Dubai Chambers has signed a Memorandum of Understanding (MoU) with Emirates Development Bank (EDB) to significantly enhance the support infrastructure for startups and small and medium-sized enterprises (SMEs) in the emirate. The strategic agreement focuses on providing comprehensive financing solutions and streamlining banking services to foster growth within Dubai’s business community.
The partnership will see the two entities cooperate on joint initiatives designed to strengthen the competitiveness, growth, and long-term success of local companies.
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.”
Streamlining Access to Finance
Under the MoU, EDB will provide tailored financing solutions for both new and existing projects, including funding for capital expenditure (CAPEX) requirements. The collaboration will also assess opportunities to deliver trade finance solutions for businesses seeking to expand globally. Furthermore, Dubai Chambers and EDB will work together to develop customized banking products that meet the specific financial needs of local SMEs, facilitating their growth and expansion.
Facilitating Business Operations
A key focus of the agreement is simplifying essential business operations. The partnership will facilitate the opening of bank accounts for local firms, multinational companies, and SMEs, a critical step in establishing a business in the emirate. The MoU also includes considerations for offering preferential rates on bank account fees for members of the Dubai Chamber of Commerce, one of the three chambers operating under the Dubai Chambers umbrella.
A Digital-First Approach to Banking
The collaboration will leverage EDB’s advanced digital tools to improve the banking experience for businesses. Shaker Zainal, Deputy CEO and Chief Business Officer of EDB, stated that the bank will utilize its EDB 360 digital banking platform to simplify onboarding and day-to-day banking for startups and SMEs.
“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,” Zainal said.
About Dubai Chambers
Dubai Chambers is a non-profit public entity dedicated to supporting the growth of business in Dubai. It represents, supports, and protects the interests of the business community by creating a favourable environment, promoting Dubai as an international business hub, and supporting the development of business.
About Emirates Development Bank
Emirates Development Bank (EDB) is a key financial enabler of the UAE’s economic diversification and industrial transformation agenda. EDB provides financial and non-financial support to businesses of all sizes, from startups to large corporates, with a focus on priority sectors crucial to the UAE’s national economy.
Source: Zawya
