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Publish Date : 24-May-2013

Doha Bank, one of the leading GCC-based banks, announced its intentions to support Small and Medium Enterprises (SMEs) and corporate clients in the UAE through the Bank's fully licensed branches in Abu Dhabi and Dubai, including support for companies in the infrastructure development and construction sectors.

Doha Bank Group CEO, Dr. R. Seetharaman, during a conference held in Dubai said that the Bank is seeking to participate in the resurgence of the UAE which is building its commercial economic platforms at a steady pace after the property market bubble which impacted the UAE.

Dr. R. Seetharaman also added that Doha Bank is earmarking US$ 12 billion for lending to high-potential clients in the GCC between Qatar, The UAE and Kuwait, where the Bank operates full branches. Doha Bank aims to commit about US$ 1.5 billion in the UAE focusing on corporate and SME clients.

Dr. Seetharaman said: "Our outlook is based on the UAE now firmly being on a recovery trend, post the financial crisis, and particularly after the consolidation of the property market. Indicators clearly show that general market confidence is slowly returning. Consumer confidence is showing positive trends and UAE indicators on tourism, services, industry, projects and city infrastructure are returning to significant levels. People and institutions are benefiting from increased financial stability. Expatriates and investors are starting to look at the UAE again as a key destination. All these factors combine to stimulate the core SME platform.

"In the first quarter of 2013, for example, the Dubai Department of Economic Development said there were 26577 commercial license renewals and 4032 new applications in the emirate alone. With Abu Dhabi being one of the leading current destinations in the region for foreign investment, we expect new commercial licensing figures in Abu Dhabi to be along the same proportions against existing businesses. Based on trends in the UAE, a large proportion of these entities can be considered small or medium private businesses vying for market share in this highly competitive environment and seeking advanced partnerships with banks and groups of advisers."

Doha Bank has already established its SME banking platform in its home market of Qatar with a wide suite of services available to companies seeking to add financial stability and functionality to their operations. These services are also being offered both in the UAE and Kuwait.

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