Facilitate the provision of commercial and deferred loans and point-of-sale financing
Cooperation provides Jafza companies with instant banking solutions from the National Bank of Ras Al Khaimah
The National Bank of Ras Al Khaimah has signed a Memorandum of Understanding to launch a strategic cooperation with the Jebel Ali Free Zone (Jafza), in line with the two institutions' strategy to support small and medium-sized companies and continue developing a sustainable economy.
He signed the agreement, which coincides with the great acceleration and growth witnessed by the national economy;
Driven by the recovery from the effects of the “Covid-19” pandemic globally, the Executive Director of Operations in the Business Parks and Free Zones of “DB World” Emirates, Ahmed Al-Haddad, and the General Manager of Business Banking Services at Ras Al Khaimah National Bank, Dheeraj Konwar.
Banking Services
As part of the agreement, RAKBANK will provide SMEs operating in Jafza with immediate access to banking solutions and services provided by the bank;
These include opening a RAKstarter account, setting up a business checking account, and priority access to RAKelite business banking services.
As for financing, the bank will facilitate the provision of commercial loans, point of sale financing, term loans, working capital financing for companies, in addition to providing real estate financing, asset-based financing, and cash management solutions services.
Jafza's cooperation with the National Bank of Ras Al Khaimah will enhance its integrated system for doing business, which helps companies to establish and develop their activities, and enhances their access to support directly through digital channels.
SMEs operating in Jafza will also be able to benefit from the team of experts in Ras Al Khaimah National, to understand and study their requirements, and from the bank's advanced capabilities in data analysis to support their banking needs.
Company incorporation
Ahmed Al-Haddad, Executive Director of Operations in Business Parks and Free Zones in the UAE, Ahmed Al-Haddad, said: “Our partnership with the National Bank of Ras Al-Khaimah begins at a very important stage, in which we are witnessing an unprecedented rise in the establishment of small and medium-sized companies in (Jafza). At the same time, economic indicators indicate the growth of the UAE economy;
We are also witnessing a steady increase in the number of new customers from companies registered with (Jafza) by nearly 40% on an annual basis in the first half of 2021.”
He continued, "This cooperation will contribute to strengthening the diverse customer base, which includes about 9,000 customers, who will be able to easily obtain the services of the National Bank of Ras Al Khaimah.
The agreement will also help enhance the competitive advantages in Dubai for doing business, by providing innovative solutions to overcome the main challenges facing businesses and companies globally.”
Corporate Support
For his part, General Manager of Business Banking at RAKBANK, Dheeraj Konwar, said that this cooperation is an automatic step in the bank's endeavors to strengthen the partnership with the Jebel Ali Free Zone.
He added: "We aim to provide small and medium-sized companies with the financial solutions and digital services that they constantly need, and this signature confirms the bank's commitment to providing easy and convenient banking services appropriately for the small and medium-sized companies sector, as a main pillar of the UAE economy."
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