UAE’s major free zone focused on innovation, Sharjah Research Technology and Innovation Park (SRTI Park) and the country’s leading financial institution Mashreq Bank, have signed a Memorandum of Understanding (MoU) to support companies located within the techno-hub zone.
The MoU signed by the chief executive officer of SRTI Park, Hussain Al Mahmoudi, and Group CEO of Mashreq Bank, Ahmed Abdelaal looks forward to boosting enterprise activities as well as enhance the innovative ecosystem.
Under the partnership deal, Mashreq Bank will host a series of challenges and hackathons by collaborating with the SRTI Park. The UAE-based lender will provide mentors to offer guidance to startup founders and small and medium-sized enterprises (SME).
SRTI Park and Mashreq Bank will collaborate in a range of areas to meet the banking and financing needs of SMEs. This will include providing priority account openings to SRTI’s ecosystem through the bank’s exclusive digital banking platform for startups, NEOBiz, as well as through its conventional business banking unit.
In addition, the bank will explore potential areas of collaboration with the various startups that are part of SRTI Park’s tech hub. The lender will also look forward to developing expedited account opening solutions for startups through deeper integration with the free zone. On its part, SRTI Park will promote relevant banking products within its community.
“SRTI Park aims to develop and manage an innovation ecosystem within a free zone that promotes research and development and supports enterprise activities and continues extensively in its efforts to attract and host knowledge-intensive businesses in the UAE. Our partnership with Mashreq Bank will boost the various programs, activities, services and initiatives of existing companies at the Park and encourage new business and global startup entrepreneurship programs, hackathons, sandbox acceleration programs, and venture markets.”
SMEs and entrepreneurs remain a major growth engine of the UAE economy, and the collaboration between SRTI Park and Mashreq bank comes at an excellent time when the country is working on its path for the next 50 years.
Ahmed Abdelaal, Group CEO of Mashreq Bank concluded, “We strongly believe that our partnership with SRTI Park will help to boost knowledge and innovation centers, that will in turn support creativity and excellence in various vital sectors. Additionally, supporting the companies at the Park will enhance the competitiveness of the UAE both regionally and globally.”