Deal signed to advance UAE’s economic diversification agenda

Deal signed to advance UAE’s economic diversification agenda

Local News















ABU DHABI / WAM

Masdar City, the regional home of technology innovation and R&D in Abu Dhabi, and Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, signed a memorandum of understanding (MoU) to advance the UAE’s economic diversification agenda. This will be achieved by identifying potential collaboration opportunities across sectors including banking and finance.

Under the agreement, Masdar City and EDB will explore and support the UAE’s financial sector by enabling small and medium enterprises (SMEs) and large corporates in the national priority sector.

Masdar City, through its front-line staff, will encourage banking through the EDB Business Banking App at the time of company registrations, while EDB offers priority banking and dedicated resourcing for Masdar City Free Zone customers. Both companies will assist Masdar City Free Zone clients licensed (or to be licensed) with Masdar City Free Zone to open a bank account with the Emirates Development Bank.

The MoU was signed by Abdulla Balalaa, Executive Director of Masdar City, and Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, at an official ceremony at Abu Dhabi