Commercial Bank Of Dubai Inks Partnership Agreement With Jafza To Provide Banking Services To Their License Holders

DUBAI, (UrduPoint / Pakistan Point News / WAM - 06th Dec, 2021) Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, has recently inked a partnership agreement with Jebel Ali Free Zone (Jafza), the leading trade and logistics hub of DP World to boost entrepreneurship and support business owners.

The partnership will enable Jafza trade license holders to avail CBD’s banking products and services, including exclusive digital business accounts which can be opened instantly with attractive features such as zero balance, choice of six account Currency denominations and a wide range of exclusive services tailored for all business needs.

The agreement was signed by Amit Malhotra, General Manager – Personal Banking Group of Commercial Bank of Dubai and Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE at Jafza One.

Amit Malhotra, General Manager – Personal Banking Group of Commercial Bank of Dubai, said: "We are pleased to partner with Jafza in line with our commitment to support businesses in the UAE. Through this partnership, existing and new SME Jafza trade license holders, will get access to innovative digital banking services backed by exceptional customer service, to fulfill all their financial and business requirements. This agreement will enhance the ease of doing business, facilitating easy access to financial services for SMEs and support the UAE’s goals to build a robust knowledge-based economy and contributing to the growth of the national economy.

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Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE, said: "As an organisation that promotes the UAE leadership’s ambition of developing SMEs, we have always been committed to supporting new start-ups. With the ongoing Expo 2020 Dubai that is enabling numerous partnerships and opportunities, this has become more important. Apart from employing a large part of the private sector workforce, SMEs are a key pillar of the national economy and vital for its diversification. The sector is a major contributor to the UAE’s non-oil GDP, which is projected to increase by 3.8 per cent in 2021 and 3.9 per cent in 2022.

''Our strategic partnership with the Commercial Bank of Dubai will further enhance this growth by providing SMEs with a range of innovative digital banking solutions that will help them to process their finances efficiently."

The partnership agreement with Jafza is the latest in a series of partnerships that CBD continues to forge as it aims to support the SME ecosystem through its partnerships with Dubai Economy, DMCC, Emirates Development Bank etc.