SHUAA Capital launches support package for UAE technology SMEs directly impacted by COVID-19

Published: 27 April 2020 - 3:20 p.m.
By: Baset Asaba

SHUAA Capital psc (DFM: SHUAA), a leading asset management and investment banking platform in the region, announced it will provide free expert advisory services and interest-free loans through regulated partners to support UAE-based small and mid-sized technology enterprises (SMEs) that have been directly impacted by COVID-19.

In alignment with the UAE government's support and relief measures, the financial package aims to help provide the capital and expert guidance tech SMEs will need to emerge from COVID-19 on a healthy footing.

SHUAA's regulated partners will provide the interest-free loans, while SHUAA sector experts in manufacturing, logistics, construction, healthcare, travel and tourism, retail and real estate will offer free advisory services. To be considered for the support, the tech SMEs need to be active and demonstrate how they have been impacted by COVID-19. Companies interested in learning more about the support package should contact sme_aid@shuaa.com.

Jassim Alseddiqi, Chief Executive Officer of SHUAA Capital psc, said: “SHUAA Capital is committed to helping build a sustainable and investable private sector in the UAE, fostering economic growth and prosperity for future generations. Small and mid-sized technology companies are an integral part of the UAE's economy and society and will spearhead our country's post COVID-19 economic recovery. Our support package will help empower those firms to continue to create innovative products and services in key sectors for our nation."

According to the UAE Ministry of Economy, SMEs represent more than 94 per cent of the total number of companies operating in the UAE, employing about 86 per cent of the country’s private sector workforce and generating 52 per cent of the non-oil GDP. Tech SMEs leveraging cloud computing and storage, artificial intelligence, machine learning, blockchain and the Internet of Things within strategic sectors such as education, construction, logistics, healthcare, eCommerce, agriculture and finance have been key drivers of this development.


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