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Bank of Baroda UAE and Meydan Free Zone sign deal to boost support for SMEs

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Mohammed bin Humaidan and Jagdish Tungaria shaking hands after signing the agreement. — Supplied photo

Mohammed bin Humaidan and Jagdish Tungaria shaking hands after signing the agreement. — Supplied photo

Bank of Baroda UAE has signed a memorandum of understanding (MoU) with Meydan Free Zone, one of the world’s largest digital free zones for business setup services in Dubai.

Published: Fri 1 Nov 2024, 10:40 AM

This partnership aims to bolster support for SMEs, enabling them to thrive in Dubai thus marking a significant milestone in the sector. The collaboration underscores both organisations’ commitment to empowering SMEs in the UAE and fostering sustainable economic growth.


The MoU was signed on October 7, 2024 by Jagdish Tungaria, chief executive, Bank of Baroda, GCC Operations; and Mohammed bin Humaidan, director of Leasing and Licensing at Meydan Free Zone, during a ceremony at the Meydan Free Zone.

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, 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 and 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 automated teller machines (ATMs) in the UAE.

Moreover, 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.



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