Ajman, 19 May 2009: Ajman Free Zone Authority today signed a memorandum of understanding (MOU) with Ajman BankAjman Bank, the Emirate's first Islamic commercial bank. The agreement, outlining co-operation and the exchange of services and investment opportunities, aims to attract other companies to Ajman, boosting investment activities, supporting the local economy, and strengthening the emirate's position as an international business centre. Establishing clear channels for the exchange of experience and knowledge, the MOU is set to deepen the two Ajman-based organizations' common interests, benefiting the emirate in terms of trade, investment and improving the current business climate.

The signing ceremony for the landmark agreement took place at the free zone headquarters in Ajman between His Excellency Sheikh Mohammed Bin Abdullah Al Nuaimi, Director General of the Ajman Department of Ports and Customs, Ajman Free Zone Authority and Ali Essa AlShaqoosh Al Muen, the recently appointed Acting CEO of Ajman BankAjman Bank. The terms of the agreement will ensure a full review of services being provided to employees of the Freezone by the Bank in addition to the allocation of a place to install an Ajman BankAjman Bank ATM machine.

Sheikh Mohammad Bin Abdullah Al Nuaimi, Director General of Ajman Port and Customs and Free Zone Authority, has confirmed that the joint economic and development efforts resulted from a dire need to enhance performance of Ajman's business sector, indicating to the good outcome achieved by a large number of economic service sectors targeting investors, businessmen and individuals, and involving medium and large industries.

Sheikh Al Nuaimi explained that the Ajman Free Zone Authority (AFZA), by signing this agreement will be offering new financial and services facilities for its customers. The AFZA confirms that it will make continuous efforts to offer its investors and clients the best services possible in respect of transactions and financial facilities. In particular the AFZA is going ahead with implementing its policy for flexible transactions and procedures. The AFZA furthermore, offers the best service for investors, according to the directives of His Highness Sheikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council, and Ajman Ruler, and Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman BankAjman Bank to focus on the economic development and adopt the policies that place the UAE in line with the advanced countries.

Sheikh Al Nuaimi said that the agreement aims at promoting different investment opportunities in the AFZA. It also shed light on the big role the AFZA plays to provide suitable environment for commercial, industrial and service investments, and reinforces principles of economic partnership with local sectors, which support service closely related to public.

Sheikh Al Nuaimi indicated that the AFZA enjoys an advanced infrastructure that provides the ideal atmosphere for the companies operating in the Emirate, as well as offering integrated services for companies enabling easy access to international markets.

He indicated that the AFZA is always seeking to create opportunities and programmes to attract as much capital and investors as possible into the free zone, noting that the zone will witness increasing growth, and lure more commercial and services companies in the upcoming period as soon as the marketing and development plan to attract investment is implemented.

He lauded the signing of this joint agreement, which he considered part of the AFZA efforts to establish strategic partnerships with the effective and successful economic sectors, indicating that the agreement is authentication of the good relationship between the zone and Ajman BankAjman Bank, which continues to play a vital role in the AFZA in a short time. He said the activities in the zone will help the bank grow, as the zone enjoys a good reputation in the local market for being a destination for thriving businesses.

"We are confident that the bank will be the ideal partner in our efforts to offer more services and infrastructures", said Sheikh Abdullah, adding that, "the joint action will help creating radical development in the area of services promotion, to offer our clients more convenience and suitability".

The MOU extends to include the mutual distribution of free zone and Bank information and materials and the possibility of the use of the display area of customer service branches of both parties to present areas of cooperation and services during customer waiting periods. There is also the further possibility of promotion through all the different forms of communication, including both websites.

For his part, Acting CEO of Ajman BankAjman Bank, Ali Esaa AlShaqoosh Al Muen said: "We are honored to have established this collaborative agreement with the Ajman Free Zone Authority as we are committed to achieving a sustainable partnership, ensuring that local investments are in line with Ajman's aspirations to become a key destination for investors. It will also contribute significantly to our ability to reach out to Ajman's most strategic locations, taking advantage of the features and facilities provided by the free zone and to provide the optimal investment climate for them."

Ali Essa AlShaqoosh Al Muen added: "The objective of the agreement is to promote the various investment opportunities in Ajman free zone and to cement Ajman BankAjman Bank's role in providing a suitable environment for business investment. In addition to offering the most supportive climate for investors, the agreement will create opportunities for the development of collaborative working environments and enable the Bank to take advantage of Ajman's current economic position as a region of increasing significance. "

-Ends-

About AFZA
Ajman Free Zone Authority (AFZA) is considered a commercial and industrial base for Ajman Emirate and the UAE, as it attracts local and foreign capitals in the form of investments in different economic activities. It also develops exports commodities and encourages international trade exchanges, as well as transit trade.

The AFZA fosters the role played by the private sector to establish private and joint ventures. It offers job opportunities for nationals and helps them acquiring technical and practical experiences.

Due to such efforts the AFZA managed successfully during the past years to attract and host a large number of corporations and companies, the number of which has reached at present more than 4000. However, processing, assembling storing, packing and distribution and general trade are the most important activities in the zone. They include projects for storing and distribution of petroleum materials, assembling of electric and electronic appliances and computers, construction materials, garment making, foodstuff, trade and other projects.

The government offers a number of incentives and facilities for investors in the zone. Such facilities include free movement of profits and capitals, low customs duties on different commodities in the UAE, as well as that the government encourages promotion and commercial exhibitions and publication of industrial and commercial manuals of interest to industrial sector.

About Ajman Bank
Ajman BankAjman Bank is an Islamic commercial bank that will provide a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman BankAjman Bank seeks out the market's best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking. Headquartered in Ajman and strongly supported by its government, Ajman BankAjman Bank is the keystone of the emirate's economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman BankAjman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.

For further information please contact:
Mrs. Fatima Obeid Al Muhairi
Director of Marketing and Public Relations and Information
Ajman Free zone
Phone: 0097167011500
Fax: 0097167011501
Fatma.almuhairi @ afza.gov.ae

Camellia Bojtor
Account Executive
+971 (0)4331 0331
+971 (0)50 1157726
Camellia.bojtor@cohnwolfemena.com

© Press Release 2009

 

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