Dubai Chambers has signed a Memorandum of Understanding (MoU) with Emirates Development Bank (EDB) aimed at enhancing support for startups and small and medium-sized enterprises (SMEs).
The agreement will provide financing solutions for both new and existing projects, in addition to funding capital expenditure requirements for companies.
The MoU outlines cooperation on joint initiatives designed to strengthen the competitiveness, growth, and long-term success of Dubai’s business community. It also supports the establishment of new businesses in the emirate by facilitating the opening of bank accounts for local firms and multinational companies, including SMEs.
Under the agreement, the two parties will explore ways to enhance collaboration in delivering value-added banking and financial services to companies attracted by Dubai Chambers, as well as offering support services and easing business setup in Dubai for clients of EDB’s international network.
Opportunities will also be assessed for providing trade finance solutions to businesses seeking global expansion.
Dubai Chambers and EDB will cooperate on developing customised banking solutions tailored to the specific financial needs of local SMEs, enabling their growth. Consideration will also be given to offering preferential rates on bank account fees for members of Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers.
In addition, the parties will explore opportunities to collaborate on organising seminars and promotional roadshows.
Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, commented, “We remain committed to building a supportive business environment that enables the growth of companies of all sizes, with a focus on startups and SMEs.”
Shaker Zainal, Deputy CEO and Chief Business Officer of EDB, stated, “Through this MoU, Emirates Development Bank will expand access to tailored financing—including working capital and CAPEX solutions—together with trade finance support and value-added banking. We will also leverage the EDB 360 digital banking platform to simplify onboarding and day-to-day banking for startups and SMEs, while collaborating on initiatives that build capabilities and open new markets.”
