The NBF Lite Bank Account launched by the National Bank of Fujairah (NBF) will cater to the needs of start-ups and small-and-medium enterprises (SMEs) operating in the country. With the benefit of catering to the needs of Flexi-desks and co-working businesses in select free zones, the Lite Account will also help start-ups with exclusive banking services to help build networks, connect with peers and competitors as well as identify growth opportunities in their areas.
“With business banking at its core, NBF aims to unlock emerging opportunities for startups and SMEs through tailored digital banking offerings and leverage the growth opportunities that lie in the UAE. The NBF Lite Bank Account is a testament to our commitment to building long-lasting partnerships with entrepreneurs and business owners,” said Rehan Ali, NBF’s head of business banking
This move comes following the launch of the ‘Ahlan’ SME account and the ‘OneStop’ business account by NBF last year, both tailored to SMEs. In addition, the bank has also launched a banking platform for SMEs called “NBF Connect” and an electronic trading platform – NBFX.
The rise of start-ups and entrepreneurs in the country can be highly attributed to an increase in Foreign Direct Investments (FDI) in the country. As per official data, Dubai attracted nearly 15.9 billion ($4.3 billion) in foreign direct investment (FDI) from 378 projects in the first nine months of 2021.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Emirate’s Executive Council, said, “Dubai has continued to introduce and implement initiatives that improve business confidence. As a result, global investors have placed their faith in Dubai’s business ecosystem, making it among the most attractive FDI locations in the world. In addition, initiatives such as full foreign ownership, an evolving visa administration, and the alignment of the workweek with global markets demonstrate Dubai and the UAE’s responsiveness to business needs.”
According to the Dubai FDI monitor data, FDI reinvestment projects accounted for 11% of the total FDI projects in the Emirate. Meanwhile, job creation due to GDI rose 36% as compared to 2020 in the first nine months of 2021, creating a total of 16,430 new jobs. During the period, the total number of FDI projects increased by 16%, of which as much as 58% of inbound FDI is in strategic sectors, and 52% is in greenfield projects.