UAE SMEs finding it challenging to gain access to financing according to UBF’s chairman
Small and medium-sized enterprises continue to suffer from lack of financing from banks, according to Abdul Aziz Al Ghurair, the chairman of the UAE Banks Federation (UBF) and the CEO of Mashreqbank. SMEs make up 90 per cent of registered companies in the country. Last year, an initiative among local banks to bail out SMEs helped to restructure some ¬Dh7bn of debt owed by more than 1,700 companies.
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