In the presence of H.H. Sheikh Saud bin Saqr Al Qasimi: Al Tomooh

Finance Scheme signs MoU with Saud bin Saqr Programme to support youth projects

The partnership aims at financing Small and Medium Enterprises in RAK

Dubai, 28 May, 2008

As part of its commitment to expand its operations across the country, Al Tomooh Finance Scheme which is an Emirates NBD initiative has signed a Memorandum of Understanding (MoU) with the Saud bin Saqr Programme to support youth projects, to finance Small and Medium Enterprises in the Emirate of Ras Al Khaimah. The signing ceremony took place today at the Ras Al Khaimah Exhibition Center in the presence of H.H Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, H.E. Saqr Ghobash, the UAE Minister of Labour, Mr. Humaid Bin Demas, Under-secretary Ministry of Labour as well as Senior Government Officials and organizations supporting the Al Tomooh Scheme.

The MoU was signed by Mr. Sulaiman Al Mazroui, Executive Member of the Higher Committee of the Al Tomooh Finance Scheme and H.E. Yousuf Obaid Al Noaimi, Chairman of the RAK Chamber of Commerce and Industry on behalf of the programme.

Commenting on the partnership, Mr. Sulaiman Al Mazroui said, "We recognize the role of Small and Medium Enterprises in furthering economic growth in the country as it is the most dynamic sector which is capable of boosting the trade, industry and services sectors in the country and creating jobs for the youth. We are glad to join hands with the Saud bin Saqr Youth Project Support Programme to finance UAE National projects in the Emirate of Ras Al Khaimah. We invite all UAE Nationals to establish tourist, technology and professional projects to increase economic diversity in the UAE."
 
"After its success in the Emirates of Dubai, Sharjah, Fujairah and Ajman, the Al Tomooh Finance Scheme has now been launched in Ras Al Khaimah in cooperation wit the RAK Chamber of Commerce and Industry to open new horizons for the ambitious young UAE Nationals to become entrepreneurs and compete in the private sector," added Al Mazroui.

Under the MoU terms, Al Tomooh Finance Scheme will commit to finance projects that are recommended by the RAK Chamber of Commerce and Industry after their evaluation and approval. Al Tomooh will also work closely with the Chamber to spread awareness about entrepreneurship and train employees that are recommended by the Chamber to assist investors in gathering information, complete processes and get financing for their projects.

While the Ras Al Khaimah Chamber will provide headquarter offices and employees for the Al Tomooh Finance Scheme in the Emirate. In addition, the Chamber will recommend and facilitate the financing and establishment of potential Small and Medium Projects. 

Al Tomooh Finance Scheme was launched in 1998 as an Emirates NBD initiative aiming at financing UAE National projects and has so far financed almost 100 projects with a total amount of AED 37 million.

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Reported by : Corporate Communications
Reported on: 28/05/2008