UAE Business: Jafza, Al Masraf join hands to back SMEs in free zone – Gulf Digital News

UAE Business: Jafza, Al Masraf join hands to back SMEs in free zone – Gulf Digital News

DP World’s leading trade and logistics hub Jebel Ali Free Zone (Jafza) has signed an agreement with Arab Bank for Investment and Foreign Trade (Al Masraf) to support business operations of SMEs and other enterprises licensed within Jafza.



The memorandum of understanding (MoU) aims to strengthen DP World’s commitment to facilitate the business activities of more than 8,700 customers operating within the free zone, helping Jafza achieve its goal of empowering SMEs and attracting entrepreneurs from around the globe.



The MoU was signed by Abdulla Bin Damithan, CEO & Managing Director of DP World UAE and Jafza and Charles Doghlass, Acting – Chief Executive Officer of Al Masraf in the presence of senior officials from both parties.



Through this partnership, Jafza will enable SMEs to streamline their financial processes such as account opening, financial documentation, and automation of the remediation process for its partners. The MoU will fully support both Jafza and Al Masraf in terms of record-keeping of the licensed businesses in the free zone.



Ahmad Al Haddad, Chief Operating Officer - Parks and Zones, DP World UAE said: “The SMEs sector contributes to more than 53 per cent of the UAE’s non-oil GDP.As per the Ministry of Finance, this figure is set