Tuesday, April 16, 2024

Memorandum of Understanding between Ras Al Khaimah National Bank and Jaffa to support small businesses


Dubai – Mubasher: Ras Al Khaimah’s national bank has signed a memorandum of understanding with Jebel Ali Free Zone to launch strategic cooperation with Jafsa. In line with the strategy of the two companies to support small and medium enterprises and to further develop the sustainable economy..

He signed the agreement in line with the great acceleration and growth of the national economy; Driven by the global recovery from the effects of the “Kovit-19” epidemic, DB World “Ahmed Al-Hadat, Managing Director of Emirates’ Business Parks and Free Zones Operations and General Manager of Commercial Banking Services Ras Al Khaimah National Bank, Thiraj Konwar, Emirates Today

Provided by the National Bank of Ras Al Khaimah; SMEs operating on Jafza have instant access to banking solutions and services provided by the bank, including opening a RAKstarter account, setting up a business current account and priority access to RAKelite commercial banking services..

The bank facilitates real estate finance, asset-based finance and cash management solutions, and facilitates business loans, point-of-sale financing, term loans, and working capital financing for companies..

Jaffa’s collaboration with the National Bank of Ras Al Khaimah will enhance its integrated ecosystem for doing business, enabling companies to establish and grow their operations, and enhance access to direct support through digital channels.

SMEs operating in Jaffa can also benefit from a team of experts in the national Ras Al Khaimah; From the Bank’s advanced capabilities in data analysis to understand and analyze its needs and support its banking needs.

Ahmed Al-Hadat, Operations Director of Business Parks and Free Zones for DP World, said: “Our partnership with Ras Al Khaimah National Bank begins at a critical juncture where we see unprecedented growth in the company. Economic indicators for small and medium enterprises (Jafza), meanwhile, indicate the growth of the UAE economy.“.

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He continued, “This collaboration will help strengthen the various customer base, which has about 9,000 customers, who will be able to easily access the services of Ras Al Khaimah National Bank.”

Thiraj Konwar, General Manager, Commercial Bank, RAKBANK, said the collaboration was an automatic step in the bank’s efforts to strengthen its partnership with Jebel Ali Free Zone.

“We aim to provide small and medium-sized businesses with the financial solutions and digital services they continue to need,” he added.

Mentioned as high Profit of Ras Al Khaimah National Bank22 percent at the end of the nine months from 2021.

In a report to the Abu Dhabi Financial Market, the bank reported a profit of 532.5 million dirhams, compared to 436 million dirhams in the same period in 2020..

The bank attributed the increase in profits to a reduction of 32% to 878.9 million dirhams, compared to 1.286 billion dirhams in the first nine months of 2020..


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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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