The award-winning Meydan Free Zone signed a Memorandum of Understanding (MoU) for a strategic partnership with the National Bank of Ras Al Khaimah (RAKBANK). The MoU aligns with the organizations’ strategy of supporting SMEs and further developing a sustainable economy.
As part of the agreement, Meydan Free Zone businesses and SMEs will now have easy and direct access to account opening services, loans, lines of credit, and other banking solutions from RAKBANK. As for the financing products, the Bank will offer Business Loans, Point of Sale financing, Term and Working Capital Financing, Real Estate Financing, Asset-based Financing, as well as Cash Management services. The partnership will empower Meydan Free Zone businesses to have access to all types of facilities and services that will contribute to their holistic growth.
The ink was exchanged between Hamed Ahli, Head of Meydan Free Zone, and Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, at a ceremony at the Meydan Hotel in Dubai.
Commenting on the partnership Hamed Ahli, Head of Meydan Free Zone, said: “We are delighted to have signed a Memorandum of Understanding with RAKBANK at a time when Meydan Free Zone’s entrepreneurial activity is at an astronomical level. The MoU reaffirms our commitment to supporting SMEs in their growth aspirations by expanding their options for bank account opening and competitive financing options. Our diverse clientele will benefit from this strategic alliance, as they can easily access tailored banking products and services from RAK Bank. Moreover, this partnership aligns with the Meydan Free Zone’s strategy of strengthening SMEs and developing a sustainable economy.”
From his part, Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, said: “The collaboration with Meydan Free Zone is a natural next step in how RAKBANK seeks to constantly provide SMEs with the financial solutions and digital services they need. Our vision is to further support startups and championing entrepreneurship locally. Through this MoU, we hope to bring key incentives and affordable financing solutions to the Meydan Free Zone business community, which reflects our integral role as one of the leading SME banks in the country.”
The alliance is expected to create synergies between the two organizations, enabling them to leverage their respective strengths and expertise to benefit SMEs in the region.