UAE

The Khalifa Fund for supporting SMEs announced that the total value of funding in the past six months reached Dh40m.

The Dubai Export Development Corporation will implement a credit insurance scheme for exporters within the next few months.

National Bank of Dubai and FIMBank plc have announced that MENA Factors Limited, a joint venture between the two banks, has commenced operations at the Dubai International Financial Centre.

UAE-based banks, both local and foreign, have mostly stopped issuing letters of credit (LCs) for trade finance.

Emirates Bank, was named best trade finance provider in the UAE for 2007 by Global Finance Magazine.

Euler Hermes opened its first Middle East office in Dubai four months ago in conjunction with local partner, Alliance Insurance.

Saed Al Awadi, CEO, Dubai Export and Development Corporation (DEDC) explained that one of the goals of the DEDC is to provide credit insurance to exporters to further growth in the manufacturing sector.

Dubai Export Development Corporation (DEDC) aim to have initial systems for its five-year goals by early next year, including the provision of credit insurance for exporters to further grow in the manufacturing sector.

Standard Chartered has taken another step in its aim to increase services to SMEs with the introduction of its new financial product, Express Trade.

The board of directors of the Islamic Corporation for the Insurance of Investment and Export Credit voted to increase the organisation's current capitalisation by 50%.