Ajman Free Zone Authority today signed a memorandum of understanding (MOU) with Ajman Bank, the Emirate's first Islamic commercial bank.  The agreement, outlining co-operation and the exchange of services and investment opportunities, aims to attract other companies to Ajman, boosting investment activities, supporting the local economy, and strengthening the emirate's position as an international business centre. Establishing clear channels for the exchange of experience and knowledge, the MOU is set to deepen the two Ajman-based organizations' common interests, benefiting the emirate in terms of trade, investment and improving the current business climate.

 

The signing ceremony for the landmark agreement took place at the free zone headquarters in Ajman between His Excellency Sheikh Mohammed Bin Abdullah Al Nuaimi, Director General of the Ajman Department of Ports and Customs, Ajman Free Zone Authority and Ali Essa Al Shaqoosh Al Muen, the recently appointed Acting CEO of Ajman Bank. The terms of the agreement will ensure a full review of services being provided to employees of the Freezone by the Bank in addition to the allocation of a place to install an Ajman Bank ATM machine.

 

Sheikh Mohammad Bin Abdullah Al Nuaimi, Director General of Ajman Port and Customs and Free Zone Authority, has confirmed that the joint economic and development efforts resulted from a dire need to enhance performance of Ajman's business sector, indicating to the good outcome achieved by a large number of economic service sectors targeting investors, businessmen and individuals, and involving medium and large industries.

 

Sheikh Al Nuaimi explained that the Ajman Free Zone Authority (AFZA), by signing this agreement will be offering new financial services facilities for its customers. The AFZA confirms that it will make continuous efforts to offer its investors and clients the best services possible in respect of transactions and financial facilities.  In particular the AFZA is going ahead with implementing its policy for flexible transactions and procedures. The AFZA furthermore, offers the best service for investors, according to the directives of His Highness Sheikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council, and Ajman Ruler, and Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank to focus on the economic development and adopt the policies that place the UAE in line with the advanced countries.

 

Sheikh Al Nuaimi said that the agreement aims at promoting different investment opportunities in the AFZA. It also shed light on the big role the AFZA plays to provide suitable environment for commercial, industrial and service investments, and reinforces principles of economic partnership with local sectors, which support service closely related to public.

 

Sheikh Al Nuaimi indicated that the AFZA enjoys an advanced infrastructure that provides the ideal atmosphere for the companies operating in the Emirate, as well as offering integrated services for companies enabling easy access to international markets.

 

He indicated that the AFZA is always seeking to create opportunities and programmes  to attract  as much capital and investors as possible into the free zone, noting that the zone will witness increasing growth, and lure more commercial and services companies in the upcoming period as soon as the marketing and development plan to attract investment is implemented.

 

The signing of this joint agreement, which is considered part of the emirate efforts to establish strategic partnerships within the effective and successful economic sectors, indicating that the agreement is authentication of the good relationship between the zone and Ajman Bank, which continues to play a vital role in the short time.

 

Sheikh Al Nuaimi added "We are confident that the bank will be the ideal partner in our efforts to offer more services and infrastructures", said Sheikh Abdullah, adding that, "the joint action will help creating radical development in the area of services promotion, to offer our clients more convenience and suitability".

 

The MOU extends to include the mutual distribution of free zone and Bank products information and materials and the possibility of the use of the display area of customer service branches of both parties to present areas of cooperation and services during customer waiting periods. There is also the further possibility of promotion through all the different forms of communication, including both websites.

For his part, Acting CEO of Ajman Bank, Ali Essa Al Shaqoosh Al Muen said: "We are honored to have established this collaborative agreement with the Ajman Free Zone Authority as we are committed to achieving a sustainable partnership, ensuring that local investments are in line with Ajman's aspirations to become a key destination for investors. It will also contribute significantly to our ability to reach out to Ajman's most strategic locations, taking advantage of the features and facilities provided by the free zone and to provide the optimal investment climate for them." 

Ali Essa Al Shaqoosh Al Muen added: "The objective of the agreement is to promote the various investment opportunities in Ajman free zone and to cement Ajman Bank's role in providing a suitable environment for business investment. In addition to offering the most supportive climate for investors with the emirate of Ajman, the agreement will create opportunities for the development of collaborative working environments and enable the Bank to take advantage of Ajman's current economic position as a region of increasing significance. "