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Commercial Bank of Dubai (CBD) AGM approves the highest-ever financial performance and dividend distribution of 44.38 fils per share

11 March 2024

The Board of Directors of Commercial Bank of Dubai (CBD) have elected Ahmad Abdulkarim Mohammad Julfar as Chairman of the Board of Directors, and Ahmad Abdulla Juma Binbyat, as the Deputy Chairman.

انتخب مجلس إدارة بنك دبي التجاري السيد أحمد عبد الكريم محمد جلفار رئيساً لمجلس إدارة البنك، والسيد أحمد عبد الله جمعة بن بيات نائباً لرئيس مجلس الإدارة.

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02 June 2021

Emirates Development Bank, Commercial Bank of Dubai sign MoU on credit guarantee, co-lending program for SMEs in the UAE

Abu Dhabi, 02 June 2021: The Emirates Development Bank [EDB], fully owned by the UAE Federal Government and a key financial enabler of the country’s economic diversification and industrial transformation agenda, has signed a Memoradum of Understanding [MoU] with Commercial Bank of Dubai [CBD] to offer Credit Guarantee and Co-lending programs for SMEs in the UAE.

The MoU is part of EDB’s commitment to support the goals of the National Agenda under the UAE Vision 2021, focused on boosting the SME ecosystem in the UAE as well as enhancing the contribution of SMEs to the country’s GDP. The partnership will focus on providing strategic financing solutions to SMEs – one of the economic pillars of the UAE.

Ahmed Mohamed Al Naqbi, Chief Executive Officer of EDB, signed the MoU with Dr. Bernd van Linder, Chief Executive Officer at CBD.

As part of the MoU, EDB will provide the Credit Guarantee or Co-lending program to CBD SME customers. Within the MoU scope, CBD can offer up to AED 10 million financing to a SME, and 50% of the facility amount will be either guaranteed or co-lent by EDB. For its part, CBD will provide SMEs with an innovative and convenient Digital Business account, which can be opened digitally and in real time. Moreover, CBD will also offer a wide range of loans including Trade and Working Capital finance, loans against POS as well as asset backed lending solutions.

The program also aims to support UAE citizens in the startup journey by offering financing facilities of up to AED 1 million, wherein 60% is guaranteed or co-lent by EDB.

Speaking of the MoU, Ahmed Mohamed Al Naqbi, said: “As part of the EDB’s endeavour to play a pivotal role in the country’s economic diversification plans, and bridging the funding gap for SMEs operating in key sectors, we are pleased to sign the MoU with Commercial Bank of Dubai. Through our combined efforts, we look forward to extending easier access to financial sources, strengthening the SME ecosystem and supporting the UAE’s goals to build a robust knowledge-based economy.”

In his comments, Dr. Bernd van Linder, said: “Our agreement with the Emirates Development Bank is a perfect example of public and private sectors partnering to support SMEs - a vital contributor to the economy of the UAE.

CBD has always been keen to promote the overall business environment in the UAE and support SMEs and start-ups by providing them with innovative financial solutions to

manage their finances and get the best banking solutions through a seamless and smooth user experience.”

The Credit Guarantee and Co-lending program provides a robust platform for EDB and CBD to increase their financial lending for the SME segment, with focus on the priority sectors.

The MoU is aligned with the recently-unveiled EDB’s strategy, offering direct and indirect lending for SMEs (Supply Chain, Project and Long-term Finance), an investment arm for startups and SMEs (accelerator, equity finance, business growth fund) as well as business advisory services for entrepreneurs, startups and small companies (coaching, consulting, mentoring, market research).