Masdar City, which is Abu Dhabi’s sustainable urban development and innovation hub, and Mashreq Bank have inked a memorandum of understanding (MoU) to provide financial services to small and medium sized enterprises (SMEs) and startups based in the city.
The financial services will include easy access to NeoBiz, the bank’s first digital banking platform designed specifically for startups and SMEs.
Through 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 percent foreign ownership; 0 percent import tariffs; and dual licensing.
In addition, the free zone also offers a rapid set-up process; reduced tax footprint, highly cost-effective licensing and office space, a pro-business environment, access to R&D partnerships, and the freedom of repatriation of both capital and profits.
Benefits of the Masdar City-Mashreq Bank deal
Masdar City is also home to a range of international organisations, including the International Renewable Energy Agency (IRENA), the UAE Space Agency, the regional headquarters of Siemens Energy, G42 Healthcare, the Advanced Technology Research Council, and the world’s first university dedicated to artificial intelligence, the Mohamed bin Zayed University of Artificial Intelligence.
The latest MoU between Masdar City and Mashreq Bank was signed by Abdulla Balalaa, the executive director of Masdar City; and Vikas Thapar, the executive vice president and head of Business Banking and NeoBiz at Mashreq Bank.
Abdulla Balalaa said: “Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and startups. 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.
“Masdar 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.”
Mashreq Bank’s Vikas Thapar said: “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, which has resulted in the development of cutting-edge digital banking services and our NeoBiz digital banking platform.
“Our commitment to fostering the SME ecosystem and efforts to catalyse 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.”
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