Emirates Development Bank allocates AED 30 million financing for SMEs through Beehive

Emirates Development Bank allocates AED 30 million financing for SMEs through Beehive

Emirates Development Bank (EDB) has initially assigned AED 30 million funding via the Beehive platform to qualifying small and medium-sized enterprises (SMEs) as part of its agreement signed recently with the company. Beehive will facilitate business loans to creditworthy SMEs looking to expand operations or improve working capital.

The funds disbursed through this partnership have the potential to support hundreds of SMEs in the region, reinforcing EDB's new strategy to increase financial accessibility to Emirati and UAE resident owned SMEs and businesses. The EDB strategy aims to help SMEs to access finance and grow their business, which should boost their contribution to UAE's non-oil GDP to over 70 per cent by 2021, besides enhancing in-country value, productivity and employment.

Commenting on the partnership, Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, said, “The collaboration with Beehive is part of our mission to bridge the funding gap by offering SMEs greater and easier access to financial sources. Through our combined efforts, we look forward to strengthening the SME ecosystem and supporting the UAE's goals to build a robust knowledge-based economy.”