The National Bank of Ras Al Khaimah (RAKBANK) signed a Memorandum of Understanding (MoU) to form a Strategic Alliance with one of the leading investment destinations in the country, Ajman Free Zone. The signed MoU is in line with both the organization’s strategy of supporting SMEs and further developing a sustainable economy.
As part of the deal, RAKBANK will offer SMEs and larger businesses that are based in the Ajman Free Zone easy and direct access to account opening services, loans, credit facilities, and other banking solutions. Among the products offered to Ajman Free Zone clients are the RAKstarter account, Business Current Account, as well as the priority service banking at preferential pricing called RAKelite Business. As for the financing products the Bank will offer Business loans, Point of Sale financing, Term and Working Capital financing, Real Estate financing, Asset based financing, as well as Cash Management services. By working closely together, startups and businesses based in the Ajman Free Zone will benefit from the combined capabilities of RAKBANK's deep understanding of SME requirements, sophisticated data analytics to support SME needs as well as digital prowess, and Ajman Free Zone’s best-in-class expertise pertaining to setting up a business and know-hows in customizing high-quality, tailored solutions for all clients to set up a sustainable business model.
As a result, eco-friendly industrial spaces have grown in numbers over the years, enabling logistics companies to operate their facilities with the least environmental impact. At Ajman Free Zone alone, world-class sustainable warehouses located in its 9,070-square-meter green zone are now serving the needs of local, regional, and global logistics businesses of today. Within this AED 36-million green project are 82 multipurpose units and service blocks.
Commenting on the partnership H.E. Eng. Ali AlSuwaidi, Director General of Ajman Free Zone, remarked: “We commend RAKBANK for its proactive efforts to help empower SMEs and large businesses. SMEs play a significant role in driving social and economic development of the country and Ajman Free Zone is committed to supporting them through strategic partnerships that facilitate their business operations. Through this MoU, we hope to bring key incentives and affordable financing solutions to the Ajman Free Zone business community, which reflects our shared commitment to advance SMEs’ aspirations to grow their business.”
For his part, Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, said: ““We are pleased to have partnered with Ajman Free Zone, as the MoU ultimately means providing Ajman based SMEs with the financial support they need to grow in today’s challenging economic situation. This signing reaffirms the Bank’s commitment to offer SMEs simple and convenient banking solutions that better suit their needs.”
The agreement was signed by H.E. Eng. Ali AlSuwaidi, Director General of Ajman Free Zone and Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK.
RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 27 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX)