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Jafza partners with Al Masraf to facilitate SMEs' business activities

Jafza partners with Al Masraf to facilitate SMEs' business activities
The agreement is in line with DP World's objective

UAE - Mubasher: Jebel Ali Free Zone (Jafza) has entered into a Memorandum of Understanding (MoU) with Arab Bank for Investment and Foreign Trade (Al Masraf) to support business operations of small and medium-sized enterprises (SMEs) and other enterprises at Jafza.

The agreement is in line with DP World's objective to facilitate business activities of over 8,700 customers at the free zone and attract entrepreneurs across the world, according to a press release on Monday.

Hence, Jafza will benefit from the partnership in enabling SMEs to faster implement their financial processes, including account opening, financial documentation, and automation of the remediation process for its partners.

The Chief Operating Officer - Parks and Zones at DP World UAE, Ahmad Al Haddad, said: "The SMEs sector contributes to more than 53% of the UAE’s non-oil GDP. As per the Ministry of Finance, this figure is set to rise to 60% by end of 2021. We have countless success stories of SMEs that are now international companies with a global reach."

Meanwhile, the Acting – Chief Executive Officer at Al Masraf, Charles Doghlass, commented: "We believe that SMEs and startups are vital to the growth of the economy and enabling them to take advantage of premium financial services will simplify their operations and enhance their ease of doing business."