Inauguration of United Arab Bank at Almas Tower, DMCC, Jumeirah Lakes Towers DMCC signs MoU with United Arab Bank • Celebrates with official opening of new branch in Almas Tower Dubai, UAE; 10 December 2013: DMCC (Dubai Multi Commodities Centre), the Government Authority dedicated to establishing Dubai as the global gateway for commodity trade and United Arab Bank (UAB), the fastest growing bank in the Middle East, have signed a Memorandum of Understanding (MoU) to facilitate the process of companies opening a bank account when setting up in the DMCC Free Zone. This agreement has been further strengthened today with the opening of a new UAB branch in DMCC's Almas Tower. The two parties have agreed to collaborate in creating a streamlined process where companies can register in the DMCC Free Zone and open a bank account simultaneously. The benefits of the streamlined process will be the reduction of the time spent by companies establishing themselves in the DMCC Free Zone, improved customer experience and the opportunity to cross-reference clients for both parties. Ahmed Bin Sulayem, Executive Chairman, DMCC said: "We continuously look at ways of improving efficiencies and enhancing the customer experience for DMCC member companies. Signing an MoU with the United Arab Bank further demonstrates our commitment to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the ultimate global hub for trade and enterprise, and our commitment to the regional and international business community by providing the products and services they require to succeed and progress in a business friendly environment." Tony B Graham, Executive Vice President -- Retail Banking, United Arab Bank, said: "We are delighted to work with like-minded partners for the benefit of our mutual customers. This collaboration enables us to offer a seamless customer experience for businesses and entrepreneurs seeking to set up businesses in the Emirates. Our MoU with the DMCC marks a significant milestone for the United Arab Bank as we continuously look to better serve our clients and expand our reach across all sectors." Today's MoU signing and ribbon cutting ceremonies marking the opening of United Arab Bank's new branch at Almas Tower, the tallest commercial tower in the Middle East, was attended by DMCC's Executive Chairman Ahmed Bin Sulayem, Tony Graham, Executive Vice President -- Retail Banking; Sreeram Subrimaniam, Senior Vice President - SME Banking, and Faisal Al-Najjar, Senior Vice President -- Retail Liabilities. With 66 mixed-use commercial and residential towers and over 220 retail outlets in operation, there are currently over 80,000 people working and living in the DMCC Free Zone. With over 7,700 member companies, an average of 200 companies choosing to join DMCC each month and a 94% retention rate, DMCC remains the UAE's largest and fastest growing free zone. United Arab Bank is the fastest growing bank in the Middle East and voted the "No.1 Domestic Retail Bank in the Middle East" by The Banker Middle East.

• published: 17 Dec 2013
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