Ras Al Khaimah, United Arab Emirates: Saud bin Saqr Establishment for Youth Enterprise Development signed a memorandum of understanding with Ruya Community Islamic Bank, the first digital Islamic bank in the UAE. The MoU aims to enhance banking services for the business community, which will contribute to supporting the expansion of the Establishment’s member companies at both the local level within the Emirate and globally in the coming period.

According to the MoU, the two parties will collaborate to provide distinguished, value-added banking services to the member companies of Saud bin Saqr Establishment for Youth Enterprise Development and the wider business community in the Emirate of Ras Al Khaimah. This will contribute to enhancing the competitive capabilities of companies operating in the Emirate, supporting their growth and expansion in both local and international markets.

Ruya Bank will facilitate access to banking solutions and the launch of a diverse range of banking service programs for small and medium enterprises planning to expand into global markets, by leveraging the bank’s wide network of branches worldwide. It will also support the opening of bank accounts for multinational and global companies operating in the Emirate.

The Memorandum was signed by Youssef Mohamed Ismail, First Vice Chairman of the Chamber and Head of the Supreme Committee of the Saud bin Saqr Establishment for Youth Enterprise Development, on behalf of the Establishment, in the presence of Eman Al-Hayyas, Director General of the Saud bin Saqr Establishment for Youth Enterprise Development.

H.E. Youssef Ismail affirmed the Establishment’s commitment to reinforcing the position of the Emirate of Ras Al Khaimah as a global business hub and unlocking new opportunities for the expansion of SMEs. He stressed that this partnership will contribute to the growth of small and medium enterprises in the market and accelerate digital transformation.

He noted that, under this Memorandum of Understanding, Ruya Bank will provide SME owners with programs to expand their client base, enhance their competitiveness, and improve their operational efficiency, while also offering new growth opportunities for local projects in line with the ambitious targets of Ras Al Khaimah’s economic agenda.Bottom of Form

Christoph Koster, Chief Executive Officer, Ruya Community Islamic Bank expressed his pleasure at signing the Memorandum of Understanding with the Saud Establishment for Youth Enterprise Development and underscored that this collaboration represents a key milestone in enhancing relations between the banking sector and institutions supporting youth projects, which in turn strengthens the investment environment in the Emirate of Ras Al Khaimah.

He added, “We seek to provide distinguished banking facilities for project owners, contributing to the growth of their businesses and attracting more investments. We are committed to providing integrated and unique banking services that meet investors’ needs.”