Al Tomooh Finance Scheme reports National Projects record achievement (8 November 2009)
his announcement comes in light of the full repayment of the financing provided to 57 National projects out of a total of 110 projects that Al Tomooh has financed so far. The Finance Scheme has also reaffirmed its commitment to support National economy by providing finance to young UAE nationals willing to become entrepreneurs and establish their own businesses.
This announcement came at the annual meeting of the Supreme Committee chaired by H.E. Ahmed Humaid Al Tayer, Chairman of Emirates NBD and Chairman of the Supreme Committee of Al Tomooh Finance Scheme for Small National Businesses.
During the meeting, the committee was briefed on the accomplishments made so far and the attendees expressed their satisfaction with the achievements over the past year. The Al Tomooh Finance Scheme for Small National Businesses has met its goals and contributed to the nationalization of several professions, such as legal practice, medicine, engineering, tourism, agriculture and information technology and supported young UAE Nationals in realizing their dreams.
In addition, Al Tomooh proved a big success in supporting small and medium-sized projects which are pillars of the sustained growth and economic prosperity in the UAE by facilitating the integration of young UAE National entrepreneurs to compete in the Private sector and contributing in the diversification of the National economy.
During the meeting, Mr. Suleiman Al Mazroui, said:
"We are glad to receive an increased demand by UAE Nationals to venture into the competitive Private Sector, as we recorded a substantial increase in the finance provided by Al Tomooh. In addition, Al Tomooh has proved its effectiveness in supporting the National Economy by motivating and facilitating the penetration of UAE Nationals into the Private Sector and recording impressive performances. During the year, Al Tomooh has met its goals and has so far provided Dhs40m worth of finance to UAE National Projects. We are committed to continue our efforts in this regard and call upon all UAE Nationals willing to start or expand their businesses to apply to the Scheme for evaluation and to receive the necessary financial support."
Mr. Al Mazroui added, "We are currently finalizing an agreement with the Shaikh Saoud bin Rashid Al Moualla Programme and the Umm Al Quwain Chamber of Commerce and Industry to extend services to cover the Emirate of Umm Al Quwain, which will help us extend the scope of our work to all emirates. In addition, Al Tomooh Finance Scheme now provides the Islamic Finance option to its customers, thereby catering to the increased demand for Islamic Finance. In addition, The Supreme Committee has today approved finance for 2 additional projects, thereby covering all economic sectors in the UAE as follows: 60% of the projects financed are from the services sector, 21% from professional practices, 7% industrial, 2% tourism, 2% information technology, 3% agricultural projects."
Al Tomooh Finance Scheme for Small National Businesses was launched in 1998 as an Emirates NBD initiative aiming at financing UAE national projects and supporting young UAE nationals seeking to launch their own enterprises in different sectors, including trade, industry, services, professional practices, information technology and agriculture.
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