Ajman Chamber and Ajman Bank officials during the signing ceremony.

The Ajman Chamber of Commerce and Industry (ACCI) signed a memorandum of cooperation (MoC) with the Ajman Bank to reinforce the cooperation between the two parties in order to serve the business community in the emirate and to support SMEs and innovative projects. In addition, it aims to support start-ups of citizens to develop their business.

The Ajman Chamber seeks through signing a memorandum of cooperation to launch the “Ajman Chamber Business Support Programme” to provide appropriate financing for citizen entrepreneurs after studying each project separately by a specialized team from the Chamber and Ajman Bank. The programme will also provide training and technical counseling to ensure business growth with a provision of a comprehensive feasibility study for each project.

The MoC was signed at the headquarters of the Ajman Chamber by Abdullah Al Muwaiji, Chairman of the Ajman Chamber, and Mohammed Amiri, CEO of the Ajman Bank.

The agreement stipulated the development of local investments by supporting Emirati entrepreneurs with the aim of diversifying and developing the local economy by providing financial support to SMEs. It also aims to strengthen the cooperation in studying projects and providing the necessary capabilities to promote and support start-ups, in addition to encouraging Emirati youth to engage in self-employment through providing meaningful opportunities that ensure their success.

The two parties agreed on the importance of having a joint work team from the Ajman Chamber and Ajman Bank to hold meetings, follow up the progress of work and set general frameworks to enhance the benefit of the existing projects and to attract citizens who wish to open new projects.

For his part, Al Muwaiji stressed the importance of the MoC, considering it a basis for launching initiatives that support business youth and owners of SMEs.

“This MoC strengthens the cooperation in providing financing solutions that encourage innovative project owners to start implementing their projects, which reflects the effective cooperation between the Ajman Chamber and the banking sector institutions in support of investment in the emirate,” he added.

He continued, “The launch of the Ajman Chamber’s Business Support Programme comes under the guidance of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and the follow-up of Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council, on the need to diversify the economic components of the emirate in a way that promotes the growth of projects owned by Emirati businessmen.”

Al Muwaiji further commended the cooperation between government departments concerned with economic affairs in Ajman in order to facilitate procedures and provide appropriate incentives.

In the meantime, Mohammed Amiri affirmed that Ajman Bank is keen to support entrepreneurship and to provide innovative financing solutions to the business community in the emirate in general and Emirati businessmen in particular. He also indicated that the bank’s team will work to provide advice and recommendations for young entrepreneurs wishing to develop and sustain their business, in addition to those who are looking for successful business in cooperation with the Ajman Chamber’s work team.

He thanked the Ajman Chamber for the effective cooperation to support the economic sector in the emirate, pointing out that Ajman Bank is keen to diversify its partnerships with the authorities concerned with economic affairs in Ajman in particular.

Abdullah Al Muwaiji and Mohammed Amiri exchanged shields and souvenirs at the conclusion of the signing of the MoC.

Among the attendees at the signing of the MoC from the Ajman Chamber were Salem bin Ahmed Al Nuaimi, Vice Chairman, Mohammad Ali Al Janahi, Executive Director of Promotion and Investment, and Jamila Kajoor, Director of National Business Development Department, and from the Ajman Bank were Abdulaziz Al Ali, Vice Chairman- Head of Government Relations and Escrow Accounts for Corporate Banking Services, Mohammad Yusuf bin Fadel, Regional Head of Companies in Ajman and the Northern Emirates, and Hani Sabry, Senior Vice Chairman - Head of the Investment Sector.

Abdullah Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry (ACCI), praised the directives of His Highness Sheikh Humaid Bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council, for implementing heritage tourism and economic projects that highlight the historic identity of the emirate and revive memories of the ancestors.

These projects provide various investment opportunities for Emirati businessmen in an environment that support growth of SMEs. This came during the visit of the Board of Directors (BoD) of the Ajman Chamber to the Ajman Heritage District, where the delegation was received by Dr Mohammad Bin Omair, Executive Director of the Infrastructure Development Sector at the Municipality and Planning Department in Ajman.