Ras Al Khaimah zone opens up more financing services opportunities for its licensed entities. Image Credit: Supplied

Dubai: The Ras Al Khaimah Economic Zone (RAKEZ) has signed an agreement with Commercial Bank of Dubai (CBD), allowing the free zone’s customers to open bank accounts easily.

“Through this partnership, RAKEZ clients will be able to conveniently and quickly open business bank accounts and get access to innovative financing solutions with personalised services through dedicated CBD relationship managers,” said RAKEZ in a statement. A memorandum of understanding (MoU) was signed by Ramy Jallad, Group CEO at RAKEZ, and Bernd van Linder, CEO at CBD.

“We are glad to have entered yet another valuable partnership – and this time with CBD, one of the most trusted banks in the country,” said Jallad. “We aim to make everything quick and easy at every aspect, and adding CBD to our growing list of strategic partners is another leap towards this objective. We will surely be rolling out more initiatives for the benefit of our clients.”

The move is a big boost to small and medium enterprises operating within the free zone. “UAE Government has placed considerable emphasis on developing the SME ecosystem and boosting SME’s contribution to the UAE’s economy. Our agreement will also make it easier to do business in the Emirate of Ras Al Khaimah and will facilitate convenient access to financial services for SMEs,” said van Linder.