Commercial Bank of Dubai signs MoU with Hamriyah Free Zone Authority
The 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.
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.
Al 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.
As the preferred financial services provider, CBD is also tasked to help finance projects executed within the zone.
In addition, CBD is expected to provide full banking services which will include new accounts, e-services, financial arrangements, among others, in accordance with the rules and regulations of the UAE Central Bank.
A bundle of personal banking products designed for free zone employees will also be made available under the MoU.
“We are pleased to sign the MoU with the Hamriyah Free Zone Authority. We look forward to providing a wide range and comprehensive banking services to the growing base of companies operating in the zone,” said Al Nimer, noting that CBD had successfully adopted programs and services specifically tailored to meet the demands of free zone-based companies.
“We are looking forward to serve the companies that have chosen the Hamriyah Free Zone Authority as their headquarters for their operations,” he added.
“The solid recovery in Sharjah’s economy was simultaneously seen with the steady economic growth that the UAE posted in recent years. The number of new investors from all over the world dramatically increased in the emirates. This is being reflected as well in the sharp increase in the number of new businesses operating in or outside the free zones,” Al Nimer noted.
“The MoU embodies our commitment to always having an active role to support economic development in the UAE under its wise leadership,” he added.
Hamriyah Free Zone Authority in Sharjah offers a long list of incentives to investors and is well known for its strategic geographical location, state-of-the-art infrastructure, a vast space ideal for future expansion and proximity to the most active seaports in the area