The Mohammed Bin Rashid Fund (MBRF), which is the financial arm of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, and Beehive, the first and only regulated peer to peer finance platform, providing innovative online financing solutions for SMEs, have signed a memorandum of understanding (MoU) to facilitate SME financing and promote 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 said it underscores Dubai SME’s commitment to transforming Dubai into a Smart City in line with the directives of Their Highnesses Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, and Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai.