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The National Bank of Ras Al Khaimah (RAKBANK) has signed a deal with Ajman Free Zone to finance businesses.
The strategic alliance will see the bank extending loans, credit facilities and direct access to account opening services to small and medium-sized enterprises (SMEs), start-ups and other companies based within the free zone.
“Through this MOU (memorandum of understanding), we hope to bring key incentives and affordable financing solutions to the Ajman Free Zone business community,” said Ali AlSuwaidi, director general of Ajman Free Zone.
“SMEs play a significant role in driving social and economic development of the country and [the free zone] is committed to supporting through strategic partnerships that facilitate their business operations.”
The free zone has seen an increase in the influx of new businesses, with a total of 1,717 new companies registering in 2020, up by 23 percent compared to 2019.
The free zone said it continues to attract companies and investments in key sectors such as food and beverages, automobiles, health and beauty, construction, agriculture, oil and gas, paper and packaging, jewellery, media, maritime, textile, sports, chemical industries and trade, among others.
Last September, Ajman Free Zone signed a deal with Noon.com to further enhance the local e-commerce sector and attract new investors to the emirate.
In the latest deal, RAKBANK will offer business loans, point of sale financing, term and working capital financing, real estate financing, asset-based financing and cash management services to companies.
Among the products that will be offered to businesses are the bank’s RAKstarter account, business current account, as well as priority service banking at “preferential pricing” called RAKelite business.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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