• Collaboration intends to focus on supporting the Dubai Economic Agenda to consolidate its position among the top three global cities and double the size of Dubai’s economy by 2033
  • Strategic agreement will reinforce Emirates NBD’s commitment to accelerate innovation, talent and entrepreneurial growth

Dubai, UAE: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region and the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, have signed a Letter of Intent, which will aim to drive the future of finance, innovation, talent and entrepreneurial growth in the region, thus contributing to Dubai’s GDP growth ambitions.

The Letter of Intent was signed at the Dubai FinTech Summit 2023, by Arif Amiri CEO of DIFC Authority and Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, in the presence of EXCO members and senior leadership from Emirates NBD, along with key partners.

When in effect, the agreement will aim at bringing together Emirates NBD, one of the region’s largest banks and leader in digital banking innovation, with DIFC, the leading global financial centre in MEASA, which is home to the largest cluster of FinTech and innovation hubs. The joint initiative plans to foster national talent, boost innovation and entrepreneurial growth and build Emirates NBD’s overall global reputation in the areas of FinTech and ESG, with the end goal of boosting the nation’s global standing as a key global investment hub.

Through this collaboration, the DIFC aims to support Emirates NBD’s priorities through various ongoing initiatives including the DIFC FinTech Launchpad, DIFC Virtual Hub and DIFC Events agenda - each providing a platform for the bank to further explore and grow FinTech and ESG innovations and partnerships.

Abdulla Qassem, Group Chief Operating Officer, Emirates NBD said: “As a leading local bank, Emirates NBD is committed to financing the real economy of the UAE and contributing to the long-term economic growth and development of the region. Emirates NBD has had a long-standing relationship with the DIFC and it is our joint endeavor to take Dubai to new heights transforming it into a global economic superhub.”

He added, “Supported by the DIFC, we are confident that we will continue to boost innovation and drive stronger partnerships to provide more ecosystem-driven solutions to customers.”

Also commenting on the announcement, Arif Amiri CEO of DIFC Authority said: "DIFC is committed to supporting Dubai Economic Agenda D33 to transform the city into one of the top three global business hubs. Collaborating with Emirates NBD, we believe in the power of collective effort to drive transformative change in the future of financial services. As a leading global financial centre in the region, a significant contributor to Dubai’s GDP and a key employment creator, we are dedicated to providing resources and platforms for Emirates NBD to thrive. Together, we will shape the future of finance and build a stronger, more resilient economy for the region and the world."

About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 17 million customers. As at 31st March 2023, total assets were AED 782 billion, (equivalent to approx. USD 213 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 874 branches and 4,144 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion. 

Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv., the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.

Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability and is an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.