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Duqe, Dubai’s unique on-board free zone, has partnered with Ports, Customs and Free Zones Corporation (PCFC) and Mashreq Bank to provide faster banking services for start-ups and entrepreneurs.
Saeed Al-Bannai, CEO of PCFC Investments, signed a Memorandum of Understanding (MoU) with Rajeev Chalisgaonkar, Head of Commercial Banking and NEOBiz, Mashreq Bank.
One of the biggest challenges new business owners face is opening a business bank account, as this requires going through several strict compliance procedures. The partnership will help address this challenge by simplifying and expediting the business bank account opening process for Duqe customers.
various initiatives
Businesses under the Duqe Free Zone will also benefit from various initiatives, including API integration and banking services through NEOBiz, Mashreq’s digital business banking platform. As the exclusive digital bank for SMEs, Mashreq’s NEOBiz has revolutionized the corporate banking account opening process and has given tremendous support to the growth of the UAE startup ecosystem.
Al-Bannai said: “The MoU is in line with the main objective of establishing the Duqe Free Zone, which is to stimulate Dubai’s business environment and enhance its competitiveness by introducing new initiatives aimed at improving the ease of doing business in the emirate. Duqe Free Zone seeks to cooperation, further efforts to enhance Dubai’s status as a global business hub. We believe that many new partnerships and initiatives are paving the way for Duke Free Zone to achieve the expected business growth through its services. Today, we will not only increase profits, and will allow our customers to keep up with the ever-changing demands of the industry.”
Ghaith Al Daker, General Manager of Duqe, said: “Our aim has always been to support the many founders, investors and business owners under the Duqe Free Zone in innovative ways. Through this partnership, we continue to demonstrate our commitment to Businesses and entrepreneurs are being served with ease every step of the way. The process of opening a business bank account is often tedious and time-consuming. We believe this alliance will help them overcome many of the hurdles they may encounter.”
new financing potential
Chalisgaonkar said: “We are delighted to partner with Duqe in our joint efforts to stimulate Dubai’s business environment and enhance Dubai’s competitiveness as a major business hub in the region. This MoU complements Duqe’s various existing initiatives as it seeks to accelerate its Unlocking new funding potential for companies growing in the country. Mashreq’s unique digital-only proposition, NEOBiz, will offer Duqe’s client base, including entrepreneurs and start-ups, a range of innovative products and services to grow new economic sectors, ultimately supporting Dubai and the growth and prosperity of the rest of the UAE.” – – trade arab news agency
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