MBRF, Beehive tie-up for SMEs digital financing

Dubai / WAM

The Mohammed bin Rashid Fund (MBRF), the financial arm of Dubai SME, an agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, and Beehive, the first and only regulated peer-to-peer lending platform in the MENA region, providing innovative online financing solutions for SMEs, have signed an MoU to facilitate SME financing and enhance SME performance. The MoU will enable SME owners in Dubai to obtain loans for development and expansion at competitive rates through the Beehive Group Finance Platform.
Abdul Basset Al Janahi, CEO of Dubai SME, and Craig Moore, Founder and CEO of Beehive, signed the MoU in the presence of senior executives from both sides. Commenting on the partnership, Al Janahi that said it underscores Dubai SME’s commitment to transforming Dubai into a Smart City in line with the directives of Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
“Dubai SME continually evaluates the needs of SME owners and investors in the region to ensure that the UAE remains the most attractive destination for investment and enterprise growth. Most recently, we released the ‘State of Digital Investment in MENA 2013-2016’ report to give an overview of the opportunities in digital entrepreneurship and related innovations. The agreement with Beehive addresses the need for modern SME financing options that can compete with conventional channels and excel in terms of efficiency and cost,” said Al Janahi.
The agreement, in addition to meeting the requirements of the investor community, also provides them with the opportunity to achieve better returns by financing a qualified group of SMEs, added Al Janahi. “It’s an opportunity for UAE nationals who own SMEs to get accustomed to modern financial technologies, FinTech, and leverage the concepts of crowd funding and peer-to-peer financing without
depending on banks or other financial institutions.”