RAKBANK inks MoU with Jafza to provide banking services to SMEs

By Shilpa Annie Joseph, Official Reporter
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Ras Al-Khaimah-based leading financial institution National Bank of Ras Al Khaimah (RAKBANK) has entered into a strategic alliance with UAE’s leading trade and logistics hub Jebel Ali Free Zone (Jafza) in order to offer banking services for small and medium-sized enterprises (SMEs).

As part of the agreement, RAKBANK will provide SMEs operating in Jafza with immediate access to the Bank’s solutions and services. The MoU comes as the UAE economy accelerates its expansion as the world recovers from the pandemic’s effects.

The bank said in a statement that, “Among the products offered to SMEs in the free zone are the RAKstarter account, Business Current Account, and priority service banking with the RAKelite Business.” Further, the Bank will offer Business loans, Point of Sale financing, Term, and Working Capital financing, Real Estate financing, Asset-based financing, and Cash Management services.

The MoU will facilitate businesses in Jafza to enjoy a 100 percent digital and fast account opening process with RAKBANK and have access to additional essential banking services.

Dhiraj Kunwar
Managing Director
Business Banking RAKBANK

“The collaboration with Jafza is a natural next step in how RAKBANK seeks to enhance its collaboration with the prestigious free zone. We aim to constantly provide SMEs with the financial solutions and digital services they need. This signing reaffirms the Bank’s commitment to offering SMEs simple and convenient banking as they are the backbone of the UAE economy.”

Mr. Ahmad Al Haddad, Chief Operating Officer – Parks and Zones, DP World UAE said, “Our partnership with RAKBANK comes at a crucial time where SME formation is at an all-time high. The UAE economy is on a strong growth trajectory, as evidenced by key economic indicators.”

“This collaboration will benefit our diverse customer base of nearly 9,000 customers who can seamlessly access RAKBANK’s services. The agreement will also increase Dubai’s competitiveness by addressing a key pain point that global businesses have highlighted,” added Mr. Al Haddad.

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