The National Bank of Abu Dhabi (NBAD), a leading bank in the UAE, is sponsoring the upcoming International Financial Reporting Standard (IFRS) training for small and medium-sized enterprises (SMEs) in Abu Dhabi.

The IFRS training, set to be held from November 27 to 29 at Grand Millennium Al Wahda, is organised by the Abu Dhabi Department of Economic Development, is held to improve financial statements prepared by Abu Dhabi companies, particularly SMEs.

The event aims to provide Abu Dhabi lenders and companies with the necessary trainings to help them make better business decisions, prepare accurate documents and avoid the risks of non-payments. It would also assist them to guarantee longer returns, lend more volume and value with higher certainty.

“Some SMEs are either not familiar with the characteristic of good financial statement or do not prepare themselves well before presenting their financial report," says Haitham Al Refaie, the head of Business Banking Group at NBAD.

“Through this event, we endeavor to provide needed training to ensure that SMEs owners are on the right track.”

NBAD's sponsorship and participation in IFRS training is a part of the bank's Business Banking Group efforts to support SMEs and facilitate their growth.

“SMEs play a vital role in furthering UAE growth and prosperity. As a financial services provider it is our responsibility to educate entrepreneurs and support initiatives that concern with the development of SMEs industry," said Al Refaie.

To support SMEs and facilitate their growth, NBAD launched several services such as E-Business Banking, NBAD Visa Business Credit Card, Vehicle Finance and Rent Finance.

The bank also signed a memorandum of understanding with various government entities such as Dubai SME, RAK FTZ, Abu Dhabi Chamber of Commerce and Industry and Dubai Chamber of Commerce and Industry. Moreover, the Bank administers Khalifa Fund through its partnership with Khalifa Fund for Enterprise Development.

Arab Society of Certified Accountants and Abu Dhabi accounting firms and lenders are also taking part in the training. – TradeArabia News Service