Dubai Chambers has signed a Memorandum of Understanding (MoU) with Emirates Development Bank (EDB) to enhance support for startups and small and medium-sized enterprises (SMEs).
The agreement will support the provision of financing solutions for both new and existing projects, in addition to funding capital expenditure requirements for companies.
The MoU sets the stage for joint initiatives aimed at enhancing the competitiveness, growth, and long-term sustainability of Dubai’s business landscape. It also supports the launch of new businesses in the emirate by streamlining the process of opening bank accounts for both local enterprises and multinational companies, including SMEs.
EDB-Dubai Chambers ties to boost Business Setup and Banking Support
Under the terms of the agreement, the two parties will explore ways to enhance collaboration in delivering value-added banking and financial services to companies attracted by Dubai Chambers, as well as offering support services and easing business setup in Dubai for clients of EDB’s international network.
Opportunities will also be assessed for providing trade finance solutions to businesses seeking global expansion, contributing to the growth of cross-border trade.
Dubai Chambers and EDB will cooperate on developing customised banking solutions tailored to the specific financial needs of local SMEs, enabling their growth. Consideration will also be given to offering preferential rates on bank account fees for members of Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers. In addition, the parties will explore opportunities to collaborate on organising seminars and promotional roadshows.
Shaker Zainal Deputy CEO & CBO EDB
“Our collaboration with Dubai Chambers strengthens our mission to enable SMEs and entrepreneurs with the right tools to start, scale, and succeed. Through this MoU, Emirates Development Bank will expand access to tailored financing—including working capital and CAPEX solutions—together with trade finance support and value-added banking. We will also leverage the EDB 360 digital banking platform to simplify onboarding and day-to-day banking for startups and SMEs, while collaborating on initiatives that build capabilities and open new markets. This partnership advances innovation, competitiveness, and sustainable growth in line with the UAE’s economic priorities.”
Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, commented that, “We remain committed to building a supportive business environment that enables the growth of companies of all sizes, with a focus on startups and SMEs.”
“This dedication is demonstrated through our continuous efforts to develop a comprehensive ecosystem of services that responds to the evolving needs of the private sector, reinforces its competitiveness, and empowers businesses to successfully expand in both local and global markets, while also contributing meaningfully to the growth of the national economy,” AlJarwan added.
Dubai Chambers continues to support the objectives of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy over the next decade and consolidate Dubai’s position among the world’s top three global cities.
The Chambers remain committed to achieving their strategic priorities of enhancing Dubai’s favorable business environment, attracting global companies and investments, and driving the international expansion of members, as well as accelerating the growth of Dubai’s digital economy.
