EDB signs MoU to support bankability of ADGM-licensed companies

By Arya M Nair, Official Reporter
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EDB_ADGM banking MoU
Mr. Ahmed Mohamed Al Naqbi & Mr. Dhaher bin Dhaher Al Mheiri at MoU signing ceremony

Emirates Development Bank (EDB) and Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding (MoU) to identify collaborative opportunities that will further support companies looking to set up operations in ADGM.

EDB will support ADGM-licensed entities, including SMEs and Corporates, by providing preferential banking services, including the fast and efficient opening of banks through EDB’s digital solutions. Both parties will collaborate to enhance the ADGM client onboarding experience and simplify the bank account opening process for ADGM’s clients.

The Bank will also explore financing requirements for ADGM entities and large multinational corporations based on due diligence and feasibility studies performed.

Furthermore, the two entities will explore education and engagement opportunities. This will be done through several digital labs, especially designated for Fintech-related events and workshops, to further improve knowledge exchange between both entities and companies looking to establish a presence in ADGM.

Ahmed Mohamed Al Naqbi_EDB supports ADM-based companies
Ahmed Mohamed Al Naqbi

“EDB continuously works with key stakeholders to identify opportunities that will further support the growth of SMEs and startups in the region and enhance their bankability. As a well-established financial center, ADGM is home to companies of all sizes in the region, attracting both foreign and local investors. We are delighted to have formed this dynamic partnership with ADGM and look forward to providing financing solutions, our tailored digital banking platform, and our mentoring and educational services to support the sustainable development of businesses of strategic importance to the UAE within ADGM.”

EDB and ADGM will also look to develop a strategic framework to create an ecosystem and further support Fintech companies. This will be done through several digital labs tailored towards Fintech-related events and workshops that will lead to initiatives built out in the future.

Both entities will also collaborate to support its startups in establishing themselves on EDB’s digital platform, which offers digital solutions to both SMEs and Corporates. SMEs, startups, and Fintech companies play an important and prominent role in contributing to the economic growth and diversification of the UAE.

With EDB as the UAE’s development bank and ADGM an attractive hub in the capital of the UAE, both entities are in strong positions to offer best-in-class services that will support the establishment and expansion of businesses within the financial center.

Mr. Dhaher bin Dhaher Al Mheiri, CEO of ADGM authority, said that “ADGM is delighted to partner with Emirates Development Bank to better serve ADGM’s evolving and thriving business ecosystem. This agreement extends our ongoing cooperation and commitment to develop, foster and expand Abu Dhabi and UAE’s financial landscape. We are eager to work closely with the EDB team to contribute towards the sustainable growth of the capital emirate’s economy, while also providing our network of clients with exceptional banking experiences and tailor-made financial solutions for their business needs.”

Related: EDB, ADCB sign MoU to offer joint credit guarantee scheme for UAE’s SMEs