The National Bank of Ras Al Khaimah (RAKBANK) signed a Memorandum of Understanding (MoU) to form a Strategic Alliance with one of the leading
investment destinations in the country, Ajman Free Zone. The signed MoU is in line with both the organizations' strategy of supporting SMEs and further developing a sustainable economy. As part of the deal, RAKBANK will offer SMEs and larger businesses that are based in the
Ajman Free Zone easy and direct access to account opening services, loans, credit facilities, and other banking solutions. Among the products offered to Ajman Free Zone clients are the RAKstarter account, Business Current Account, as well as the priority service banking at preferential pricing called RAKelite Business. As for the financing products, the Bank will offer Business loans, Point of Sale financing, Term and Working Capital financing, Real state financing, Asset based financing, as well as Cash Management services. By working closely together, startups and businesses based in the Ajman Free Zone will benefit from the combined capabilities of RAKBANK's deep understanding of SME requirements, sophisticated data analytics to support SME's needs as well as digital prowess, and Ajman Free Zone's best-in-class expertise pertaining to setting up a business and know-
how in customizing high-quality, tailored solutions for all clients to set up a sustainable business model.