Al Tomooh Finance Scheme, an Emirates NBD initiative, has signed a MoU with the Saud bin Rashid Al Mualla Program for Youth Projects Support, to finance small and medium enterprises in Umm Al Quwain (UAQ).

Sulaiman Al Mazroui, executive member of the Higher Committee of the Al Tomooh Finance Scheme and  Humaid Mohamed Ali bin Salem, CEO of the Saud bin Rashid Al Mualla Program for Youth Projects Support signed the agreement in UAQ on Wednesday.

Al Mazroui said, “We recognize the role of Small and Medium Enterprises in furthering economic growth in the country as it is the most dynamic sector which is capable of boosting the trade, industry and services sectors in the country and creating jobs for the youth.'

'We are glad to join hands with the Saud bin Rashid Al Mualla for Youth Project Support to finance UAE National projects in UAQ. We invite all UAE nationals to establish tourist, technology and professional projects to increase economic diversity in the UAE,” he added.
 
“Today, and after this partnership, the Al Tomooh Finance Scheme now covers most of the emirates and is contributing to opening new horizons for the ambitious young Emiratis to become entrepreneurs and compete in the private sector,” Al Mazroui stated.
 
Ali bin Salem, pointed out that the partnership outlines the commitment of both programs to supporting the SMEs and 'our recognition about the importance of supporting the entrepreneurs to prepare feasibility studies and set up their private businesses.'

Under the MoU terms, Al Tomooh Finance Scheme will commit to finance projects that are recommended by the UAQ Chamber of Commerce and Industry after their evaluation and approval from the Credit Department of Emirates NBD, he pointed out.

Al Tomooh will also work closely with the chamber to spread awareness about entrepreneurship and train employees that are recommended by the chamber to assist investors in gathering information, complete processes and get financing for their projects, he added.

The Saud bin Rashid Al Mualla program, Ali bin Salem said, will provide offices and employees for the Al Tomooh Finance Scheme in the emirate.

In addition, the chamber will recommend and facilitate the financing and establishment of potential small and medium projects, he added.-TradeArabia News Service