An agreement that allows “Masdar City” companies to provide financial services from “Mashreq” to the “NEOBiz” platform
Masdar City, the destination specialized in sustainable urban development and innovation in Abu Dhabi, has signed a Memorandum of Understanding with Mashreq Bank, with the aim of providing financial services to small and medium enterprises and start-ups based in the city.
The agreement includes providing seamless access to NEOBiz, Mashreq's first digital banking platform designed specifically for start-ups and SMEs.
"Masdar City"
"(Masdar City) currently has more than 1,000 companies, including a wide range of small and medium-sized companies and startups focused on innovation," said Abdullah Balalaa, CEO of Masdar City, noting that companies in the city will be able through This strategic cooperation with Mashreq Bank provides direct access to a range of advanced services provided by the Bank, which are specifically designed to improve the operational performance of these companies.
Balaa pointed out that Masdar City is the only accredited and specialized research and development complex in Abu Dhabi, as it provides a unique business environment for the education, research, development and innovation sectors, and allows companies to develop and grow their businesses, as well as contribute to strengthening Abu Dhabi's position as a global business destination.
Attracting dealers
For his part, Executive Vice President, Head of Corporate Banking and NEOBiz at Mashreq Bank, Vikas Thapar said: “This agreement that brings us together with (Masdar City) will allow us to attract more dealers, as well as introduce more about our digital platforms.”
He added, "Our focus at Mashreq Bank has always been on customers and the promotion of digitization, which led to the development of advanced digital banking services, including the NeoBiz platform for banking services, which comes within the framework of our commitment to support and stimulate small and medium enterprises."
He stressed that the agreement will allow companies based in Masdar City to benefit from Mashreq Bank's first digital banking platform for emerging, small and medium-sized companies, thus enabling them to keep pace and accelerate their growth.
Services and Features
It is noteworthy that Masdar City provides, through its free zone, the ability to quickly and easily obtain a package of important business services and features, which include registration services, relations with government agencies, the issuance of visas, obtaining 100% foreign ownership, and complete exemption from fees. Import tariffs, dual licensing, speed up the incorporation process, lower taxes, low cost office licensing and leasing procedures, supportive business environment, R&D partnerships, free transfer of capital and profits.
international organizations
Masdar City is also home to a group of international organizations, including the International Renewable Energy Agency (IRENA) and the UAE Space Agency, in addition to regional headquarters of companies such as Siemens Energy, G42 Healthcare, the Advanced Technology Research Council, and Mohammed University. Bin Zayed Artificial Intelligence.
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