News

Masdar City, Mashreq Bank to boost UAE’s SME, start-up ecosystem

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4 years ago

March 11, 2022

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Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized Enterprises (SMEs) and start-ups based in the City. This will include easy access to NeoBiz, the bank’s first digital banking platform designed specifically for start-ups and SMEs.

The MoU was signed by Abdulla Balalaa, executive director of Masdar City, and Vikas Thapar, executive vice president, head of Business Banking & NeoBiz at Mashreq Bank, at an official ceremony this week.

Balalaa said, “Masdar City is currently home to more than 1,000 companies, including a wide range of innovation-focused SMEs and start-ups. Through this strategic collaboration with Mashreq Bank, companies in Masdar City will have direct access to the bank’s cutting-edge suite of specially designed services to facilitate the upscaling of their operations.

“The City is Abu Dhabi’s only planned and approved R&D cluster. To businesses, we offer a unique ecosystem of education, R&D, and innovation, that allows them to develop and thrive and supports Abu Dhabi’s position as a world-leading business destination. At Masdar City, we are shaping and incubating the sustainable industries of tomorrow, and we look forward to adding Mashreq Bank to our valuable list of partners.”

Thapar stated that the agreement will enable Mashreq Bank to increase customer acquisition while also raising awareness of the bank’s digital platforms.

“Our commitment to fostering the SME ecosystem and efforts to catalyse SME development led to the development of NeoBiz and its suite of specially designed services. Through this partnership, Masdar City-based businesses will reap the benefits of NeoBiz, Mashreq Bank’s first start-up/SME focused digital banking platform, giving them further opportunity to adapt and grow rapidly,” Thapar added.

Via its Free Zone, Masdar City already offers easy access to a range of vital business services and benefits, including registration, government relations, visa processing, 100 per cent foreign ownership; 0 per cent import tariffs; dual-licensing; a rapid set-up process; reduced tax footprint, highly cost-effective licensing and office space, and a pro-business environment, access to R&D partnerships, and the freedom of repatriation of both capital and profits.

The City is also home to a range of international organisations, including the International Renewable Energy Agency, the UAE Space Agency, the regional headquarters of Siemens Energy, G42 Healthcare, the Advanced Technology Research Council, and the world’s first university dedicated to artificial intelligence, the Mohamed bin Zayed University of Artificial Intelligence.

Related Topics:bank city masdar mashreq SME

Staff Reporter

Crime

Dubai sets up new committee to tackle misinformation and fake news

Published

3 hours ago

August 3, 2026

Michael Gomes

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Dubai is setting up a new committee to combat misinformation and fake news while strengthening clear, transparent communication about the emirate’s achievements.

The move follows a directive from Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council.

The new Dubai Media Narrative Committee will be chaired by Mona Ghanem Al Marri, Vice Chairperson and Managing Director of the Dubai Media Council.

The committee will shape Dubai’s official media narrative, define key communication priorities for government and private sector entities, and recommend policies and strategies to the Dubai Media Council for approval and implementation.

Sheikh Ahmed said a strong and credible media narrative has become an essential part of Dubai’s development journey, adding that the emirate’s creative and intellectual talent provides a solid foundation for telling Dubai’s story in line with the leadership’s vision.

The initiative aims to ensure accurate communication, counter false information and reinforce public confidence through a unified and transparent approach.

Food

Abu Dhabi to ban junk food from supermarket checkouts and entrances

Published

3 days ago

July 31, 2026

Michael Gomes

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Shoppers in Abu Dhabi will soon see fewer chocolates, crisps, sugary drinks and other unhealthy snacks at supermarket entrances, checkout counters and other high-visibility locations under a new policy aimed at encouraging healthier eating habits.

From January 1, 2027, supermarkets larger than 4,000 square feet and online grocery platforms will no longer be allowed to prominently display food and drinks classified as high in fat, salt and sugar (HFSS) under the Abu Dhabi Public Health Centre’s SEHHI nutrition classification system.

The initiative, led by Healthy Living in collaboration with the Abu Dhabi Registration Authority (ADRA) and supported by several government entities, is designed to make healthier choices easier without restricting what people can buy.

Under the new rules, HFSS products cannot be displayed at store entrances, end-of-aisle promotions or checkout areas. Online retailers must also remove these products from homepage promotions, search recommendations, pop-up advertisements and checkout pages.

Authorities stressed that the products are not being banned. They will remain available in their usual aisles, allowing shoppers to purchase them while reducing impulse buying driven by prominent placement.

Officials said the policy is based on behavioural science and international best practices to create shopping environments that naturally encourage healthier decisions.

Retailers across Abu Dhabi are preparing for the changes ahead of the mandatory deadline, with some stores already implementing the new placement standards across their stores in the emirate.

The initiative forms part of Abu Dhabi’s wider preventive health strategy, which focuses on reducing lifestyle-related diseases by embedding healthier choices into everyday life.

Announcements

August fuel rates announced: UAE petrol prices go up

Published

3 days ago

July 31, 2026

Michael Gomes

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UAE motorists will pay more at the pump from Saturday after the UAE Fuel Price Committee announced higher petrol and diesel prices for August 2026.

The revised rates, which take effect from August 1, are:

Super 98: Dh3.60 per litre (up from Dh3.40)
Special 95: Dh3.49 per litre (up from Dh3.29)
E-Plus 91: Dh3.41 per litre (up from Dh3.21)
Diesel: Dh3.80 per litre (up from Dh3.60)

The increase reverses July’s price reduction and comes after volatility in global oil markets during the past month.

The UAE Fuel Price Committee reviews retail fuel prices at the end of each month, with rates determined in line with movements in international oil markets.

The new prices will remain in effect throughout August 2026.