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Sunday, 24 July 2016

UAE eases bank rules to spur SME growth | The National

UAE eases bank rules to spur SME growth | The National:

"The Government has loosened bank rules to help spur growth of small and medium-sized enterprises in the UAE, part of an ongoing effort to rationalise the bureaucracy that has stymied more rapid small business formation.

The Ministry of Human Resources and Emiratisation on Saturday issued a decree stating that from October of this year SMEs will no longer be required to secure a bank guarantee to be able to carry on as a going concern.

Saqr Ghobash, the Minister of Human Resources and Emiratisation, said the bank guarantee rule had been in place primarily to safeguard the payroll and protect employees’ rights."

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