Commercial Bank of Dubai inks Partnership Agreement with Jafza

To provide banking services to their license holders

  
Commercial Bank of Dubai inks Partnership Agreement with Jafza

Dubai, : Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, has recently inked a partnership agreement with Jebel Ali Free Zone (Jafza), the leading trade and logistics hub of DP World to boost entrepreneurship and support business owners.

The partnership will enable Jafza trade license holders to avail CBD’s banking products and services, including exclusive digital business accounts which can be opened instantly with attractive features such as zero balance, choice of six account currency denominations and a wide range of exclusive services tailored for all business needs.

The agreement was signed by Amit Malhotra, General Manager – Personal Banking Group of Commercial Bank of Dubai and Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE at Jafza One.

Amit Malhotra, General Manager – Personal Banking Group of Commercial Bank of Dubai, said: “We are pleased to partner with Jafza in line with our commitment to support businesses in the UAE. Through this partnership, existing and new SME Jafza trade license holders, will get access to innovative digital banking services backed by exceptional customer service, to fulfill all their financial and business requirements. This agreement will enhance the ease of doing business, facilitating easy access to financial services for SMEs and support the UAE’s goals to build a robust knowledge-based economy and contributing to the growth of the national economy”.

Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE, said: “As an organisation that promotes the UAE leadership’s ambition of developing SMEs, we have always been committed to supporting new start-ups. With the ongoing Expo 2020 Dubai that is enabling numerous partnerships and opportunities, this has become more

important. Apart fromemploying a large part of the private sector workforce, SMEs are a key pillar of the national economy and vital for its diversification. The sector is a major contributor to the UAE’s non-oil GDP, which is projected to increase by 3.8 per cent in 2021 and 3.9 per cent in 2022.

Our strategic partnership with the Commercial Bank of Dubai will further enhance this growth by providing SMEs with a range of innovative digital banking solutions that will help them to process their finances efficiently.”

The partnership agreement with Jafza is the latest in a series of partnerships that CBD continues to forge as it aims to support the SME ecosystem through its partnerships with Dubai Economy, DMCC, Emirates Development Bank etc.

-Ends- 

About Commercial Bank of Dubai:

Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is mostly owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services. 

For additional information, contact Mr. Sandeep Poduval Shivram, Head of Corporate Communications, Commercial Bank of Dubai on 04 – 2121899 or sandeep.poduval@cbd.ae 

About Jebel Ali Free Zone (Jafza)

Jafza is one of the world’s leading free trade zones and is home to over 8,700 multinational companies. Jafza accounts for 23.9% of total FDI (Foreign Direct Investment) flow ‎into Dubai, sustaining the employment of more than 135,000 people in the United Arab Emirates. In 2020, Jafza generated trade worth $104.2 billion.

Strategically located at the crossroads of a region providing market access to over 3.5 billion people, Jebel Ali Port and Free Zone create an integrated multi-modal hub offering sea, air, and land connectivity, complemented by extensive logistics facilities. ‎The Port and Free Zone contributed 33.4% of Dubai’s GDP in 2017.

Jafza is the leading business hub between Asia, Europe, and Africa, connecting some of the fastest-growing manufacturing and consumer markets globally. With over 30 years’ experience, Jafza focuses on long-term customer relationships, building alliances with global investors and providing world-class infrastructure and support. In addition to quality-driven value-added services and incentives, Jafza is a business opportunity enabler, offering its customers easy and efficient access to substantial business opportunities in the region.

For media queries, please contact:
Noel David Francis
Executive - PR & Media
Communications
DP World UAE
T: +971 4 8897739
Noel.Francis@dpworld.com 

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