Abu Dhabi’s Masdar City, one of the world’s most sustainable urban developments, and Mashreq Bank, the leading financial institution in the UAE have partnered to provide financial services to small and medium enterprises (SMEs) and startups in the City.
The MoU was signed by Mr. Abdulla Balalaa, Executive Director, Masdar City, and Mr. Vikas Thapar, Executive Vice President, Head of Business Banking & NeoBiz, Mashreq Bank, at an official ceremony.
Commenting on the agreement, Mr. Abdulla Balalaa stated that “Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups. Through this strategic collaboration with Mashreq Bank, companies in Masdar City will have direct access to the bank’s cutting-edge suite of specially designed services to facilitate the upscaling of their operations.
“The City is Abu Dhabi’s only planned and approved R&D cluster, and to businesses, we offer a unique ecosystem of education, R&D, and innovation, that not only allows them to develop and thrive but also supports Abu Dhabi’s position as a world-leading business destination. At Masdar City, we are shaping and incubating the sustainable industries of tomorrow and we look forward to adding Mashreq Bank to our valuable list of partners,” Mr. Balalaa added.
This agreement includes easy access to NeoBiz, Mashreq’s first digital banking platform designed specifically for startups and SMEs.
“Our agreement with Masdar City will enable us to increase customer acquisition while also raising awareness for our digital platforms. At Mashreq, we have always channeled our efforts towards customers and digitization, which has resulted in the development of cutting-edge digital banking services and our NeoBiz digital banking platform.
Mr. Thapar further added that, “Our commitment to fostering the SME ecosystem and efforts to catalyze SME development is what led to the development of NeoBiz and its suite of specially designed services. Through this partnership, Masdar City-based businesses will reap the benefits of NeoBiz, Mashreq Bank’s first startup/SME-focused digital banking platform, giving them further opportunity to adapt and grow rapidly,”
Masdar City already offers quick and easy access to a range of vital business services and benefits through its Free Zone, including, registration, government relations, visa processing, 100 percent foreign ownership, 0 percent import tariffs as well as dual-licensing.
It offers a faster business setup process, lower taxes, lower-cost licensing and office space, a more business-friendly environment, access to R&D partnerships, and the freedom to repatriate capital and profits.
The City is also home to several international organizations, including the International Renewable Energy Agency (IRENA), UAE Space Agency, regional headquarters of Siemens Energy, G42 Healthcare, Advanced Technology Research Council, the world’s first university dedicated to artificial intelligence, the Mohammed bin Zayed University of Artificial Intelligence.