ADNIC signs partnership with The Mohammed Bin Rashid Fund for SME Support
Abu Dhabi National Insurance Company (ADNIC) announced the signing of a partnership with the Mohammed Bin Rashid Fund for SME Support (The Fund), an initiative of Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, for providing insurance to entrepreneurs supported by the Fund.
ADNIC will provide comprehensive insurance protection to cover the small and medium-sized business owners receiving seed capital from the Fund against a variety of contingencies, from loss or damage to contents and business premises to death, disability, or illness that impairs their ability to work. In addition to this, ADNIC offers insurance protection towards business interruption risks resulting from material damage.
Commenting on the partnership, Abdul Baset Al Janahi, CEO of Dubai SME & Vice Chairman of the Fund said: “This agreement is an integral part complementing our quest for permanent and continuous support to Emirati entrepreneurs. At the Fund, our pursuit is to provide innovative solutions to minimize business interruption risks that might affect the continuity and sustainability of the funded projects.”
Ahmad Idris, Chief Executive Officer of ADNIC said: “We are delighted to be the first insurance company to partner with The Fund in the UAE. We are very pleased to support this initiative to promote entrepreneurship among UAE nationals. This agreement provides comprehensive cover to the fund’s customers, which is in line with ADNIC’s commitment to the community to provide insurance solutions to protect businesses against unpredictable risks.”
The Mohammed Bin Rashid Fund for SME support is a government initiative launched by Dubai SME in April 2015 under a decree issued by H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.