IFZA, Dubai’s most dynamic free zone community, recently signed a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB), a leading financial institution in the UAE, to provide seamless support and innovative financial solutions to businesses within the IFZA ecosystem. The partnership reinforces a shared commitment of both parties to provide quick and convenient access to digital banking services and financial solutions, support entrepreneurs and foster economic growth in the UAE.

The MoU was signed during a ceremony held at the IFZA premises, attended by Jochen Knecht, CEO of IFZA and Amit Malhotra, Global Head of Retail Banking at ADIB. Under the agreement, companies incorporated within the IFZA ecosystem will gain access to ADIB’s banking services, including streamlined account opening processes, exclusive financing options, and personalized advisory support enabling them to thrive in UAE’s dynamic business environment.

Through this partnership, trade license holders within the IFZA community will have access to ADIB’s diverse range of business banking products and services. This includes a wide selection of business accounts packed with great features and benefits, as well as a complete suite of bespoke digital banking solutions that have been tailored to meet the unique needs of SMEs. By tapping into ADIB’s banking solutions, IFZA is reinforcing its commitment to becoming a one-stop solution for global entrepreneurs and investors.

Commenting on the partnership, IFZA CEO Jochen Knecht, said: “At IFZA, we have always focused on creating a supportive environment for businesses to grow. Our partnership with ADIB aligns with this vision of providing businesses with comprehensive financial solutions that meet the evolving needs of our partners and reflects our commitment to unlocking new opportunities for IFZA licensees. With this partnership, we aim to create a seamless ecosystem that supports entrepreneurs and investors in achieving their business goals.”

Commenting on the MoU, Amit Malhotra, Global Head of Retail Banking, commented: “At ADIB, we are committed to supporting the UAE’s entrepreneurial ecosystem by offering innovative and Sharia-compliant financial solutions tailored to the needs of businesses. This partnership with IFZA underscores our dedication to simplifying banking processes and empowering businesses with the tools they need to thrive. By combining our expertise in Islamic banking with IFZA’s dynamic Free Zone community, we aim to foster economic growth and create value for entrepreneurs and investors in the UAE.”

The partnership aims to streamline business processes for IFZA license holders by accelerating account setup and simplifying documentation requirements. It also offers customised financing solutions tailored to the unique needs of businesses, supported by dedicated teams providing strategic insights to navigate the financial landscape effectively.

According to IDnow and YouGov research, 76 per cent of UAE residents prefer an entirely digital bank account opening process, with that figure increasing to 85 per cent amongst higher income groups. As the UAE continues to attract global investors and entrepreneurs, such partnerships play a critical role in strengthening the country’s position as a leading business destination.

By combining IFZA’s robust Free Zone infrastructure with ADIB’s financial expertise, the collaboration aims to provide businesses with the tools they need to grow and succeed.Dubai, UAE – September 29 2025 – In line with the UAE’s recently introduced national campaign ‘“The Emirates: The Startup Capital of the World,” announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum; IFZA has announced the launch of the first cohort of Scale360, a program designed to equip founders with the tools, mentorship, and resources needed to scale their ventures into the UAE market and shape the next generation of entrepreneurial leaders.

Scale360, powered by IFZA in partnership with Plug and Play, reinforces the company’s commitment to empowering startups and attracting global innovation. The announcement follows the program’s first selection process that has attracted 136 applications from different sectors globally, with 56 technology startups being shortlisted and a final cohort of 17 ventures, spanning various areas within the tech sector, will soon be announced.

The shortlisted pool of candidates will gain access to expert guidance, and strategic support designed to accelerate their growth. The program begins on September 29, giving founders a fast-tracked pathway into the UAE market through a blend of licensing, mentorship, and direct connections with corporates, investors, and government partners.

The launch comes at a time of rapid expansion in the UAE’s startup ecosystem. In the first quarter of 2025 alone, UAE-based tech startups raised US$872 million in funding, an 865 percent year-on-year increase, with fintech, enterprise applications, and sustainability tech leading the charge. At the same time, Dubai recorded a 135 percent increase in new digital startups compared with Q1 2024, demonstrating the city’s growing appeal to founders and investors alike. Startups based in Dubai were responsible for 96% of the capital raised in the UAE during Q1 2025.

“The UAE’s vision to become the global entrepreneurship hub resonates deeply with our mission,” commented Julia Timms, Chief Commercial Officer at IFZA. “With the launch of Scale360, we are empowering ambitious founders to take their ideas further and faster. Our first cohort showcases a diverse range of startups from different industries, addressing some of the most pressing challenges faced by businesses today. By focusing on practical support, we’re helping startups with a seamless market entry and a powerful ecosystem that helps them grow.”

Over the course of three months, participating startups will gain hands-on support in establishing their operations, along with sector-specific mentorship and exposure at some of the UAE’s most important innovation platforms. Highlights of the program include immersion activities during GITEX Week from October 13 to 17, and a Demo Week in late November.

Unlike traditional accelerators, Scale360 operates as a no-cost, high-support program, combining IFZA’s streamlined business services and global network of more than 2500 professional partners, with Plug and Play’s proven track record of scouting and scaling startups worldwide. The result is a model designed not only to attract global talent but to keep them growing within the UAE’s innovation economy.

As the country’s non-oil sectors now account for more than 76 percent of GDP, initiatives like Scale360 are helping to translate economic diversification into entrepreneurial opportunity.