DP World’s leading trade and logistics hub Jebel Ali Free Zone (Jafza) signed a Memorandum of Understanding (MoU) with Arab Bank for Investment and Foreign Trade (Al Masraf) as part of its support to the business operations of SMEs and other licenced enterprises within Jafza.

The agreement strengthens DP World’s commitment to facilitate the business activities of more than 8,700 customers operating within the free zone, helping Jafza achieve its goal of empowering SMEs and attracting entrepreneurs from around the globe.

Abdulla Bin Damithan, CEO and Managing Director of DP World UAE and Jafza, and Charles Doghlass, Acting CEO of Al Masraf, signed the MoU in the presence of senior officials from both parties. Through this partnership, Jafza will enable SMEs to streamline their financial processes, such as account opening, financial documentation, and automation of the remediation process for its partners. The MoU will fully support Jafza and Al Masraf in the record-keeping of licenced businesses in the free zone.

Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE, said, “The SMEs sector contributes to more than 53 percent of the UAE’s non-oil GDP. As per the Ministry of Finance, this figure is set to rise to 60 percent by the end of 2021. We have countless success stories of SMEs that are now international companies with a global reach. To maintain our growth momentum and adhere to the national goals, we are committed to supporting new start-ups through our trade accelerators, business incubators and partnerships with financial institutions.”

Al Haddad added, “Our agreement comes at an important time as Expo 2020 Dubai, a gateway for many business opportunities for SMEs and start-ups has commenced successfully.”

Doghlass remarked, “In line with UAE government’s ambition to enhance the contribution and performance of the SME sector that represents 94 percent of the total number of companies operating in the country providing jobs to more than 86 percent of the private sector workforce, Al Masraf is proud to partner with DP World in its efforts to enhance the business setup and operations of SMEs within Jafza. We have been assigned as a Long-Term Issuer Default Rating (IDR) of ‘A’ in 2020 and 2021 by the leading global credit rating agency Fitch Ratings, and this achievement only demonstrates the bank’s resilience and efficiency.”

Jafza has over the years joined hands with several financial institutions, underpinning its business community that is one of the largest in the region.

Source: Emirates News Agency