RAKEZ Joins Forces With ADIB to Streamline Banking for Investors
Ras Al Khaimah Economic Zone (RAKEZ) has inked a strategic Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, to provide RAKEZ clients with exclusive services, including investments and savings accounts and access to a wide range of Shari’ah-compliant services. The new alliance is set to simplify the process of opening a bank account for RAKEZ clients, so that companies, particularly SMEs and startups, can secure the banking assistance they require to grow in the dynamic UAE market.
The agreement was formalised by RAKEZ Chief Government & Corporate Relations Officer Yaser Abdulla Al Ahmed and ADIB Retail Banking Global Head Amit Malhotra, marking another step forward in RAKEZ’s mission to deliver integrated business support solutions for its diverse community of investors and entrepreneurs.
Through this collaboration, RAKEZ clients will enjoy priority access to ADIB’s extensive range of business banking products and Sharia-compliant financial services. These include flexible business accounts with a variety of features designed to meet different operational needs, as well as a comprehensive suite of bespoke digital banking tools that are specifically tailored for SMEs and start-ups — sectors that are increasingly recognised as the backbone of the UAE economy.
In recent years, the UAE has made significant strides to create an enabling environment for entrepreneurs, freelancers, and growing businesses. RAKEZ has played a vital role in this evolution, providing a supportive ecosystem that combines cost-effective business licensing, state-of-the-art facilities, and value-added services. This latest MoU with ADIB is yet another testament to RAKEZ’s commitment to removing barriers and making the business journey as smooth as possible for its clients.
Commenting on the strategic tie-up, Ramy Jallad, Group CEO of RAKEZ, said, “At RAKEZ, we are always looking for ways to improve our service offering and enhance the overall investor experience. Our collaboration with ADIB is part of our commitment to providing end-to-end support for our clients, from business licensing to banking facilitation. With this added layer of support, clients can transition quickly from set-up to success, focusing more on growth opportunities and less on administrative tasks.”
Aside from quicker account opening, this collaboration will provide RAKEZ businesses with access to customised financing options, digital payments gateways, cash management solutions, and advisory services that can facilitate effective growth of their operations. By providing these services through the expertise of ADIB’s business banking specialists, customers can receive individualised guidance and support that is aligned with their growth strategy.
Amit Malhotra, Global Head of Retail Banking at ADIB, underscored the bank’s vision for the SME sector, stating: “Our partnership with RAKEZ demonstrates our unwavering commitment to empowering SMEs, the backbone of the UAE’s economy. ADIB is committed to facilitating the growth of SMEs and has been constantly supporting them through several initiatives that enable business owners to reach their full potential. This collaboration not only enhances our ability to provide advanced Sharia-compliant banking solutions but also solidifies our role as a trusted partner for growth-oriented businesses. Through this initiative, we are extending our support to SMEs with tailored financing options and comprehensive banking services that cater to their unique needs, enabling them to scale, innovate, and contribute to the UAE’s long-term economic vision.”
As the UAE region ramps up efforts to increase non-oil GDP and foster locally-grown companies, such collaborations bring home the need to close the gap between business establishment and financial preparedness. For thousands of investors and entrepreneurs in RAKEZ’s vibrant ecosystem, such an alliance makes available the essential banking services in an efficient manner, wholly in line with the UAE’s visionary agenda for a thriving SME sector.
Through the union of RAKEZ’s extensive local market insights and solid investor network and ADIB’s Islamic banking innovation expertise, the two companies are setting a strong foundation for business achievement — enabling today’s business owners to be tomorrow’s industry leaders.
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