Friday 3 February 2023

The MoU being signed

Duqe Free Zone, Mashreq Bank to promote SME growth

DUBAI, November 15, 2022

Duqe, a one-of-its-kind free zone on a ship in Dubai, has partnered with the Ports, Customs and Free Zone Corporation (PCFC) and Mashreq Bank to offer startups and entrepreneurs faster access to banking services.
PCFC Investments CEO Saeed Al-Bannai signed the memorandum of understanding (MoU) with Rajeev Chalisgaonkar, Head of Business Banking and NEOBiz, Mashreq Bank.
One of the biggest challenges for new business owners is opening a business bank account, as it requires one to go through several strict compliance procedures. This partnership will help address this challenge by simplifying and expediting the business bank account opening process for Duqe’s customers. 
Various initiatives
The businesses under Duqe Free Zone will also benefit from various initiatives, including API integration and banking services through Mashreq’s digital business banking platform, NEOBiz. Being an exclusive digital bank for SMEs, Mashreq’s NEOBiz has revolutionised the corporate bank account opening process and offered immense support in growing the startup ecosystem in the UAE.
Al-Bannai said: “The MoU comes in line with the main goal of establishing Duqe Free Zone, which is to stimulate the business environment in Dubai and boost its competitiveness through adopting new initiatives designed to improve the ease of doing business in the Emirate. Duqe Free Zone seeks, through its partnership with Mashreq, to expand our efforts to elevate Dubai’s position as a global business hub. We are confident that a number of new partnerships and initiatives are paving the way for Duqe Free Zone to achieve the expected increase in business through its services. Today, we will not only grow our bottom line, but we will also allow our customers to keep pace with the evolving demands of the industry.”
Ghaith Al Daker, General Manager at Duqe, said: “It is always our goal to support the many founders, investors and business owners under Duqe Free Zone in new and innovative ways. Through this partnership, we continue demonstrating our commitment to providing SMEs and entrepreneurs with ease at every step of their journey. The process of opening a business bank account can often be tedious and time-consuming. We are confident that this alliance will help them overcome a lot of obstacles that may come along their way.”
New financing potential
Chalisgaonkar said: “We are delighted to partner with Duqe in its efforts to stimulate the business environment in Dubai and boost the emirate’s competitiveness as a major business hub in the region. Complementing the various existing initiatives of Duqe, this MoU unlocks new financing potential for companies seeking to accelerate their growth in the country. Mashreq’s unique digital-only proposition, NEOBiz, will empower Duqe’s customer base comprising entrepreneurs and startups with a range of innovative products and services to develop new economic sectors that will ultimately support the growth and prosperity of Dubai and the rest of the UAE.”-- TradeArabia News Service


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