Dubai – The award-winning Meydan Free Zone signed a Memorandum of Understanding (MoU) for a strategic partnership with the National Bank of Ras Al Khaimah (RAKBANK). The MoU aligns with the organizations’ strategy of supporting SMEs and further developing a sustainable economy.

As part of the agreement, Meydan Free Zone businesses and SMEs will now have easy and direct access to account opening services, loans, lines of credit, and other banking solutions from RAKBANK. 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. The partnership will empower Meydan Free Zone businesses to have access to all types of facilities and services that will contribute to their holistic growth.

The ink was exchanged between Hamed Ahli, Head of Meydan Free Zone, and Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, at a ceremony at the Meydan Hotel in Dubai.

Commenting on the partnership Hamed Ahli, Head of Meydan Free Zone, said: "We are delighted to have signed a Memorandum of Understanding with RAKBANK at a time when Meydan Free Zone's entrepreneurial activity is at an astronomical level. The MoU reaffirms our commitment to supporting SMEs in their growth aspirations by expanding their options for bank account opening and competitive financing options. Our diverse clientele will benefit from this strategic alliance, as they can easily access tailored banking products and services from RAK Bank. Moreover, this partnership aligns with the Meydan Free Zone's strategy of strengthening SMEs and developing a sustainable economy."

From his part, Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, said: “The collaboration with Meydan Free Zone is a natural next step in how RAKBANK seeks to constantly provide SMEs with the financial solutions and digital services they need. Our vision is to further support startups and championing entrepreneurship locally. Through this MoU, we hope to bring key incentives and affordable financing solutions to the Meydan Free Zone business community, which reflects our integral role as one of the leading SME banks in the country.” 

 The alliance is expected to create synergies between the two organizations, enabling them to leverage their respective strengths and expertise to benefit SMEs in the region. 


About Meydan Free Zone

Meydan Free Zone ranks among the world's largest and most advanced Digital Free Zones. With its strategic location 15 minutes from Dubai International Airport, addressed at the luxurious Meydan Hotel, the award-winning 360-degree platform of the free zone empowers entrepreneurs to successfully set up and grow businesses and ease operations through sophisticated strategies and technologies.

Feted as an exemplary Arabian thoroughbred, Meydan Free Zone delights in its aesthetic appeal to the swiftness of its services, and its infrastructure is impressive and innovative. Featuring an easy setup process, a tax-free environment, and 100% digital secure services that can be accessed anywhere through the custom-built platform and portal, it's a small wonder that this project is "racing" to success!

As the only 24/7 digital free zone, it is an entirely digitized environment, with all trade licenses and payments made through its secure customer portal. Built to cultivate a dynamic and connected ecosystem for entrepreneurs and innovators, Meydan Free Zone offers over 3500 business activities to help entrepreneurs and innovators grow and lead. With Meydan Free Zone's MoFA-approved business licenses accredited by the Dubai Chamber of Commerce, businesses can customize their licenses to suit their needs and open a bank account with over 26 local and international banks with a guaranteed IBAN. It also provides hassle-free, flexible options in business setup with a permit issued from Meydan free zone to legally work with mainland companies and open offices in the mainland. Also available at the Free Zone are services for obtaining customs codes, with custom clearing and forwarding from Dubai Customs and warehousing facilities from major players like DHL and Aramex. Additionally, Meydan Free Zone members have access to marketplace options where they can sell on Amazon, Noon, Carrefour, eBay, Etsy, Walmart and more than 30 local and international stores. Moreover, Through the payment gateway partners, businesses can accept payments and integrate them into the website, point-of-sale system, WhatsApp, Instagram and other social media platforms.

 Besides licensing and visas, the Meydan Free Zone also encompasses a broader community that aids everyday living. Entrepreneurs can live, work and play in a diverse urban environment featuring schools, clinics, restaurants, and parks, or take in exquisite news of the Meydan racecourse, do business on the golf course or strike a deal on the tennis court, among others. In addition, the members can enjoy unique benefits such as a panoramic workspace in a 5-star hotel with enviable racecourse views.

To empower the global ambitions of businesses, Meydan Free Zone will soon launch additional services and solutions to continue empowering and supporting Meydan Free Zone Partners, Licensed Companies, and entrepreneurs, creating an ecosystem that delivers all types of facilities, products, and services to ensure holistic growth.

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 decreased its lending in the traditional SME, Commercial, and Corporate segment in recent years. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via and