Across the Middle East, countries have made bold plans to diversify and grow the economy, and a common thread is a need to nurture small and medium enterprises (SMEs) as an engine of long-term growth and economic diversity. To promote the sector in the UAE, Zand Bank and Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding.

For ADGM-licensed businesses, such as SMEs, virtual asset companies, funds, and corporations, the agreement will emphasize offering preferential banking services, including quick bank account establishment.

According to a media statement, ADGM and Zand Bank will create a capacity-building program to enhance knowledge sharing between staff members and potential clients through networking, training, and educational sessions involving various sectors and stakeholders.

According to the agreement, both parties will collaborate to promote employment opportunities for UAE citizens and provide specialized financial training programs, SME financing platforms, a fintech sandbox, and corporate innovation programs.

“SMEs exist as one of the main pillars of economic diversification in the UAE and Abu Dhabi. They are important contributors to ADGM’s vibrant ecosystem,” said Dhaher bin Dhaher Al Mheiri, CEO of ADGM.

“Enabling digital financial services through Zand bank in both the retail and corporate space for these SMEs is a testament to our continued efforts to support their growth and expansion in the global financial hub. We look forward to witnessing the long-term growth this impactful partnership presents to the ADGM community and the SMEs of the UAE,” Al Mheiri added.

Per the agreement, Zand Bank will designate a help desk to cater to the needs of ADGM personnel and entities.