Within the framework of an agreement signed by the Dubai Culture and Arts Authority with the Bank

Dubai Commercial offers loans for creative projects up to two million dirhams without guarantee

Dubai Culture and Arts Authority "Dubai Culture" has signed a cooperation and partnership agreement with Commercial Bank of Dubai, through which it allows owners of creative small and medium enterprises to benefit from the smart banking solutions provided by the bank, to meet their financing needs and develop their businesses, making Dubai Commercial the first A bank in Dubai that offers exclusive facilities and benefits to talents and the creative community.

The facilities include unsecured loans of up to two million dirhams.

A statement stated that this step is in line with Dubai Culture's strategy in supporting creators and creative industries, in order to strengthen the creative economy in the emirate, and consolidate its position as the capital of the creative economy in the world.


open accounts

Under the agreement with Commercial Bank of Dubai, small and medium business owners in the creative field in Dubai will be able to open accounts with the bank without any minimum balance, with easy and convenient procedures, and obtain preferential rates on local and international transfers, and on foreign currencies, in addition to obtaining a ledger Free checks.


Credit card

Registered members with Dubai Culture will also be able to obtain a free business credit card for life from the bank, with a credit limit of up to 250,000 dirhams, and free online banking services, characterized by the service of paying the salaries of their employees through the wage protection system, and other transaction features. carried out in real time.

Features also include: free debit card access, 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, as well as asset-backed lending solutions.


financing facilities

Creative entrepreneurs registered with Dubai Culture will receive exclusive financing facilities that include unsecured loans of up to two million dirhams, with flexible payment options up to 48 months, low interest rates, and quick approvals granted within 48 hours of submitting the application.

The facilities also include quick commercial loans with a guarantee of sales returns to retail and online companies, amounting to one million dirhams, where loan payments can be easily repaid through monthly installments of sales proceeds collected from points of sale.


A destination for creators

Hala Badri, Director-General of Dubai Culture, confirmed that the authority is constantly working to consolidate its strategic partnerships with the government and private sectors in the emirate, in order to provide support to the creative community and provide facilities to owners of emerging and innovative creative projects.

She added: "This comes within the framework of the Authority's strategy roadmap 2020-2026 aimed at enhancing Dubai's position as a global center for culture, an incubator for creativity, a forum for talent, and in line with the Dubai Creative Economy Strategy, which aims to make the emirate a preferred destination for creators from all over the world, through Providing the appropriate climate for the growth and prosperity of their businesses, through packages of advanced creative incentives and incubators, that keep pace with rapid technological developments, and harness them to enrich the creative sector and enhance its ability to attend and compete in local, regional and global markets.


Banking solutions

In turn, General Manager of Retail Banking Group at Commercial Bank of Dubai, Amit Malhotra, said: “We are proud of our partnership with Dubai Culture and Arts Authority to help owners of creative small and medium enterprises obtain the support they need to accelerate the growth of their businesses, and ensure the development and prosperity of the creative sector in Emirate.”

He added, "Through this partnership, we are pleased to offer creative entrepreneurs who hold (Dubai Culture) licenses a seamless and instant banking experience, supported by banking solutions tailored to meet their requirements, including exclusive financing facilities," expressing confidence that the agreement will help attract Creative talents and the promotion of the creative economy of the emirate.

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