Dubai, UAE – Meydan Free Zone, the world's premier partner for 360-degree business setup services in Dubai, has entered into a Memorandum of Understanding (MoU) with Bank of Baroda, a leading financial institution in the UAE, to initiate a partnership focused on providing enhanced support for SMEs to thrive from Dubai. This collaboration represents a significant advancement in the sector and underscores the commitment of both organizations to empower small and medium enterprises (SMEs) and foster sustainable economic growth.

Under the MoU, Meydan Free Zone and Bank of Baroda will leverage their combined expertise to enhance the service offerings of Meydan Free Zone, catering to businesses both regionally and globally. This partnership will encompass a range of essential services, including banking solutions, financial support, regulatory guidance, and marketplace infrastructure. Clients will benefit from integrated solutions such as company setup, instant bank account opening, visa and residency support, customs codes, import and export services, e-commerce solutions, and digital payment gateways. Bank of Baroda will provide tailored financial services designed to meet the diverse needs of all enterprises, thus supporting their establishment and growth in Dubai.

Through this collaboration, both organizations aim to create a robust ecosystem that empowers SMEs and entrepreneurs, ultimately encouraging them to expand their operations from Dubai and contribute to a more sustainable economy.

The MoU was signed during a ceremony at the Meydan Free Zone.

"We are excited to embark on this transformative partnership with Bank of Baroda," said Mohammed Bin Humaidan, Director of Leasing and Licensing at Meydan Free Zone. "This collaboration allows us to combine our strengths and create a supportive environment that enables SMEs to flourish, promoting sustainability and driving economic development. Together, we aim to generate new opportunities and elevate the overall business landscape in the region."

In response, Jagdish Tungaria, Chief Executive-Bank of Baroda, GCC Operations, stated: “At Bank of Baroda, we are committed to supporting the financial needs of the business community in the region. Our partnership with Meydan Free Zone will enable us to provide SMEs with an array of financial products and services tailored to their unique needs, fostering their growth and contributing to the dynamic economy of Dubai.”

The partnership between Meydan Free Zone and Bank of Baroda is set to cultivate a thriving business ecosystem, empowering SMEs and promoting long-term growth.

About Bank of Baroda

Established in 1908, Bank of Baroda is one of the largest public sector banks in India and is present in the UAE for more than 50 years. The Bank has a wide network across Dubai, Deira, Sharjah, Abu Dhabi and Ras-Al-Khaimah and operates in the UAE as the only Indian Bank offering comprehensive banking solutions which include Current Accounts, Attractive Deposit schemes, SME & Corporate Finance, syndicated loans, mortgages, trade finance & treasury products. The Bank also offers seamless and convenient digital services, including mobile banking, Internet Banking, Rapid Funds transfer to India and Bulk Cheque Deposit facility at select ATMs in the UAE.

About Meydan Free Zone

Meydan Free Zone ranks among the world's largest and most advanced Digital Free Zones. With its strategic location 15 minutes from Dubai International Airport, addressed at the luxurious Meydan Hotel, the award-winning 360-degree platform of the free zone empowers entrepreneurs to successfully set up and grow businesses and ease operations through sophisticated strategies and technologies.

Meydan Free Zone is renowned for its Arabian thoroughbred features - from its aesthetic appeal to the efficiency of its services and innovative infrastructure. With a hassle-free setup process, a tax-free environment, and 100% digital secure services accessible from anywhere through the custom-built platform and portal, it's a small wonder that this project is "racing" to success!

As the only 24/7 digital free zone in the UAE, it offers an entirely digitized environment, with all trade licenses and payments made through its secure customer portal. The ecosystem fosters connectivity and dynamism for entrepreneurs and innovators, offering over 3500 business activities to help entrepreneurs and innovators grow and lead. With Meydan Free Zone's MoFA-approved business licenses accredited by the Dubai Chamber of Commerce, businesses can customize their licenses to suit their needs and open a bank account with over 26 local and international banks with a guaranteed IBAN. Also available at the Free Zone are services for obtaining customs codes, with custom clearing and forwarding from Dubai Customs and warehousing facilities from major logistic players. Additionally, Meydan Free Zone members have access to marketplace options where they can sell online at more than 30 local and international e-commerce stores. Moreover, the payment gateway partners of Meydan Free Zone enable businesses to seamlessly accept payments and integrate them across websites, point-of-sale systems, and social media platforms like WhatsApp and Instagram.

In addition to the comprehensive licensing and visa services, Meydan Free Zone goes beyond business support, providing a diverse urban environment for everyday living. The Meydan community includes schools, clinics, restaurants, parks, and recreational facilities such as the Meydan racecourse, golf course, and tennis court. Members can enjoy panoramic workspaces with breathtaking racecourse views within a 5-star hotel.

To empower the global ambitions of businesses, Meydan Free Zone will soon launch additional services and solutions to continue empowering and supporting Meydan Free Zone Partners, Licensed Companies, and entrepreneurs, creating an ecosystem that delivers all types of facilities, products, and services to ensure holistic growth. Reach out to Meydan Free Zone through setup@meydanfz.ae or call 04 777 7222 today!

For inquiries, please contact:
Rania Abdelhamid
Marketing Associate
Email: rania@meydanfz.ae
Phone: +971 50 305 7951