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Great article… Where are the funds everyone talk about and no SME sees ? I am a small entrepreneur with 35 employees so 35 families at risk. I cannot get discount on invoices even if 100% of our clients are banks. I cannot have any overdraft neither a corporate card to reduce the heavy pressure of cash flow. And at the same time I see big companies in Dubai bankrupt with hundred of millions of exposure with banks here who lended money to them. SME are 50% of the UAE economy. Few more months and 90% of us will disappear ! So 45% of the UAE economy is at risk with an apocalyptic result on employment. And all those people with no more jobs will not spend in Malls, will not buy cars, will not rent houses and will not put kids at school! And then? I let you realize the impact . People will leave the country in big waves as its already the case. SME need help and the Central Bank funds are absolutely not used properly by banks here this is a fact and the reality.
Great article… Where are the funds everyone talk about and no SME sees ? I am a small entrepreneur with 35 employees so 35 families at risk. I cannot get discount on invoices even if 100% of our clients are banks. I cannot have any overdraft neither a corporate card to reduce the heavy pressure of cash flow. And at the same time I see big companies in Dubai bankrupt with hundred of millions of exposure with banks here who lended money to them. SME are 50% of the UAE economy. Few more months and 90% of us will disappear ! So 45% of the UAE economy is at risk with an apocalyptic result on employment. And all those people with no more jobs will not spend in Malls, will not buy cars, will not rent houses and will not put kids at school! And then? I let you realize the impact . People will leave the country in big waves as its already the case. SME need help and the Central Bank funds are absolutely not used properly by banks here this is a fact and the reality.
When we visited Dubai in March 2009, the GFC had hit shopping very hard, but the food courts in the vast malls were always buzzing.