Dubai SME, the agency of the Department of Economic Development (DED) entrusted with the development of small and medium enterprises (SME) sector, has signed a partnership agreement with HSBC.

The move is aimed at offering priority banking services and knowledge support on financial management to the top 100 SMEs in Dubai, said a statement from DED.

SMEs currently being ranked under the “Dubai SME 100” initiative of Dubai SME will be entitled to the privileged customer benefits provided by HSBC, it added.

Dubai SME chief executive officer Abdul Baset Al Janahi said, “It’s encouraging to see Dubai SME 100 drawing an overwhelming response from critical financial institutions and knowledge providers.'

'I am confident that as the HSBC coming on board this initiative is only a beginning. As Dubai SME 100 grows in strength, we will have more partners like HSBC, working with us to promote SME growth,” he remarked.

Under this deal, Dubai SME 100 companies will be able to work closely with HSBC’s Business Relationship Managers, tapping the bank’s global presence to expand their footprint and link with businesses in target geographies.

Rana Al Emam, head of Business Banking UAE, said, 'With a wide global presence, and proven expertise in helping local firms expand their international business capabilities, HSBC is excited about the potential of this partnership with the Dubai SME team.'

'Our commitment to the SME sector is well known in the UAE, and we have a strategic commitment to drive the growth of small and medium sized companies in order to build a strong mid-market and corporate sector in the decades to come,' he added.

The SME 100 companies will have a single point of contact in opening overseas accounts with HSBC, or in syndicating, arranging and financing multi-currency term loans and/or working capital facilities, said El Emam.

These companies will also have access to HSBC’s Knowledge Support Centre, which offers seminars on financial management in areas such as trade financing, cash flow management and economic overviews, he added.-TradeArabia News Service