11/01/2016 05:49 AST

Noor Trade, a division of Noor Bank, has signed a financing agreement with the Mohammad Bin Rashid Fund (MBRF), an initiative of Dubai SME, to support small and medium-sized enterprises (SMEs), according to a statement on Sunday.

As part of the agreement, Noor Bank will extend financing towards UAE nationals for existing ventures that have been operating for more than a year, offering finance of up to 80 per cent of the project cost, which is up to Dh 5 million. The fund is restricted to SMEs that are 100 per cent owned by Emiratis and have obtained trade licenses from Dubai. The business must also be Sharia compliant and demonstrate financial and commercial feasibility.


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