Masdar City, Mashreq Bank sign agreement for financial services to SMEs

Abu Dhabi: Masdar City has signed a memorandum of understanding (MoU) with Mashreq Bank to provide financial services to small- and medium-sized enterprises (SMEs) and start-ups based there. This will also include easy access to NeoBiz, the bank’s first digital banking platform designed specifically for start-ups and SMEs.

Through this collaboration, companies in Masdar City will have direct access to Mashreq’s suite of specially designed services to facilitate the upscaling of their operations.

“Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups. 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,” said Abdulla Balalaa, Executive Director, Masdar City.

Through this partnership, Masdar City-based businesses will get further opportunities to adapt and grow rapidly, said Vikas Thapar, Executive Vice President, Head of Business Banking & NeoBiz, Mashreq Bank.

“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 channelled our efforts towards customers and digitisation.”

Via its free zone, Masdar City already offers quick and easy access to a range of vital business services and benefits including registration, government relations, visa processing, 100 per cent foreign ownership, 0 per cent import tariffs, dual licensing, a rapid set-up process, reduced tax footprint, highly cost-effective licensing and office space, and a pro-business environment, access to R&D partnerships, and the freedom of repatriation of both capital and profits.