You are hereHome
Gulf Finance to provide over 10% of SME's asset financing needs in the UAE in 2013
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Tue December 18, 2012 11:42 am

UAE.  Gulf Finance Corporation, a wholly owned subsidiary of SHUAA Capital and a leading UAE-based boutique finance company focussing entirely on the needs of Small and Medium sized Enterprises (SMEs) has commended the UAE’s Cabinet approval of a law pertaining to SMEs last week.

The law stipulated that all institutions, companies and agencies that the government holds a 50% stake of, or more, shall allocate 5% of their budget for goods and services, to SMEs that are offering competitive pricing and quality.

Steve Williams, Group Chief Executive Officer, Gulf Finance said: “Private Small and Medium sized Enterprises (SMEs) typically account for more than 95% of all businesses. They also constitute a major source of employment and generate significant domestic and export earnings in transition and developing countries. Improved SME competitiveness could obviously contribute to economic and social development. This timely law will help hone the entrepreneurial skills of the country’s local talent and support the growth and nationalisation of the private sector in the UAE.”

According to the Organisation for Economic Co-operation and Development (OECD), SMEs contribute to over 55% of the Gross Domestic Product (GDP) and over 65% of total employment in high-income countries. SMEs and informal enterprises account for over 60% of GDP and over 70% of total employment in low-income countries, while they contribute over 95% of total employment and about 7% of GDP in middle-income countries.

Mr Williams added: “The UAE’s SME market requires more than Dhs 6 billion worth of new credit in 2013. We at Gulf Finance aim to fulfil more than 10% of that credit requirement. We have lent more than a billion Dirhams to the UAE’s SMEs during the last 3 years, and we aim to grow that amount three fold in the next three years.”

“Gulf Finance is able to deploy funding that we obtain from Shuaa Capital and our banking partners who share our interest in developing the SME economy, and we do that effectively due to our focus on sustainable sectors that contribute significantly to the growth and development of the UAE. “

To date, Shuaa Capital has provided its subsidiary Gulf Finance with Dhs 460 million that has been deployed to offer funding to SMEs in the UAE.  In 2013, Shuaa intends to deploy two thirds of its balance sheet towards credit opportunities that include the SME market to a large extent. On October 6th, His Highness Sheikh Maktoum bin Hasher Al Maktoum, Executive Chairman of SHUAA, and Chairman of the Board of Gulf Finance presented Shuaa’s strategy to the financial community. His Highness highlighted the completion of SHUAA's successful restructuring programme and the establishment of the new Credit division. His Highness said: “We at Shuaa plan to deploy our strong balance sheet to capture growth opportunities and return to sustainable profitability.

“The Credit division, with Gulf Finance at the heart of it, will establish SHUAA’s position as a leader in the regional credit arena for both regional and global clients. The three main pillars for our newly established Credit division are: Commercial Lending offering liquidity for SMEs; a new Credit fund that will allow investors to participate in the UAE’s economic growth story; and debt advisory for SMEs, family businesses and large family-owned conglomerates on the restructuring of their balance sheets and providing advisory on long term funding strategies.”

Mr Williams said: “GFC is a multiple award-winning finance company that has been recognised throughout the years for its unique credit product offerings, its ability to finance conventional and unconventional assets and its quick responses to our customers’ financing needs. This is all a result of our deep understanding of the SME sector and the customers’ business needs, and most importantly for having the right people who are fully dedicated to this mission.”

About Gulf Finance:

Gulf Finance is an established business finance company focusing on the needs of small and medium sized businesses. The company’s prime focus is on serving clients from the power, oil and gas, healthcare, manufacturing and logistics industries. In addition it has built a solid and credible reputation in the marine finance industry. Gulf Finance has invested heavily in the right people, moulding a team of seasoned bankers, financial veterans and credit professionals.

This has given Gulf Finance the perfect platform to build an admirable credit model and exceptional due diligence process, meaning it has the ability to make quick decisions and offer clients an execution time that is second to none.

For information about Gulf Finance, please visit www.gulf-finance.ae

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: November 16, 2018
UAE. The new cybercriminals are effectively a cross-breed of the once esoteric, targeted attacker, and the pedestrian purveyor of off-the-shelf malware, using manual hacking techniques, not for espionage or sabotage, but to maintain their dishonorable income streams.
date:Posted: November 14, 2018
INTERNATIONAL. RPA software spending is on pace to total US$2.4 billion in 2022.
date:Posted: November 14, 2018
UAE Diversity & Inclusion in the Workplace Survey reveals strength in diversity and opportunities for improvement; 74% of women aspire to senior leadership roles.
UAE. The new cybercriminals are effectively a cross-breed of the once esoteric, targeted attacker, and the pedestrian purveyor of off-the-shelf malware, using manual hacking techniques, not for espionage or sabotage, but to maintain their dishonorable income streams.
dhgate