Partnership enables SMEs’ access to more flexible financing options
Ajman Free Zone recently signed a Memorandum of Understanding (MoU) with the Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda.
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, 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.
Eng. Ali AlSuwaidi, Director General of Ajman Free Zone, remarked that this important and strategic MoU will pave the way for new partnerships that will drive social and economic development in the country, as well as increase the capabilities of Ajman Free Zone and EDB in supporting and empowering Emirati entrepreneurs and SME owners.
AlSuwaidi said: “We are pleased to sign an MoU with EDB, which is a pivotal contributor to the country’s economy. This partnership reflects our keenness to build common platforms to support Emirati entrepreneurs and SME owners,” he continued.
“EDB’s partnership with the Ajman Free Zone is aligned with our strategy aimed at supporting the industrial and SME sectors in the country,” stated Ahmed Mohamed Al Naqbi, CEO, EDB.
Stronger government and private partnerships and enhanced value-added services are essential pillars of the free zone’s strategy to improve the competitiveness and attractiveness of the local business environment.
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