UAE’s RAKEZ, CBD unite to offer banking products for free zone’s clients

By Amirtha P S, Desk Reporter
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Ras Al Khaimah Economic Zone (RAKEZ) has signed an agreement with the Commercial Bank of Dubai (CBD), one of the leading banks in UAE, to offer the free zone’s customers easy access to the bank’s products and services.

Under the collaboration agreement, RAKEZ clients will be able to conveniently and quickly open business bank accounts and get access to innovative financing solutions with personalized services through dedicated CBD relationship managers.

The Memorandum of Understanding (MoU) was signed by Mr. Ramy Jallad, Group CEO of RAKEZ, and Dr. Bernd van Linder, Chief Executive Officer of CBD.

Dr. Bernd van Linder
Dr. Bernd van Linder

“Startups and small and medium-sized enterprises (SME) are the backbones of our economy. The UAE Government has placed considerable emphasis on developing the SME ecosystem and boosting SMEs’ contribution to the UAE’s economy. We are proud to partner with RAKEZ and to back the ambitions of RAKEZ’s clients, by providing these businesses with the financial support they need to accelerate their growth. Our agreement will also make it easier to do business in Ras Al Khaimah and will facilitate convenient access to financial services for SMEs.”

Commenting on the MoU, Mr. Jallad remarked that, “We are glad to have entered yet another valuable partnership and this time with CBD, one of the most trusted banks in the country. As always, we center our efforts in elevating the customer journey for our clients. We aim to make everything quick and easy in every aspect, and adding CBD to our growing list of strategic partners is another leap towards this objective. We will surely be rolling out more initiatives for the benefit of our clients.”

Related: RAKBANK inks MoU with Jafza to provide banking services to SMEs