Dubai Chambers has signed a Memorandum of Understanding with Emirates Development Bank (EDB) to expand financial and business support for startups and small and medium-sized enterprises (SMEs) in the emirate.
The agreement will provide financing solutions for new and existing projects, including capital expenditure funding, while facilitating the establishment of new businesses through easier access to banking services. The partnership also aims to support Dubai’s competitiveness by offering tailored financial products to local companies and multinational firms.
As part of the collaboration, Dubai Chambers and EDB will explore joint initiatives that deliver value-added banking services, trade finance options for businesses seeking global growth, and customised solutions to meet the unique financial needs of SMEs. Preferential rates on bank account fees for Dubai Chamber of Commerce members are also under consideration.
Beyond financing, the two parties plan to cooperate on promotional roadshows and seminars, expanding opportunities for businesses to access resources and networks.
Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, said the partnership reinforces the commitment to creating a supportive business environment for startups and SMEs.
Shaker Zainal, Deputy CEO and Chief Business Officer of EDB, added that the bank will leverage its EDB 360 digital banking platform to simplify onboarding and enhance day-to-day operations for small businesses, while also broadening access to trade finance and growth-focused banking solutions.
News Source: Emirates News Agency
