PHOTO
- MoU will also provide mentors to advise start-up founders and SMEs
Sharjah, UAE: To boost enterprise activities as well as enhance an innovative ecosystem, Sharjah Research Technology and Innovation Park (SRTI Park) and Mashreq Bank, one of the leading financial institutions in the UAE, have signed a Memorandum of Understanding (MoU) to support companies located within the techno-hub zone.
SRTI Park CEO, Hussain Al Mahmoudi, and Mashreq Bank’s Group CEO, Ahmed Abdelaal signed the MoU.
Mentorship
As part of the partnership, Mashreq Bank will host a series of challenges and hackathons in partnership with SRTI Park - and the bank will provide mentors to offer start-up founders and SMEs with any key advice they require. In addition, the bank will explore potential areas of collaboration with the various start-ups that are part of SRTI Park’s tech-hub.
Priority Banking Services
Furthermore, SRTI Park and Mashreq Bank will collaborate in a range of areas to meet the banking and financing needs of Small and Medium Enterprises (SMEs). This will include providing priority account openings to SRTI’s eco-system through the bank’s exclusive digital banking platform for start-ups, NEOBiz, as well as through its conventional business banking unit.
Mashreq Bank will also explore developing expedited account opening solutions for startups through deeper integration with SRTI Park. On its part, SRTI Park will promote relevant banking products within its community.
Hussain Al Mahmoudi, CEO of SRTI Park, said: “SRTI Park aims to develop and manage an innovation ecosystem within a free zone that promotes research and development and supports enterprise activities and continues extensively in its efforts to attract and host knowledge-intensive businesses in the UAE.”
“Our partnership with Mashreq Bank will definitely boost the various programs, activities, services and initiatives of existing companies at the Park and encourage new business and global startup entrepreneurship programmes, hackathons, sandbox acceleration programs, and venture markets,” he added.
Moving UAE forward to next 50 years
Ahmed Abdelaal, Group CEO of Mashreq Bank concluded: “SMEs and entrepreneurs remain a major growth engine of the UAE economy, and this collaboration comes at a very opportune time, when the UAE is charting its path for the next 50 years. As the world continues to move towards greater digitization and partnership with Fintechs, at Mashreq, we believe it is incredibly important to provide start-ups with a suite of seamless digital banking services that will help empower their business. We strongly believe that our partnership with SRTI Park will help to boost knowledge and innovation centres, that will in turn support creativity and excellence in various vital sectors. Additionally, supporting the companies at the Park will enhance the competitiveness of the UAE both regionally and globally.”
-Ends-
Yacoub Al Tahtamouni | Public Relations
D: +971 (6) 5022006 | F: +971 (6) 5459552
yaltahtamouni@srtip.ae
SRTI Park Office LocationPO Box: 66636, Sharjah, UAE
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
