Abu Dhabi launches $1.6bn financing drive for SMEs
ABU DHABI, January 18, 2021 The Abu Dhabi Department of Finance (DoF) has announced an AED6 billion ($1.63 billion) supply chain financing initiative to support a variety of sectors, as a key initiative in its commitment to support small and medium enterprises (SMEs). The first phase of this initiative is in partnership with the National Health Insurance Company (Daman) and First Abu Dhabi Bank (FAB), aiming to provide liquidity to SMEs in the healthcare sector, reported Emirates News Agency
WAM. Funded by Ghadan 21’s SME credit guarantee scheme, the initiative is a demonstration of Abu Dhabi’s significant commitment to sustain and support SMEs – throughout COVID-19 and beyond – and will initially support SMEs in the healthcare sector, before being extended to include other banks and sectors.
Stock markets in the Gulf ended higher on Monday, with the Abu Dhabi index marking its best session in more than nine months, led by United Arab Emirates' top lender, First Abu Dhabi Bank.