WAM Dubai, 29 May 2012 (WAM) - Today, banks are ready to finance individual companies that invest in building the essentials of business such as reputation, track records, client base, and financials, and offer a unique selling proposition to the market place, according to Vikram Venkataraman, Dubai-based banker and financial expert.

He added: "Companies find it challenging to mitigate risks perceived by banks. However, the financial sector is ready to work with these companies provided they demonstrate strong business fundamentals. Nonetheless, banks are still wary about segments such as technology, which has witnessed the entry of a large numbers of players who have ultimately faced bankruptcy and getting out of the market. �Accommodation' transactions also plague the industry, particularly the mobile phone business, which involves companies generating transactions with no underlying exchange of goods for the purpose of raising short-term bank financing." Venkataraman's comments came at the Dubai Internet City Excellence Series on �Raising Bank Finance for IT and Service Companies'. The session invited business partners of TECOM Investments entities to gain insights from industry experts and understand the impact of best practices and cutting-edge methodologies on the corporate bottom-line.

Majed Al Suwaidi, Director at Dubai Internet City and Dubai Outsource, said: "With a majority of the businesses focusing on the SME sector, organisations need to scale their operations and maintain regular cash flow. As a cluster, we have always supported the segment by providing them with rebates, specialised offerings and a conducive environment to conduct business.

"Such backing helps our business partners innovate, follow industry best practices and become part of a larger ecosystem. SMEs must be capable of creating a solution or service that provides ROI even while generating long-term benefits to the business." The Excellence Series hosts monthly sessions that feature distinguished speakers and tackle key topics relating to business, best practices, case studies, personal growth and more.

At the forefront of the region's ICT industry, Dubai Internet City remains committed to supporting emerging technology trends in the region and continues to play an instrumental role in developing the industry while contributing to Dubai's drive for creating a knowledge-based economy.

WAM/TF