Masdar City, Mashreq Bank to progress UAE’s SME and start-up ecosystem

Masdar City, Mashreq Bank to progress UAE’s SME and start-up ecosystem

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Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized Enterprises (SMEs) and start-ups based in the City. This will include easy access to NeoBiz, the bank's first digital banking platform designed specifically for start-ups and SMEs.

The MoU was signed by Abdulla Balalaa, Executive Director of Masdar City, and Vikas Thapar, Executive Vice President, Head of Business Banking & NeoBiz at Mashreq Bank, at an official ceremony this week.

Speaking on the occasion, Balalaa said, "Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups. 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.

"The City is Abu Dhabi's only planned and approved R&D cluster. To businesses, we offer a unique ecosystem of education, R&D, and innovation, that allows them to develop and thrive and 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."

Thapar