HSBC allocates over 50% of its Dhs1bn international trade SME Fund in just three months
Over half of a Dhs1bn fund aimed at small and medium sized enterprises has been allocated just three months after its launch, according to HSBC Bank Middle East.
57% of the HSBC International Trade SME Fund has been awarded to UAE businesses since it was announced on 15 May 2012. The Bank has allocated the Fund at a rate more than one and a half times faster than in previous years. This year is the third tranche in HSBC UAE’s flagship SME Fund programme.
Commenting on progress, Rana Al Emam, Head of Business Banking, HSBC Bank Middle East Limited, UAE said: "We are very excited to announce that over Dhs570m of the International Trade SME Fund has been allocated. Focusing the Fund on businesses with cross border trading requirements is vital given the growing number of businesses positioning themselves to take advantage of international trade corridors to grow and succeed. The Middle East is an historic trading hub for East to West trade flows. With the centre of the economic world progressively moving east - these ’trade corridors’ have emerged even stronger than ever."
88% of the Fund allocated to date has been awarded to businesses seeking to trade internationally. Trade continues to be a strong area of focus for HSBC both regionally and globally. A trade bank by origin, HSBC believes that it can continue to add value to this segment through leveraging this strength, its global footprint and extensive expertise.
"Every application is assessed thoroughly on a case by case basis. Looking at the breakdown so far, 69% of the Fund allocated so far has gone to customers that did not previously borrow from HSBC, while the remaining applicants from our existing customer base. In addition, I am pleased to say that we are very much on track to fulfilling our commitment of allocating 30% of the total Fund to Emirati owned businesses," added Rana Al Emam.
Andreas Iliovits, Founder and Managing Director of Mosart Marble & Mosaic International, an HSBC customer who has benefitted from this year’s Fund commented, "Following a competitive bidding process, we were awarded a contract to supply and install stone works for the external cladding for the Presidential Palace in Abu Dhabi. This has been marked as one of the region’s most prestigious projects and will be a source of pride for the country. Given we have always considered HSBC to be a strong, reliable support who really takes the time to understand our business, we turned to the Bank’s HSBC International Trade SME Fund to help us address the challenging requirements of the project."
"HSBC came through for us, and we are now in a position to be able to import the latest technology needed for the job from Germany and Italy - as well as the necessary materials from Turkey on an ongoing monthly basis. Not only that, but having a reputable bank’s support further raises our credibility and cements our ongoing working relationships with suppliers. Winning this project, backed by the strength of HSBC’s support, has catapulted us to being a robust and international player able to carry out large value contracts in the UAE, regionally and globally".
Emirate: Dubai
Date: Aug 21, 2012
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