DUBAI: Emirates Development Bank (EDB) and RAK Bank have signed an initial agreement to offer credit guarantee and co-lending programs for small- and medium-sized enterprises (SMEs) in the UAE.
It allows SMEs to get up to 10 million dirhams ($2.7 million) financing, in which half of the facility will be either guaranteed or co-lent by EDB, the pair said in a statement.
Local citizens can also get up to 1 million dirhams in financing – 60 percent is guaranteed or co-lent by EDB.
“Our MoU with RAKBANK will help in bridging the funding gap for SMEs in key sectors, which will not only strengthen the SME ecosystem but also pave the way for building a robust economy,” EDB chief Ahmed Mohamed Al-Naqbi, said.
It comes as the UAE encourages investment in its industrial sector and raise SMEs contribution to the country’s GDP.
The tie-up follows EDB’s earlier announcement that it is offering direct and indirect lending for SMEs. It also set up an investment arm for startups, as well as business advisory services for entrepreneurs.
Dubai banks team up to provide SME financing options
https://arab.news/cva8a
Dubai banks team up to provide SME financing options
- It allows SMEs to get up to 10 million dirhams ($2.7 million) financing
Saudi Arabia ranks 2nd globally in digital government, World Bank 2025 index shows
WASHINGTON: Saudi Arabia has achieved a historic milestone by securing second place worldwide in the 2025 GovTech Maturity Index released by the World Bank.
The announcement was made on Thursday during a press conference in Washington, DC, which evaluated 197 countries.
The Kingdom excelled across all sub-indicators, earning a 99.64 percent overall score and placing it in the “Very Advanced” category.
It achieved a score of 99.92 percent in the Core Government Systems Index, 99.90 percent in the Public Service Delivery Index, 99.30 percent in the Digital Citizen Engagement Index, and 99.50 percent in the Government Digital Transformation Enablers Index, reflecting some of the highest global scores.
This includes outstanding performance in digital infrastructure, core government systems, digital service delivery, and citizen engagement, among the highest globally.
Ahmed bin Mohammed Al-Suwaiyan, governor of the Digital Government Authority, attributed this achievement to the unwavering support of the Saudi leadership, strong intergovernmental collaboration, and effective public-private partnerships.
He highlighted national efforts over recent years to re-engineer government services and build an advanced digital infrastructure, which enabled Saudi Arabia to reach this global standing.
Al-Suwaiyan emphasized that the Digital Government Authority continues to drive innovation and enhance the quality of digital services, in line with Saudi Vision 2030, supporting the national economy and consolidating the Kingdom’s transformation goals.
The 2025 GTMI data reflects Saudi Arabia’s excellence across key areas, including near-perfect scores in core government systems, public service delivery, digital citizen engagement, and government digital transformation enablers. This balanced performance places the Kingdom firmly in the “Grade A” classification for very advanced countries, demonstrating the maturity of its digital government ecosystem.
Saudi Arabia’s progress in the index has been remarkable: from 49th place in the 2020 edition, to third in 2022, and now second in 2025, confirming its status as a global leader in digital transformation and innovation.
The achievement also reflects the Kingdom’s focus on putting people at the center of digital transformation, enhancing user experience, improving government efficiency, and integrating artificial intelligence and emerging technologies across public services.
