Umm Al Quwain Free Trade Zone (UAQ FTZ) signed a strategic MoU with the National Bank of Umm Al Quwain (NBQ) to ease the corporate banking requirements of companies registered in UAQ FTZ forming a privileged circle of customers who can avail priority banking.

The key takeaway from this association would be that these corporate accounts will be offered to all entities registered with UAQ Free Trade Zone across all business activities and license types. Responsible financial services that include transactions, payments, savings and credit from NBQ will help these businesses build their credibility.

Adnan Al Awadhi, Chief Executive Officer, NBQ  signed the agreement with UAQ Free Zone to provide a platform for all SMEs registered with UAQ Free Trade Zone. Emphasizing the significance of the agreement, the CEO said, “In today’s current challenging economic conditions, SMEs can get financial support and access to avail simple and NBQ’s convenient banking solutions that better suit their needs such as easy access to account opening services, loans, credit facilities, trade finance services, etc. In the process, this arrangement will accelerate the growth of UAQ economy and also boost the expansion of further companies to register with UAQ Free Trade Zone that will bolster businesses and amplify more economic activities.”

“We believe our partnership with the reputed NBQ will support SMEs as we thrive on SME growth.  Stable and straightforward banking operations will help to sustain innovation, value creation and growth among the young and small firms who form the larger share of our membership base. We trust our alliance with NBQ is going to play a crucial role, as our SME members who are usually underserved in the market would experience priority banking. Helping businesses set up their operations in the UAE has always been our focus and this MoU would be a mark of our commitment to our members,” said Johnson George, General Manager of UAQ FTZ.