The Ajman Free Zone has signed a Memorandum of Understanding with the Emirates Development Bank to build a more vibrant business ecosystem in Ajman and the UAE, local reports have said.
The MoU primarily focuses on areas of mutual interest such as Emirati-led entrepreneurial ventures and small and medium enterprises (SMEs), sharing of expertise, and joint awareness and development initiatives, said the local reports.
This is said to be in line with the Make it in the Emirates Campaign.
Ajman Free Zone is the first free zone to sign a partnership with the bank under this newly introduced strategy.
Under the terms of the agreement, EDB will extend suitable support to SMEs registered at Ajman Free Zone, in line with the bank’s applicable policies and procedures.
In addition, the companies operating in the free zone will be given access to the bank’s key programs, financing solutions, and other facilities.
Ajman Free Zone Director General Ali AlSuwaidi was quoted by the local reports as saying that this strategic MoU would pave the way for new partnerships to drive social and economic development in the country.
It is also expected to increase the capabilities of Ajman Free Zone and EDB in supporting and empowering Emirati entrepreneurs and SME owners.
Promoting locally owned businesses, including those in the industrial sector, is vital to advancing the national economy and an important component of the UAE government’s Operation 300bn.
The 10-year overarching initiative seeks to increase the economic share of the industrial sector from the current AED133 billion ($36.22 billion) to AED300 billion ($81.69 billion).
AlSuwaidi said about the MoU: “Through our cooperation, we can provide SMEs operating in the free zone with the much-needed bank support under more competitive and attractive terms.”
He added: “This step will also provide more incentives to the local business community, as the MoU is geared towards advancing the aspirations of our young entrepreneurs, innovators and national talents by providing them with more affordable financing solutions.”