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RAK Bank signs deal with Ajman Freezone to boost SME financing

The National Bank of Ras Al Khaimah (RAKBANK) has signed a Memorandum of Understanding (MoU) to develop a Strategic Alliance with Ajman Free Zone, one of the country's premier investment destinations. The inked Memorandum of Understanding is in accordance with both organizations’ strategies of promoting SMEs and developing a more sustainable economy.

RAKBANK will provide SMEs and larger firms in the Ajman Free Zone with quick and direct access to account opening services, loans, credit facilities, and other banking solutions as part of the agreement. The RAK starter account, Business Current Account, and RAKBANK Business Elite, which provides priority service banking at preferential pricing, are among the products available to Ajman Free Zone customers. The Bank will provide Business loans, Point of Sale financing, Term and Working Capital finance, Real Estate financing, Asset-based financing, and Cash Management services, among other financing products.

By collaborating closely, startups and businesses 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, and digital prowess, as well as Ajman Free Zone's best-in-class expertise in business setup and know-how in customizing high-quality, tailored solutions.

The contributions of SMEs in the region were recognized by Ali Al Suwaidi, Director General of the Ajman Free Zone, who stated that they “play a significant role in driving social and economic development of the country, and [the free zone] is committed to supporting them through strategic partnerships that facilitate their business operations.”

“We intend to deliver key benefits and cheap financing options to the Ajman Free Zone business community through this MOU,” he stated.

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