UAQ Free Trade Zone signs MoU with National Bank of Umm Al Quwain

Enhanced banking credibility and convenient banking operations to help UAQ Free Trade Zone members from the SME sector

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 bank offers a comprehensive and versatile suite of products and services for building the capabilities of SMEs, startups and large businesses in the UAE.

The key takeaway from this association would be that these corporate accounts will be offered to all entities registered with UAQ FTZ 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 FTZ to provide a platform for all SMEs registered with UAQ FTZ. Emphasising 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 FTZ that will bolster businesses and amplify more economic activities.”

NBQ is reputed for its impeccable customer service and ease of operations. The alliance will facilitate affordably and accommodating banking solutions for companies who are setting up their businesses in the free zone with special account packages. The MoU also includes extended services such as personal accounts, SME loans, Credit Cards, Multicurrency Prepaid Card, Personal Loans, Mortgage Loans and Auto Loans.

“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.

NBQ is engaged in providing retail and corporate banking services through a network of 12 branches in the UAE. The bank carries out Islamic banking operations through the Islamic banking window established in 2005 across its branch network. The bank maintains consistently high capital adequacy and liquidity ratios which demonstrate the financial resilience developed through robust corporate governance and financial disciplines.

Just 30 minutes from Dubai, UAQ FTZ is a fast-growing logistics and business hub in the MENA region offering more than 20 million sq ft of premium land for business operations with 8,000+ companies and investors across 150 nationalities. The key benefits include a strategic location that gives access to MENA, Asian and European markets, 100 per cent foreign ownership, 100 per cent repatriation of capital and profits, zero currency restrictions, 100 per cent import and export tax exemption within the free zone, simple and fast registration process, excellent customer support, no restrictions on hiring foreign employees, and modern and investor-friendly rules and regulations.

Source: Khaleej Times