Emirates NBD Launches ‘Business Support Package’ to Bolster SME Resilience Amid Regional Developments
Emirates NBD, a leading banking group in the MENA and Turkey region, has officially unveiled a comprehensive "Business Support Package" aimed at assisting small and medium-sized enterprises (SMEs) in navigating operational challenges and liquidity pressures.
The initiative, announced on Tuesday, introduces a series of temporary fee waivers and discounts designed to ease the daily operational burden on SMEs. This move aligns with broader stimulus measures recently introduced by the Dubai Government and the Central Bank of the UAE to ensure regional economic stability and sustainable growth.
Key Relief Measures
The support package provides immediate financial flexibility through several key interventions:
Loan Deferrals: Waiver of fees associated with loan repayment holidays.
Transactional Support: Exemption from international shipping fees for business cards and domestic ATM withdrawal fees across the UAE and GCC.
Operational Relief: Waivers on returned check fees caused by unexpected cash flow interruptions and free replacement of business debit cards.
Trade Finance Incentives: A 30% discount on fees for Letters of Credit and Letters of Guarantee.
Cash Management: Enhanced packages featuring a 40% introductory discount to streamline corporate liquidity management.
Commitment to the SME Sector
Hamad Mohammed Zayed, Head of Business Banking at Emirates NBD, emphasized the bank's role as a strategic partner to the business community.
"We are pleased to launch the Business Support Package, reaffirming our commitment to the SME sector by providing greater flexibility when it is needed most," Zayed stated. "Our priority is the financial health of our clients amid operational hurdles. By fostering confidence and providing tangible support, we continue to support the UAE’s standing as a competitive global economy."
Strategic Context
The launch follows the Dubai Government's recent approval of a AED 1 billion economic incentive package aimed at enhancing the emirate’s business readiness and agility. Simultaneously, the UAE Central Bank has implemented a comprehensive framework to strengthen the resilience of financial institutions, ensuring the continued robustness of the nation's banking sector.