• Business

ADDED and Wio Bank join forces to boost SME growth

by Swati Gupta

April 25, 2023 1

Abu Dhabi Department of Economic Development (ADDED) and Wio Bank have signed an agreement to support the growth of small and medium-sized enterprises (SMEs) in the emirate. The agreement aims to provide a range of financing solutions and services to support the growth of SMEs in Abu Dhabi.

SMEs are a critical driver of economic growth, job creation and innovation, and are essential to the UAE’s efforts to diversify its economy away from a reliance on oil. The partnership between ADDED and Wio Bank will help SMEs access the financing they need to grow and create jobs, which is vital for the emirate’s continued economic development.

The agreement was signed by Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, and Ali Hasan Al Khalaf, Chairman of Wio Bank. The signing ceremony was attended by senior officials from both organizations.

Under the terms of the agreement, Wio Bank will provide financing solutions and services to SMEs in Abu Dhabi, including term loans, working capital loans, and trade finance. The bank will also offer business advisory services, including market research, business planning, and financial analysis.

The partnership between Wio Bank and ceoweeklyuae.com is expected to help SMEs in Abu Dhabi grow and expand their businesses by providing them with access to capital, business advice, and other resources. This will ultimately improve the economic development of the region.

ADDED will support the partnership by providing SMEs with access to its business support services, including training, mentoring, and networking opportunities. The department will also work closely with Wio Bank to identify potential SMEs that could benefit from its financing solutions and services.

Commenting on the agreement, Rashed Abdul Karim Al Balooshi said: “We are delighted to partner with Wio Bank to support the growth of SMEs in Abu Dhabi. SMEs are the backbone of our economy, and we are committed to providing them with the support they need to succeed. This agreement will provide SMEs with access to financing solutions and services that are tailored to their needs, helping them to grow, create jobs, and contribute to the economic development of our emirate.”

The Wio Bank team also expressed their delight at the agreement. Its CEO, Mr. Ali Almeer, said: “We look forward to working closely with the Department of Economic Development and bringing the benefits of our innovative banking services and products to support the growth of SMEs in Abu Dhabi.”

Ali Hasan Al Khalaf, Chairman of Wio Bank, said: “We are excited to partner with ADDED to support the growth of SMEs in Abu Dhabi. Our financing solutions and services are designed to help SMEs access the financing they need to grow and succeed. By working closely with ADDED, we can identify SMEs that could benefit from our services and provide them with the support they need to achieve their goals.”

The partnership between ADDED and Wio Bank is part of the emirate’s efforts to support SMEs and promote economic growth. It is also in line with the UAE’s broader economic diversification strategy, which aims to reduce the country’s reliance on oil and create a more diversified and sustainable economy.

The UAE government has launched several initiatives to support SMEs, including the SME Development Programme, which provides financing and advisory services to SMEs across the country. The programme aims to help SMEs access the financing they need to grow, create jobs, and contribute to the country’s economic development.

The partnership between ADDED and Wio Bank is a significant step forward in supporting the growth of SMEs in Abu Dhabi. It will provide SMEs with access to financing solutions and services that are tailored to their needs, helping them to grow and contribute to the economic development of the emirate.