RAK SME and RAKBANK Sign Agreement for Financing Solutions

Saud bin Saqr Establishment for Small and Medium Enterprises (RAK SME) and National Bank of Ras Al Khaimah (RAKBANK) signed a memorandum of understanding to provide financing services at competitive prices for entrepreneurs from the establishment members, as the bank is considered one of the supportive organizations of commercial business and it has powerful partnerships that aim to serve the business community in the Emirate. This agreement comes as part of the efforts aiming to provide financing solutions for youths’ SMEs and arising from the principle of the enhancement of enterprise partnership and based on the strategy of RAK SME, aiming to bolster cooperation with other entities. Yousef Mohammed Ismail, President of the High Commission of RAK SME, stated that this agreement comes in line with the approach of the wise leadership of the UAE with the contribution of public and private sectors to support UAE youth’s projects to contribute to the development of national economy and aiming to provide financing solutions at competitive prices to enable the establishment’s youth members to finance their projects’ needs and to avail of the services offered by RAKBANK to meet the needs of the business community, especially projects of the youth. Peter England, RAKBANK CEO, said: “RAKBANK is pleased to announce its partnership with ‘RAK SMEs’ to support SMEs and youth projects in our home emirate of Ras Al Khaimah. This agreement aims to provide RAK SME members with competitive financing and banking solutions to help them develop their businesses. We remain committed to the growth of small businesses in UAE by continuously providing them with the services that are best suited for their needs.” Mariam Al-Kibali, Director of RAK SME, stated that the establishment is continuously striving to create strategic partnerships that would offer an added value that benefits the projects of its members. We are confident that this agreement will provide the establishment’s members with solutions that are in line with their projects’ needs in what would enhance the chances of their success.

 The agreement was signed by Yousef Mohammed Ismail, President of the High Commission of RAK SME, and Peter England, CEO of RAKBANK, with the attendance of a number of officials from both sides.  Yousef Ismail highlighted the important role undertaken by such agreements as one of the major pillars of the enhancement of economic cooperation, in what would contribute to attracting more Emirati youth having ideas and helping them to convert their ideas to projects that achieve economic stability and prosperity, in what would bring benefit to them in particular and to the Emirate of Ras Al Khaimah in general. Yousef Ismail added: “The signing of this agreement with RAKBANK is part of a series of agreements which RAK SME intends to sign in the current year, aiming to empower youth entrepreneurs, and in pursuance of the principle of joint cooperation, especially in light of the growth being witnessed by Ras Al Khaimah.