Dubai Chambers has signed a Memorandum of Understanding (MoU) with Emirates Development Bank (EDB) to enhance support for startups and small and medium-sized enterprises (SMEs) in the emirate.

The agreement focuses on broadening financing options for new and existing projects, including capital expenditure needs, while also making it easier for local and international firms to open bank accounts and establish businesses in Dubai.

Both entities will work together on initiatives designed to boost the competitiveness and growth of Dubai’s business community.

This includes developing tailored banking solutions for SMEs, exploring preferential rates on bank account fees for Dubai Chamber of Commerce members, and identifying opportunities to offer trade finance solutions for companies seeking international expansion.

The partnership also covers cooperation on value-added financial services, supporting business setup in Dubai for companies within EDB’s international network, and hosting seminars and promotional roadshows.

Commenting on the agreement, Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, said the MoU reflects ongoing efforts to create a supportive environment for businesses of all sizes, with a strong focus on startups and SMEs.

Shaker Zainal, Deputy CEO and Chief Business Officer of EDB, added that the bank will leverage its 360 digital banking platform to broaden access to financing, simplify onboarding, and provide trade finance and value-added services to help startups and SMEs grow.