Ras Al Khaimah Economic Zone (RAKEZ) and RAKBANK, two of Ras Al Khaimah’s largest home-grown entities, have signed a Memorandum of Understanding (MoU) to offer the economic zone’s over 13,000 clients easy access to a wide range of banking services at preferential terms.

The signing ceremony was held at RAKEZ headquarters in Ras Al Khaimah in the presence of Ramy Jallad, Group CEO of RAKEZ, RAK Free Trade Zone and RAK Investment Authority, and Peter England, RAKBANK CEO.

“Since day one, our guiding principle at RAKEZ has always been ‘customers come first’. We place them and their growth at the heart of everything that we do, and this partnership with RAKBANK is a not only a big milestone but a great testament to this journey,” Jallad said. “With our collaboration with RAKBANK, we will be providing RAKEZ companies a wide range of banking solutions at exclusive rates and with short turnaround time for applications, reflecting our commitment to offering simplified and fast-track processes to our investors. This is just one of the many partnerships that we are going to sign with government entities in Ras Al Khaimah, as part of an overall drive to create a customer-centric and nurturing ecosystem for investors.”

Peter England, RAKBANK CEO, said: “In the context of building Ras Al Khaimah’s economy, the decision to go ahead with the agreement is in line with our strategy to refocus our efforts in our home emirate where we have identified several growth opportunities. We are delighted to have partnered with RAKEZ to make it all possible and this agreement will help enhance the economic environment of the emirate.”

Applications to RAKBANK’s services will be accepted in various RAKEZ locations through special RAKBANK kiosks dedicated for RAKEZ clients.

 

About Ras Al Khaimah Economic Zone (RAKEZ):

Ras Al Khaimah Economic Zone (RAKEZ) is an authority established by the government of Ras Al Khaimah to oversee, regulate and consolidate the services, facilities and zones of Ras Al Khaimah Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA), and serves their respective clients. Established in 2017, RAKEZ builds on 17 years of consistent value generation by RAK FTZ and RAKIA.

RAKEZ offers its clients easy access to local markets of the UAE, in addition to growing markets of the Middle East, North Africa, Europe, and South and Central Asia.

The authority offers free zone and non-free zone licences through RAK FTZ and RAKIA for companies operating in diverse industry sectors including, manufacturing, consulting, trading, logistics, academic, media and many more.

RAKEZ currently hosts over 13,000 companies from entrepreneurs and startups to SMEs and manufacturers covering over 50 industries from over 100 countries. Through its five specialised zones including RAKEZ Business Zone, Al Hamra Industrial Zone, Al Ghail Industrial Zone, Al Hulaila Industrial Zone and RAKEZ Academic Zone, it offers a wide range of customisable and cost-effective solutions for existing clients and potential investors. All clients have access to three local offices in Ras Al Khaimah, Dubai and Abu Dhabi, and international offices in India, Turkey and Germany.

A leading economic zone, RAKEZ, aims to continue attracting diversified investment opportunities that will contribute to the economic growth of Ras Al Khaimah.

 

About RAKBANK

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX).

 

Source: Ras Al Khaimah Economic Zone (RAKEZ)