Masdar City, Mashreq join forces to support start-ups and SMEs

ABU DHABI / WAM

Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small
and Medium-sized Enterprises (SMEs) and start-ups based in the City.
This will include easy access to NeoBiz, the bank’s first digital banking platform designed specifically for start-ups and SMEs. The MoU was signed by Abdulla Balalaa, Executive Director of Masdar City, and Vikas Thapar, Executive Vice President, Head of Business Banking & NeoBiz at Mashreq Bank, at an official ceremony.
Speaking on the occasion, Balalaa said, “Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups. Through this strategic collaboration with Mashreq Bank,
companies in Masdar City
will have direct access to the bank’s cutting-edge suite of specially designed services to facilitate the upscaling of their operations.”
“The City is Abu Dhabi’s only planned and approved R&D cluster. To businesses, we offer a unique ecosystem of education, R&D, and innovation, that allows them to develop and thrive and supports Abu Dhabi’s position as a world-leading business destination.
At Masdar City, we are shaping and incubating the sustainable industries of tomorrow, and
we look forward to adding Mashreq Bank to our valuable list of partners.”