Dubai: Dubai SME and RAKBank will offer a new banking solution for small and medium enterprises (SMEs) in the UAE through an exclusive agreement, according to officials from Dubai SME.
The agreement will allow Dubai SME’s members to open a Business Current Account with RAKbank with no minimal balance requirement and no maintenance fee.
“Small and medium enterprises are the lifeblood of the UAE economy, comprising some 85 per cent of the country’s business sector. We are committed to supporting the sector, offering any services and facilities they need to grow and play a larger role in the economy,” Abdul Baset Al Janahi, CEO of Dubai SME, said in a statement on Monday.
Dubai SME, an affiliate organisation of Dubai’s Department of Economic Development (DED), said the agreement with RAKBank will be a boost to smaller companies and start-ups looking to expand their operations, as it will free up more of their capital for their business requirements.
“Our agreement with RAKBank will open up banking services for our registered member who include SMEs and home based business. This exclusive arrangement will enable our members to secure financing at special rates,” stated Saeed Al Marri, Deputy CEO Dubai SME.
In addition to the zero maintenance fees and no minimal balance requirement, the RAKBank Business Current account also provides Dubai SME members with a dedicated Relationship/Tele-Relationship Manager, free access to its digital banking platform with competitive fund transfer rates and 24/7 business banking services through phone banking and interactive voice response services.
Dubai SME was established to help start-up enterprises get a strong foothold in the UAE economy, and to assist their evolution into larger, more sustainable and internationally-oriented enterprises. Last year, Dubai SME helped 3,372 Emirati entrepreneurs realise their start-up ambitions, with the total number of nationals receiving support since its inception numbering more than 30,000. Dubai SME has provided an estimated total of Dh358 million since its inception, with the monetary support targeting start-ups and small and medium enterprises across all sectors and industries.
