The National Bank of Ras Al Khaimah (RAKBANK) has signed an agreement to form a strategic alliance with Ajman Free Zone, under which RAKBANK will offer SMEs and larger businesses that are based in the Ajman Free Zone easy and direct access to account opening services, loans, credit facilities, and other banking solutions.
The signed MoU is in line with both the organisations’ strategy of supporting SMEs and further developing a sustainable economy.
Among the products offered to Ajman Free Zone clients are the RAKstarter account, Business Current Account, as well as the priority service banking at preferential pricing called RAKelite Business. As for the financing products, the bank will offer business loans, point of sale financing, term and working capital financing, real estate financing, asset based financing, as well as cash management services.
By working closely together, startups and businesses based in the Ajman Free Zone will benefit from the combined capabilities of RAKBANK’s understanding of SME requirements, sophisticated data analytics to support SME’s needs as well as digital prowess, and Ajman Free Zone’s expertise pertaining to setting up a business and know-how in customising high-quality, tailored solutions for all clients to set up a sustainable business model.
The agreement was signed by Ali AlSuwaidi, Director General of Ajman Free Zone and Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK.
Commenting on the partnership, AlSuwaidi said: “We commend RAKBANK for its proactive efforts to help empower SMEs and large businesses.
“SMEs play a significant role in driving 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.”
Kunwar added: “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.”
