DUQE Free Zone partners with Mashreq Bank to promote SME growth

By Gloria Methri

DUQE, the free zone on a ship in Dubai, has signed an agreement with Mashreq Bank to simplify the business bank account opening process for its customers. The alliance will enable DUQE Free Zone to offer its start-ups and entrepreneurs faster access to banking services.

The businesses under DUQE Free Zone will also benefit from various initiatives, including API integration and banking services through Mashreq’s digital business banking platform, NEOBiz.

Ports, Customs and Free Zone Corporation (PCFC) Investments CEO Saeed Al-Bannai signed the MoU with Rajeev Chalisgaonkar, Head of Business Banking and NEOBiz, Mashreq Bank.

Ghaith Al Daker, General Manager at DUQE, said, “It is always our goal to support the many founders, investors, and business owners under DUQE Free Zone in new and innovative ways. Through this partnership, we continue demonstrating our commitment to providing SMEs and entrepreneurs with ease at every step of their journey.”

Rajeev Chalisgaonkar, Head of Business Banking and NEOBiz, Mashreq Bank, said, “We are delighted to partner with DUQE in its efforts to stimulate the business environment in Dubai and boost the emirate’s competitiveness as a major business hub in the region. Complementing the various existing initiatives of DUQE, this MoU unlocks new financing potential for companies seeking to accelerate their growth in the country. Mashreq’s unique digital-only proposition, NEOBiz, will empower DUQE’s customer base comprising entrepreneurs and start-ups with a range of innovative products and services to develop new economic sectors that will ultimately support the growth and prosperity of Dubai and the rest of the UAE.”

DUQE said it is excited to add a new dimension to its integrated solutions by offering its budding entrepreneurs, freelancers, and digital nomads priority access to Mashreq’s banking services.