DP World’s Trade and Logistics hub Jebel Ali Free Zone (Jafza) will be helping SMEs and other licensed entities within the zone to simplify their financial processes such as account opening, financial documentation, and automation of the remediation process.
In this endeavor, Jafza will be collaborating with Arab Bank for Investment and Foreign Trade (Al Masraf) under a Memorandum of Understanding that was signed by Abdulla Bin Damithan, the CEO of DP World UAE and Jafza and Charles Doghlass, the CEO (acting) of Al Masraf.
In a statement, the DP World said the agreement strengthens its commitment to facilitate business activities of more than 8700 clients operating under the free zone.
Also, the MoU will help Al Masraf and Jafza in the record keeping of licensed businesses falling under the free zone.
Ahmad Al Haddad, COO of Parks and Zones of DP World UAE, said SMEs contribute more than 53 percent of the UAE’s non-oil GDP. The figure is set to reach 60 percent by the end of 2021, according to the Ministry of Finance.
“To maintain our growth momentum and to adhere to the national goals we are committed to supporting new start-ups through our trade accelerators, business incubators and partnerships with financial institutions,” he said.
Charles Doghlass said Al Masraf has been assigned as a Long-Term Issuer Default Rating (IDR) of ‘A’ in 2020 and 2021 by global credit rating agency Fitch Ratings.
“This achievement only demonstrates the bank’s resilience and efficiency,” he said and added that Al Masraf is “proud to partner with” DP World in its efforts to enhance the business setup and operations of SMEs within Jafza.
Jafza and Al Masraf to help SMEs simplify financial processes
- SMEs and other licensed entities within the free zone will get assistance in account opening and financial documentation.
- More than 53 percent of UAE's non-oil GDP is contributed by SMEs, according to Ahmad Al Haddad, COO of Parks and Zones of DP World UAE.