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Dubai: Al Tomooh, an Emirates NBD initiative to promote entrepreneurship among UAE nationals, on Monday announced the launch of two projects.
Ahmad Humaid Al Tayer, chairman of Emirates NBD and chairman of the sup-reme committee of the Al Tomooh Finance Scheme for Small National Businesses, yesterday inaugurated Smiles Medical Centre and Music Arts Centre.
The two projects were partially financed with Dh1 million by Al Tomooh Fin-ance Scheme, which has so far spent Dh37 million, to support various small UAE national projects in the country. Also present at the ceremony were Sulaiman Hamed Al Mazroui, executive member of the supreme committee of the Al Tomooh Finance Scheme, and senior officials.
"We are pleased to take part in the inauguration of these two new projects that are financed in part by Al Tomooh Scheme," said Al Tayer.
"These projects have increased the percentage of professional projects fin-anced to 20 per cent of the total 95 projects that Al Tomooh Scheme has financed so far.
"This is an impressive number, but we seek to improve on and double the total number of the projects that we will finance in the coming years."
Under the Tomooh scheme, 66 per cent of the projects financed are from the service industry, followed by, 9 per cent in industrial projects, three per cent commercial, one per cent tourism projects with a further one per cent in the IT industry.
"We are exerting efforts to encourage UAE nationals to establish more tourism, information technology and professional projects to increase economic diversity in the Emirates where the programm is active," said Al Tayer.
Al Tomooh scheme is focused on involving young nationals in the private sector. "These projects are a valuable addition to the portfolio of ventures financed by Al Tomooh. We urge entrepreneurs to make thorough feasibility studies of their projects to secure their success," said Mazroui.
Plans
Saudi expansion
Emirates NBD, the largest bank in the Gulf by assets, is planning to expand its presence in Saudi Arabia through increased retail presence.
The bank, which already has a presence in Saudi Arabia, is seeking to expand its retail network through both organic growth and acquisitions.
The bank has expressed interest in acquiring Royal Bank of Scotland's stake in Saudi Hollandi Bank. "We are interested in the stake. It's obviously an interesting possibility to expand in the kingdom," said Emirates NBD chief executive officer Rick Pudner.
Senior Emirates NBD officials said no negotiations or bidding process had been initiated.
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