Ajman Free Zone has signed a Memorandum of Understanding (MoU) with the Emirates Development Bank (EDB), a leading financial provider to the UAE’s economic diversification and industrial transformation, to create a more lively business ecosystem in the UAE.
The agreement will focus on areas of mutual interest like Emirati-led entrepreneurial ventures and small and medium enterprises (SMEs), sharing of expertise, and joint awareness and development initiatives, in line with the ‘Make it in the Emirates’ campaign.
Ajman Free Zone is the first free zone to sign a partnership deal with the bank under this newly introduced strategy. The agreement is in line with the commitment of the free zone to help grow and develop various local sectors and further drive the emirate’s economic progress
The MoU will open up opportunities for new partnerships that will drive social and economic development in the country, as well as boost the capabilities of Ajman Free Zone and EDB in supporting and empowering Emirati entrepreneurs and SME owners, HE. Eng. Ali Bin Towaih AlSuwaidi, Director General of Ajman Free Zone, stated.
Eng. Ali Bin Towaih Alsuwaidi Director General Ajman Free Zone
“This partnership reflects our keenness to build common platforms to support Emirati entrepreneurs and SME owners. Also, it aims to enhance our cooperation with leading authorities with regard to this commitment. Through our cooperation, we can provide SMEs operating in the free zone with the much-needed bank support under more competitive and attractive terms. This step will also provide more incentives to the local business community, as the MoU is geared towards advancing the aspirations of our young entrepreneurs, innovators and national talents by providing them with more affordable financing solutions.”
Mr. Ahmed Mohamed Al Naqbi, CEO of EDB, said, “EDB’s partnership with the Ajman Free Zone is aligned with our strategy aimed at supporting the industrial and SME sectors in the country. EDB and the Free Zone are both focused on supporting the key priority industrial sectors in the UAE, and have a shared vision to boost economic development, technological advancement, and long-term growth.”
Under the terms of the agreement, EDB will extend suitable support to SMEs registered at Ajman Free Zone, in line with the bank’s applicable policies and procedures. In addition, the companies operating in the free zone will be given access to the bank’s key programs, innovative financing solutions, and other facilities.
