Dubai Chamber of Commerce and Industry initiative, Tejar Dubai entrepreneurship development programme, signed a Memorandum of Understanding (MoU) with Emirates Islamic, one of the leading Islamic financial institutions in the UAE, to offer credit facilities to promising Emirati entrepreneurs to realise their dreams of setting up a business.
The MoU was signed by H.E. 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 AED 5 million, at highly favourable terms including a profit holiday.
Commenting on the signing of the MoU, H.E. Hamad Buamim, President and CEO, Dubai Chamber stated 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.
The President and CEO of Dubai Chamber 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.
Speaking about the partnership, Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic said, “As a home-grown bank, Emirates Islamic is proud to take a leadership role in supporting the community by encouraging aspiring Emirati entrepreneurs and fostering the nation’s SME sector. Tejar Dubai is a unique initiative that will help catalyse Emirati-owned small businesses as well as provide job opportunities for all. By providing funding and in-house expertise to these aspiring business owners, we are laying the groundwork for a sustainable economy for years to come.”
Emirates Islamic provides Emirati entrepreneurs with tailored business banking solutions delivered right to their doorstep. The bank will also provide dedicated Relationship Managers to guide the participants of Tejar Dubai with all their banking requirements.
On his part, Essa Al Zaabi pointed out that since its inception the Tejar Dubai entrepreneurship development programme has helped many Emirati entrepreneurs realise their dream of setting up their own business by offering them training, mentoring and business advice.
He further informed that till date the programme has launched ten commercial projects and aims to take this number up to 50 projects within a span of two years.
The Tejar Dubai initiative launched by Dubai Chamber offers a specialised programme and platform for youth to help them establish their own small-to-medium-sized businesses. With its commitment to the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, which emphasises that entrepreneurship is the shortest route to a bright future, the training programme aims to find and train creative and commercially-minded youth to help them turn their business ideas into a reality.
Under its three key pillars of assess, assist and attain, the Tejar Dubai initiative provides youth with access to an extensive development programme, including classroom learning, on-site training, mentoring and business advice. Candidates also get networking opportunities with local and international business leaders and access to investment capital.
