Abu Dhabi, United Arab Emirates: Masdar City, Abu Dhabi’s pioneering sustainable urban development and innovation hub, and Mashreq Bank have signed a memorandum of understanding (MoU) to provide financial services to small and medium sized enterprises (SMEs) and start-ups based in the City. This will include easy access to NeoBiz, the bank’s first digital banking platform designed specifically for start-ups and SMEs.

The MoU was signed by Abdulla Balalaa, Executive Director, Masdar City and Vikas Thapar, Executive Vice President, Head of Business Banking & NeoBiz, Mashreq Bank, at an official ceremony this week.

Abdulla Balalaa said, “Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups. Through this strategic collaboration with Mashreq Bank, companies in Masdar City will have direct access to the bank’s cutting-edge suite of specially designed services to facilitate the upscaling of their operations. The City is Abu Dhabi’s only planned and approved R&D cluster, and to businesses, we offer a unique ecosystem of education, R&D, and innovation, that not only allows them to develop and thrive, but also supports Abu Dhabi’s position as a world leading business destination. At Masdar City, we are shaping and incubating the sustainable industries of tomorrow and we look forward to adding Mashreq Bank to our valuable list of partners.”

Vikas Thapar, Mashreq Bank, said, “Our agreement with Masdar City will enable us to increase customer acquisition while also raising awareness for our digital platforms. At Mashreq, we have always channelled our efforts towards customers and digitization, which has resulted in the development of cutting-edge digital banking services and our NeoBiz digital banking platform. Our commitment to fostering the SME ecosystem and efforts to catalyze SME development is what led to the development of NeoBiz and its suite of specially designed services. Through this partnership, Masdar City-based businesses will reap the benefits of NeoBiz, Mashreq Bank’s first startup/SME focused digital banking platform, giving them further opportunity to adapt and grow rapidly.”

Via its Free Zone, Masdar City already offers quick and easy access to a range of vital business services and benefits including, registration, government relations, visa processing, 100% foreign ownership; 0% import tariffs; dual licensing; a rapid set-up process; reduced tax footprint, highly cost-effective licensing and office space, and a pro-business environment, access to R&D partnerships, and the freedom of repatriation of both capital and profits. The City is also home to a range of international organizations, including the International Renewable Energy Agency (IRENA), the UAE Space Agency, the regional headquarters of Siemens Energy, G42 Healthcare, the Advanced Technology Research Council, and the world's first university dedicated to artificial intelligence, the Mohamed bin Zayed University of Artificial Intelligence.

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About Masdar City

Masdar City in Abu Dhabi is one of the world’s most sustainable developments. It is a working model for cities around the world in environmental, economic, and social sustainability, and continues to push the boundaries of innovation. The City hosts Abu Dhabi’s only planned and approved R&D cluster; Masdar City Free Zone, which is a growing hub for sustainability-focused innovative businesses; and a residential neighborhood with restaurants, shops, sporting facilities and public green spaces. Masdar City is home to companies dedicated to developing innovations across the sectors of renewables, space, energy storage, artificial intelligence, agriculture, health, and mobility. These include, the headquarters of the International Renewable Energy Agency (IRENA), the UAE Space Agency, the regional headquarters of Siemens Energy, G42 Healthcare, the Advanced Technology Research Council, several Fortune 500 companies, hundreds of entrepreneurs, a startup accelerator program via The Catalyst, and the world's first university dedicated to artificial intelligence: the Mohamed bin Zayed University of Artificial Intelligence. Masdar City has also pioneered two generations of autonomous vehicles and continues to extend the frontiers of alternative and sustainable transport.

Contacts:
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For more information, please visit: http://www.masdar.ae
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About Mashreq

One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.

As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services. 

Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey  in UAE for Corporates and in the Middle East and Africa for the Financial Institutions, Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.

For media queries from Mashreq, please contact:
Rana AlBorno - Public Relations, Mashreq                                                                                                                  
Email: RanaAlb@mashreq.com