RAKBANK unites with Ajman Free Zone to support SMEs

By Shilpa Annie Joseph, Official Reporter
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Ajman Free Zone
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Ras Al-Khaimah-based leading financial institution National Bank of Ras Al Khaimah (RAKBANK) has signed a Memorandum of Understanding (MoU) with Ajman Free Zone in order to develop a strategic relationship to promote SMEs.

As part of the agreement, RAKBANK will provide SMEs and larger businesses based in the Ajman Free Zone easy access to account opening services, loans, credit facilities, and other banking solutions.

According to the bank statement, it will also offer the RAKstarter account, Business Current Account, as well as the priority service banking at preferential pricing called RAKelite Business to customers of Ajman Free Zone.

Business loans, point of sale financing, term and working capital financing, real estate finance, asset-based financing, and cash management services are among the bank’s other financing products that will be offered to free zone customers.

Eng. Ali Bin Towaih Alsuwaidi
Eng. Ali Bin Towaih Alsuwaidi
Director General
Ajman Free Zone

“SMEs play a significant role in driving the 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.”

Mr. Dhiraj Kunwar, managing director of Business Banking at RAKBANK commented, “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.”

Related: Emirates Development Bank, RAKBANK join forces to support SMEs in UAE