Ras Al Khaimah: Ras Al Khaimah Economic Zone (RAKEZ) recently teamed up with RAKBANK to enhance the banking services available to its clients. This strategic collaboration aims to speed up bank account openings and provide more reliable and secure banking solutions, supporting RAKEZ’s mission to bridge the gap between its customers and financial institutions.

A Memorandum of Understanding (MoU) was signed by Ramy Jallad, Group CEO of RAKEZ, and Raheel Ahmed, Group CEO of RAKBANK, to enhance banking services for businesses in the economic zone. This partnership enables RAKEZ clients to quickly and conveniently open business bank accounts through sharing of verified e-KYC data between RAKEZ and RAKBANK through a blockchain platform hosted by Norbloc. This initiative aims to expedite the account opening process through simplification of documentation and effective referral management.

"Our partnership with RAKBANK is a strategic step towards enhancing the financial services available to our clients," said Jallad. "We are committed not just to facilitating business set-up but also to ensuring our clients receive continuous support post-setup, which accelerates their success. We focus on improving the customer journey, aiming to make every process quick and efficient. Collaborating with RAKBANK is a significant step forward in this effort, and we look forward to introducing more initiatives that will benefit our clients."

Raheel Ahmed, Group CEO of RAKBANK commented: “We are delighted to extend our partnership with RAKEZ which underscores our commitment to provide seamless and efficient banking solutions for businesses in Ras Al Khaimah. By leveraging innovative technologies such as blockchain and shared e-KYC data, we aim to enhance the banking experience for RAKEZ clients, ensuring an awesome customer experience. This collaboration not only simplifies the process of opening business accounts but also ensures enhanced security and reliability in financial transactions.”

This collaboration between RAKEZ and RAKBANK marks a significant advancement in supporting business growth in Ras Al Khaimah, promising a more streamlined and efficient environment for entrepreneurs and companies.


For more information, please contact: Cleo Eleazar, Public Relations & Events Manager, RAKEZ
Email: c.eleazar@rakez.com

About Ras Al Khaimah Economic Zone (RAKEZ):

RAKEZ is a powerhouse business and industrial hub established by the Government of Ras Al Khaimah in the United Arab Emirates. It currently hosts over 21,000 companies coming from over 100+ countries and operating in more than 50 industries.

RAKEZ offers entrepreneurs, startups, SMEs and manufacturers a wide-range of solutions, including free zone and non-free zone licences, customisable facilities, and first-class services provided in a one-stop shop. Furthermore, RAKEZ has specialised zones that are tailored to specific needs of investors: Al Nakheel and Al Hamra Business Zones for commercial and service companies; Al Ghail, Al Hamra and Al Hulaila Industrial Zones for manufacturers and industrialists; and an Academic Zone for educational providers.

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


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 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). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.