Gulf Finance launches new business deposit product to help small enterprises

Gulf Finance Corporation, a subsidiary of Dubai-based finance giant SHUAA Capital, launched its new business deposit product on Tuesday, targeted at UAE-registered companies seeking improved returns on short- and medium-term funds.

The company is now offering business deposit rates of 3.25 percent on the year for three-month deposits valued from $272,000 to $1.4 million. Companies depositing more than $1.4 million can earn up to 4.625 percent for two or more years.

Gulf Finance recently completed a rebranding project to highlight the company’s commitment to serving small- and medium-sized enterprises (SMEs). Gulf Finance also relocated to larger premises in Sharjah to accommodate an expanding small business loans sales team.

Gulf Finance also has been beefing up its products intended to get essential equipment into the hands of SMEs. That includes financing critical medical equipment and industrial vehicles.

“SMEs have a wide range of financial needs on both sides of the balance sheet,” Gulf Finance CEO David Hunt said. “There is clearly a need to maximize returns on their surplus liquidity through higher small and medium term deposit rates over and above what banks can offer. Because of this, we are confident that our rate of interest will strike the perfect chord for such small companies that have surplus cash to deploy."