Ahmed Humaid Al Tayer inaugurates two new projects financed partially by Al Tomooh Finance Scheme

Al Tayer: "We are planning to double the number of financed projects"

Dubai, 26th May, 2008

H.E. Ahmed Humaid Al Tayer, Chairman of Emirates NBD and Chairman of the Supreme Committee of the Al Tomooh Finance Scheme for Small National Businesses, inaugurated today, two new projects, Smiles Medical Center and Music Arts Center (MAC). The two projects were partially financed with AED 1 million by Al Tomooh Finance Scheme, which has so far spent a total of AED 37 million, to support various small UAE National projects in the country. Also present at the ceremony were Mr. Sulaiman Hamed Al Mazroui, Executive Member of the Supreme Committee of the Al Tomooh Finance Scheme and senior officials.

Commenting on the occasion, H.E. Al Tayer said, "We are pleased to take part in the inauguration of these two new projects that are financed in part by Al Tomooh Scheme. This has increased the percentage of professional projects financed to 20% of the total 95 projects that Al Tomooh Scheme has financed so far. This is an impressive number but we seek to improve on and double the total number of the projects that we will finance in the coming years."

H.E. also added, "66% of the projects we have financed are from the service industry, followed by, 9% in industrial projects, 3% commercial, 1% tourism projects with a further 1% in the Information Technology industry. We are exerting efforts to encourage UAE Nationals to establish more tourism, Information Technology and professional projects to increase economic diversity in the Emirates where the program is active."

Al Tayer also explained that Al Tomooh was successful in highlighting the values of entrepreneurship and the importance of Emiratization of some sectors in the economy where the gap had been wide. Young UAE Nationals are increasingly aware of their important roles as self-employed entrepreneurs. H.E. also stressed on the important role of Al Tomooh in supporting the finance of professional projects because we believe that it is vital for the Country to increase UAE National owned projects. Al Tomooh Scheme has focused on involving young Nationals in the private sector and has encouraged them to play a bigger role in the economic growth which will benefit them and the National economy in general.

Mr. Sulaiman Al Mazroui, expressed his delight to finance these two projects and said, "These projects are a valuable addition to the portfolio of ventures financed by Al Tomooh. We urge entrepreneurs to make thorough feasibility studies of their projects to secure their success. I would like to take this opportunity to thank government authorities, private establishments and businessmen who are supporting our projects."

"Currently, we are present in the Emirates of Dubai, Fujairah, Sharjah and Ajman, however, we are expanding our presence to cover the whole country and are looking to expand our reach into Ras Al Khaima in the near future", Al Mazroui explained.

After the ceremony, attendees congratulated Dr. Hessa Ahmad Bin Masood for the new Smiles Medical Center and Ms. Tala Badri for the new Music Arts Centre. Smiles Medical Centre was partially financed by the Al Tomooh Scheme and is located in Jumeirah. It is equipped with state-of-the-art dentistry equipment and has gained great popularity within a relatively short period of time.

Ms. Badri's Music Arts Centre which has a "Music for All" motto has also gained overwhelming welcome by attendees due its success in attracting students from different nationalities in the Country. It provides learners with flute, guitar and piano courses among others. Music Arts Centre participated and sponsored many public events such as the UAE National Day, Special Needs Day, Orphans day and others. These activities are part of the Corporate Social Responsibility of this establishment.

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Reported by: Corporate Communications
Reported on: 26.05.2008