Middle East's best bank for SMEs 2019: ADCB
Awards for Excellence 2019
Funding for small and medium-sized businesses remains largely deficient across the Middle East. The region’s economies could grow by a further 1% each year if access to finance improved for SMEs, the International Monetary Fund’s managing director Christine Lagarde said earlier this year.
“In the Arab region, SMEs represent 96% of registered companies,” said Lagarde. “They also employ half the labour force, yet their access to finance is the lowest in the world: lending to SMEs in the region is only 7% of bank lending.”
The United Arab Emirates, in particular, has sought to address this shortfall, with programmes to bolster financial inclusion of smaller enterprises. One of its leading banks, Abu Dhabi Commercial Bank, has been especially active in this area, doing much to support SMEs, even through economic downturns.