Business Setup in UAE Gets a Banking Boost

Starting and running a business in the UAE just got a little smoother, thanks to a new partnership between the Ras Al Khaimah Economic Zone and Abu Dhabi Islamic Bank. If you're an SME owner, or thinking of becoming one, this collaboration is all about making your banking life simpler.

What's the Big Deal?

Essentially, RAKEZ and ADIB have signed an agreement to help RAKEZ clients open bank accounts more easily. We all know how much of a hurdle setting up a business bank account can be. This partnership aims to remove some of that headache.

Yaser Abdulla Al Ahmed, RAKEZ's Chief Government & Corporate Relations Officer, and Amit Malhotra, ADIB's Global Head of Retail Banking, were the ones who put pen to paper on this agreement.

More Than Just Account Opening

It's not just about getting an account open. RAKEZ clients will now have smoother access to a whole bunch of ADIB's business banking products and services. This includes different types of business accounts with all the features you'd expect, plus a suite of digital banking solutions specifically designed for SMEs and startups. Think tailored tools to help you manage your money on the go.

Ramy Jallad, Group CEO of RAKEZ, pointed out that this is all part of their commitment to making things easier for investors. He said they're always looking to improve their services and help clients focus on growing their business rather than getting bogged down in paperwork. It's about getting you from setting up to succeeding faster.

ADIB's Commitment to SMEs

Amit Malhotra from ADIB echoed this sentiment, emphasising the bank's dedication to empowering SMEs, which he rightly called the "backbone of the UAE's economy." ADIB is committed to offering Sharia-compliant banking solutions and aims to be a trusted partner for growing businesses. This means providing tailored financing options and comprehensive banking services to meet the unique needs of SMEs, helping them to scale, innovate, and contribute to the UAE's economic vision.

What This Means for You

This collaboration is a clear sign that both RAKEZ and ADIB are serious about supporting the SME sector in the UAE. By streamlining the banking process and offering relevant financial tools, they're making it more efficient for entrepreneurs to start and operate their businesses. It's a step towards strengthening the SME sector, which is a key part of the national economy.

In short, if you're a RAKEZ client, getting your business banking sorted just became a less complicated process, freeing you up to do what you do best: run your business.