The National Bank of Ras Al Khaimah (RAKBANK) signed a Memorandum of Understanding (MoU) to form a Strategic Alliance with Jebel Ali Free Zone (Jafza), the trade and logistics hub of the UAE. This partnership aligns with both the organizations’ strategy of supporting SMEs and further developing a sustainable economy.
As part of the agreement, RAKBANK will offer SMEs that operate in Jafza instant access to the Bank’s solutions and services. 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. As for financing, 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.
Jafza is the largest free zone in the region for trade and logistics and home to a dynamic base of entrepreneurs and large corporates which benefit from Jebel Ali’s unrivalled logistics infrastructure and services. The cooperation with RAKBANK and Jafza further enhances Jafza’s integrated ecosystem for companies to establish and grow their activities with all the support required delivered directly to them through the digital channels. SMEs in Jafza will also benefit from RAKBANK's deep understanding of SME requirements and sophisticated data analytics to support SME’s banking needs.
The MoU will facilitate businesses in Jafza to enjoy a 100% digital and fast account opening process with RAKBANK and have access to additional essential banking services.
Commenting on the partnership, 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. At the same time, Jafza witnessed robust new customer growth of nearly 40 per cent year-on-year in H1 2021. 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.”
For his part, Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, commented: “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”.
The MOU comes at a time when the UAE economy is accelerating growth as the world recovers from the impacts of the pandemic.