East's most diversified economy. With our non-oil activities now accounting for more than 70 per cent of our GDP, SMEs are part of the equation in managing our hydrocarbon dependence.
Read more: http://www.zawya.com/story/UAEs_small_businesses_receive_AED1bn_funding-ZAWYA20130227031536/
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