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Dubai Chamber and Tejar Dubai ink deal
The MoU was signed by Hamad Buamim, president and CEO, Dubai Chamber and Jamal bin Ghalaita, chief executive officer of Emirates Islamic.
Dubai — Dubai Chamber of Commerce and Industry initiative, Tejar Dubai entrepreneurship development programme, signed a Memorandum of Understanding, or MoU, with Emirates Islamic to offer credit facilities to promising Emirati entrepreneurs to realise their dreams of setting up a business.
The MoU was signed by Hamad Buamim, president and CEO, Dubai Chamber and Jamal bin Ghalaita, chief executive officer of Emirates Islamic, during a ceremony held in the presence of Essa Al Zaabi, senior vice-president, Institutional Support Sector, Dubai Chamber, and General Coordinator of Tejar Dubai at the Chamber headquarters.
Under the agreement, successful participants of Tejar Dubai can apply to the Credit Guarantee Scheme at Emirates Islamic for a finance of up to Dh5 million, at highly favourable terms including a profit holiday.
Buamim said that Tejar Dubai’s joint agreement with Emirates Islamic, reflects the Chamber’s commitment to instil a culture of entrepreneurship amongst Emirati youth while supporting them to take their first step in the world of business.
“This credit guarantee scheme entered into with Emirates Islamic will help young entrepreneurs find access to adequate funding to turn their successful commercial idea into a reality while also contributing to enhancing the reputation of Dubai as a global centre of trade and finance,” he said. He also said that financing is a major challenge faced by every entrepreneur at the beginning stage of setting up a business and this agreement with Emirates Islamic will open the doors for young entrepreneurs to overcome this challenge and focus on the success of their projects.
— abdulbasit@khaleejtimes.com
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