DED and Al Tomooh sign agreement to support and develop national SMEs

The MoU was signed by Mr. Ali Ibrahim, Deputy Director General, Executive Affairs, DED, and Mr. Sulaiman Al Mazroui, CEO of Al Tomooh program at Emirates Bank.

"One of the strategic objectives of the DED includes the sustained development of UAE nationals specially in the field of small and medium enterprises, which will lead to further economic growth in the country," said Mr. Ali Ibrahim. "The MoU highlights the commitment of the DED and Al Tomooh to integrate their effort towards the continued development of national owned SMEs," he added.

"The Business Sector Development Division at DED has been on the lookout for ways to develop national human talent by encouraging and supporting entrepreneurship at all levels," said Mr. Ibrahim. "This tie-up with Al Tomooh adequately complements our strengths as the DED offers extensive training for SMEs while Al Tomooh focuses on providing financing options," he added.

"Al Tomooh was set up by the Emirates Bank Group with the objective to offer creative entrepreneurs a chance to develop their ideas and encourage investment in the UAE," said Mr. Sulaiman Al Mazroui. "As a financial scheme designed to support small businesses, we are happy to have tied up with the Department of Economic Development (DED), which has made its mark in providing extensive training to nationals in managing SMEs. This agreement will enable us to ensure that our funding will be directed towards nationals who are adequately trained and prepared to take on the risks of setting up a business enterprise," he added.
According to the agreement, the DED and Al Tomooh are expected to coordinate their effort towards supporting and developing the small and medium enterprises sector in Dubai. This co-ordination will seek to minimise the challenges faced by national owners of SMEs including lack of finance, access to technology, training and human resource development, assistance in developing new ideas and limited information on possible clients and markets.

The Department of Economic Development and Al Tomooh will also cooperate in the areas of developing and enhancing the skills of entrepreneurs who are willing to establish their own businesses. Together, the two parties aim to evaluate and identify qualified nationals and provide them with appropriate and easy financing to start their own businesses.