COVID-19 IMPACT ON SMES

The pandemic hit the UAE’s SME [small and medium enterprises] sector at a time it was struggling from a previous crisis caused by a rupture in payment cycle in the economy resulting from a sharp fall in oil prices and the fiscal tightening.

Abdelaal said the banking sector has remained largely supportive to SMEs. “We have increased our SME portfolio by 140 per cent in 2020, even amid the crisis,” he said. Mashreq’s NEOBiz a digital banking solution for SMEs came in handy in reaching support to this crucial sector.