Al Tayer inaugurates two new projects under Al Tomooh Finance Scheme for Small National Businesses

The capital of the two projects financed by Al Tomooh Scheme is around AED 500,000 which brings the total financing by the scheme to date to about AED 30 Million.

Mr. Sulaiman Al Mazroui, Executive Member of Al Tomooh Supreme Committee and a number of officials from various government departments and Emirates Bank Group and Al Tomooh, were present at the inauguration ceremony.

In his address, at the inauguration, H.E. Ahmad Humaid Al Tayer mentioned that the total number of projects in the services sector including the newly inaugurated projects are about 67% compared to 56% in the year 2004. 80% of the projects are for male owners compared to 20% for female owners.

H.E. mentioned that the Scheme aims in the future at studying the various sectors in the market in order to take advantage of the economic growth that is being witnessed in Dubai in particular and UAE in general. The Scheme, will evaluate the emiratization requirements in the various sectors in order to take the necessary measures to encourage small National investors to enter these sectors. Particularly, that the main objective of the Scheme is to encourage Nationals to contribute to the economic development of their country.

Mr. Sulaiman Al Mazroui, Executive Member of Al Tomooh Supreme Committee, said:'we are pleased to be financing and inaugurating two projects which represent a value addition to the projects that have been financed by the scheme so far. Mr. Al Mazroui praised the quality of the projects that have been approved by the Scheme since its launch. He also affirmed that the Scheme is keen on selecting the projects that add value to the Dubai economy in particular and UAE in general and encourage the Emiratisation in these sectors.

Mr. Al Mazroui congratulated the owners of the two projects. Especially Snacks Foodstuff which has already received several awards from various Government Departments.

The latest Al Tomooh statistics reveal that 88 projects have been financed to date by the Scheme and have successfully entered into the local business market. In spite of the fact that this number is considered excellent in terms of performance, the program aims at doubling this number in the years to come especially in the light of the expertise that has been developed by Al Tomooh over the years. This reflects the success of Al Tomooh in achieving the objectives of young nationals (male and female) and empower them to invest their capabilities in successful ventures.