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CBD inks MoU with Hamriyah Free Zone

CBD inks MoU with Hamriyah Free Zone
CBD
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Commercial Bank of Dubai and Hamriyah Free Zone Authority in Sharjah signed a Memorandum of Understanding aimed at further boosting trade and commercial activities in the zone and the UAE economy in general, according to Emirates 24/7.

Dr. Rashid Al Leem, Director General Sharjah Department of Seaports & Customs and Sharjah Free Zones Authority, and CBD Deputy General Manager-Head of Commercial Banking Abdul Rahim Abdul Aziz Al Nimer, signed the MoU, which essentially endorses the bank to set up offices and officially finance projects within the zone.

“We are delighted to sign the Memorandum of Understanding with CBD, which is one of the most prominent and leading national banks in the UAE. The signing of the memorandum is simultaneous with the Hamriyah Free Zone Authority stepping into a new phase of growth and development,” Al Leem said.

CBD’s banking services and solutions will contribute to the growth and expansion of established companies within the zone. It will also support the vital role played by the Hamriyah Free Zone Authority in Sharjah in strengthening the economic growth in the country, especially in the fields of trade, industry and services,” he added.

l Leem said the Hamriyah Free Zone Authority has seen such tremendous growth since its inception in 1995 that it is now regarded as one of the fastest growing free zones in the Middle East.

Under the agreement, CBD will provide banking services to companies based in the zone, as well as to firms that have yet to establish their operations in the area.

s the preferred financial services provider, CBD is also tasked to help finance projects executed within the zone.