Dubai Culture and Arts Authority (Dubai Culture) signed a partnership agreement with Commercial Bank of Dubai (CBD) to enable owners of creative small and medium-sized enterprises (SMEs) to benefit from the bank’s smart banking solutions and meet their financing needs and grow their businesses, making CBD the first bank in Dubai to offer facilities and benefits that are exclusive to the creative community and talents. This aligns with Dubai Culture’s strategy to support creative talents and industries to strengthen the creative economy in the emirate and cement UAE’s position as the global capital of the creative economy.
Under the agreement with CBD, creative SME owners in the emirate will quickly and easily be able to open business accounts without needing to maintain any minimum balance. The business account provide users with a free debit card, unique digital cash management products and services, dedicated relationship managers, financing services, quick and easy business loans with a special 50% discount on loan transaction fees, and a range of innovative asset-backed lending solutions. In addition, customers can get a free cheque book and enjoy preferential rates on local and international transfers and foreign currencies. Registered creative SME members with Dubai Culture can also apply for a free business credit card for life from the bank, with a credit limit of up to AED 250,000, with free online banking services and other real-time transaction features.
Her Excellency Hala Badri, Director General of Dubai Culture, affirmed that the Authority is constantly working to consolidate its strategic public-private partnerships in the emirate by supporting the creative community and providing facilities to owners of emerging and innovative creative projects. She added: “This agreement comes within the framework of the Authority’s strategic roadmap that aims to cement Dubai’s position as a global centre for culture, an incubator for creativity, and a thriving hub for talent. It is also in line with the Dubai Creative Economy Strategy that aims to make the emirate a preferred destination for creatives from all over the world by providing the appropriate climate for the growth and prosperity of their businesses via packages of advanced creative incentives and incubators that keep pace with rapid technological developments and harness them to enrich the creative sector as well as enhance the creative sector’s ability to compete in the local, regional and global markets.”
Amit Malhotra, General Manager, Personal Banking Group at CBD, said: “We are proud to partner with Dubai Culture to help creative SME owners get the financial support they require to accelerate the growth of their businesses, ensuring the development and prosperity of the emirate’s creative sector. Through this partnership, we are delighted to offer creative entrepreneurs registered with Dubai Culture, a seamless and instant banking experience, complemented with tailored solutions including exclusive financing facilities, to fulfill their business requirements. We are confident that this agreement will help in encouraging creative talent and boosting the emirate’s creative economy.”
CBD will offer creative entrepreneurs exclusive financing facilities, including unsecured loans of up to AED 2 million, with flexible repayment options of up to 48 months, low-interest rates, and fast approvals granted within 48 hours of the application’s submission. The benefits also include quick business loans for retailers and online trading and service sector businesses against their point of sale machines (POS) proceeds with finance amounts up to AED 1 million. The loan payments can be easily repaid through monthly instalments of sales proceeds collected from the points of sale.