Masdar, Mashreq to progress UAE SME, start-up ecosystem

Masdar, Mashreq to progress UAE SME, start-up ecosystem

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Masdar City, Abu Dhabi’s pioneering sustainable urban development, and Mashreq Bank have signed a memorandum of understanding (MoU) to provide financial services to small and medium 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, Masdar City and Vikas Thapar, Executive Vice President, Head of Business Banking & NeoBiz, Mashreq Bank, at an official ceremony this week.

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, and to businesses, we offer a unique ecosystem of education, R&D, and innovation, that not only allows them to develop and thrive, but also 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