Page 111 - Ministry of Economy

Page 111 - Ministry of Economy - December 2017

P. 111

12/26/2017 NBF–banking options for female Emirati entrepreneurs | CPI Financial | CPI Financial | Features | Details financial analysis and comments
There are different qualifiers for current and new businesses. An existing company can only apply for an NBF Elham
account if the company or a share of the company is owned by an Emirati businesswoman. It is a must for the
Emirati businesswoman to be an active partner in the business, said Ibrahim, particularly when it comes to business
operations and decision making. Supporting documentation required includes a valid trade licence, a passport copy,
and the Emirates ID of the business owner.

For new companies, standard procedures apply. The bank will do its due diligence; take a look at the business
model and assess collateral or guarantees. Once these are in order, the bank will then provide credit facilities
according to the business’s needs and cash flows.

From a lending perspective, the core principles remain; credit facilities will be provided to businesses with
established track records and viable business plans.

“NBF Elham will ensure that the entrepreneurial spirit amongst Emirati women is matched with their access to
working capital; financial tools; and expert guidance. It aims to level the playing field for aspiring Emirati female
business leaders and pave the way for their greater participation and success in the local economy,” added Ibrahim.

She added that NBF Elham is a programme that aligns with government directive in pushing for greater inclusion of
talented local women into the socio-political and economic spheres, while encouraging a stronger entrepreneurial
culture within the country as well as partnering with Emirati businesswomen as they achieve further breakthroughs in
their respective industries.
“Despite the statistical and anecdotal evidence that suggests that local female entrepreneurs, regardless of their
strong ability and desire for success, still face challenges in receiving the appropriate support for their businesses–
with more than 44 per cent of women stating they feel a lack of support, and with a success rate of only 40 per cent
of female business-owners–NBF Elham still aims to help female entrepreneurs overcome such challenges and
contribute towards the growth of the UAE economy,” said Ibrahim.

The programme supports the UAE’s government ambition of becoming one of the world’s top 25 countries for gender
equality by 2021.

The full interview with Zainab Hussain Ahmed Ibrahim can be found here.