RAKBANK, EDA announce $272mln co-financing to support UAE’s industrial growth

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Abu Dhabi – The National Bank of Ras Al Khaimah (RAKBANK) and Emirates Development Bank (EDB) jointly launched a co-financing partnership totaling AED 1 billion to support growth in national priority sectors.

The initiative aims to boost the UAE-based micro, small and medium enterprises (mSMEs), according to a press release.

This collaboration marks one of the largest mSME-dedicated co-lending programs of its kind in the region.

It is expected to enhance access to capital for businesses operating in manufacturing, advanced technology, food security, renewables, and healthcare across the UAE.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: "At EDB, we’ve committed more than AED 18.8 billion in financing since 2021 to accelerate economic transformation, and we know from experience that unlocking mSME growth is one of the most effective ways to strengthen our industrial base."

Raheel Ahmed, Group CEO of RAKBANK, added: "This AED 1 billion partnership fund is a bold step forward in our commitment to serve them better. By joining forces with Emirates Development Bank, we’re not just unlocking capital — we’re creating real opportunities for entrepreneurs to grow, scale, and contribute to a more dynamic and sustainable national economy."

Meanwhile, the fund will be deployed within 12 months of the agreement, with RAKBANK overseeing risk underwriting and portfolio management, while providing monthly performance reports to EDB.

Both institutions will collaborate on outreach, awareness, and stakeholder engagement to maximize visibility and impact.

RAKBANK recently announced its quarterly results, logging net profits after tax valued at AED 704.49 million in the first quarter (Q1) of 2025.