Two new projects were launched under the Al Tomooh financial scheme designed to support small businesses whose total required investment cost does not exceed Dh2 million.

The projects - Down Town Bakes owned by Obaidah Marwan Al Shadeed and “Imperial Touch” by Ali Bin Yousuf Bin Ali Al Khamis - were financed with about Dh1 million through Al Tomooh Finance Scheme.

A brainchild of Ahmed Humaid Al Tayer, the chairman of Emirates NBD, Tomooh (ambition) is supported by the Dubai Chamber of Commerce and Department of Economic Development.

It has so far financed a total of 119 projects in various sectors including industrial, professional, service and information technology.

Speaking at the launch, Al Tayer said, 'Al Tomooh plays an important role in highlighting and encouraging the finance of such sectors which were limited to expatriates only.'

'Our belief of the necessity of national existence in all fields and the involvement of the young national investors in the business world and encouraging them to take part in the economic development will benefit them and the economy in general,' he added.

On the scheme's success, Al Tayer said, 'I am pleased to see a remarkable increase in the number of UAE nationals venturing into the private business sector and starting up their own businesses based on their creation and practical skills.'

'The UAE market is an open, diverse and appropriate market for innovation and many opportunities are arising in it. We call upon the nationals to take advantage of them,' he added.

“Imperial Touch” aims at finding a new concept of car service including steam internal and external car wash, paint protection and removal by using eco-friendly methods. The project is run by a trained team which provides the highest standards of service quality.

“Down Town Bakes” is a bakery and coffee shop fitted with cutting edge equipment. It combines a bakery, which offers its customers all types of fresh eastern and Lebanese bakes in an elegant form, with the distinctive location near the Mall of Emirates.-TradeArabia News Service