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Deutsche Bank and Jebel Ali free Zone (Jafza) has announced the signing of a memorandum of understanding (MoU) to support the Free Zone’s current and future clients.
Through this MoU, Deutsche Bank will be able to support Jafza’s clients with the arrangement of facilities and any other banking related services.
This includes assisting in the account opening process, providing access to Deutsche Bank’s international branch network, offering international trade and other risk mitigation solutions and producing online banking solutions for companies to manage their accounts in multiple countries.
Salma Ali Saif bin Hareb, CEO, Jafza and Economic Zones World. said: “Jafza prides itself in providing the highest level of services to its customers to help them expand their global reach. Our MoU will make Deutsche Bank’s premier banking facilities available to our customers and assist them with their banking requirements around the world. We are pleased to be associated with a global organization of Deutsche Bank’s status.”
Harold Leenen, regional head of global transaction banking for MEA at Deutsche Bank, said: “We are pleased to enter this MoU with Jebel Ali Free Zone. It is the beginning of a long-term partnership, which aims to provide a unique value proposition to Jafza’s multinational clients and support the expansion of the Free Zone's client franchise, especially into Africa and Asia-Pacific. At Deutsche Bank, we are committed to provide innovative and tangible services to our clients. We are proud to be recognized as a reliable partner, offering comprehensive product packages that meet individual client needs.”
Jafza, one of the world’s major free zones, was established in 1985. It is today home to over 7,300 companies, including more than 120 of the Global Fortune 500 enterprises from across the world. It is a major driver of the burgeoning UAE economy.