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The Ras Al Khaimah National Bank and the Mohammed Bin Rashid Project Support Fund, the financing body of the Mohammed bin Rashid Institution for SME Development, have signed a cooperation agreement with the Development Department Dubai Economic Development (DED). The medium on financing at preferential prices. In addition, the Memorandum of Understanding will allow members of SMEs to access a range of products and services offered by the Ras Al Khaimah Business Banking sector, including a current unpaid business account. minimum or maintenance fee.
Under the MoU, the Bank acts as the agent on behalf of the Mohammed Bin Rashid Project Support Fund to provide loan and billing services to members of the Mohammed Bin Institution. Rashid for the development of SMEs. The Mohammed Bin Rashid Fund will use the operations of the National Bank RAK and will verify the accounts and balances to allow the disbursement of funds to the small and medium-sized members of the Mohammed bin Rashid Foundation.
The signing ceremony took place at the bank's branch in Al Quoz, Dubai, with key representatives from both sides, Mohammed Bin Rashid, SME Development Institution and RAK National Bank. The agreement was signed by Abdul Basset Al Janahi, CEO of the Mohammed Bin Rashid Institution for SME Development, and Peter England, Chairman and CEO of RAK National Bank. On the sidelines of the ceremony, Abdul Baset Al Janahi and Peter England opened the first UAE business center to meet the needs of UAE customers and the third Rak Elite business center. These new centers make RAKBank accessible to leading corporate banking customers and offer them a range of products and services.
"Small and medium-sized businesses are the cornerstone of Dubai and the United Arab Emirates and the driving force behind the country's growth and economic development," said Abdul Basset Al Janahi. The Foundation seeks to explore all avenues to support the growth of their business and to provide all the necessary tools in the field of knowledge, innovation and entrepreneurship in the SME sector in Dubai and in the United Arab Emirates. "
"As a large SME bank of the United Arab Emirates, Ras Al Khaimah has been selected to support the initiative of Mohammed Bin Rashid Business Support Projects, which aims to help small and medium-sized enterprises obtain more financing. at preferential prices and help the Dubai government achieve its production growth goal, "said Peter England. Non-oil GDP in the country thanks to a diversified economy. We are pleased to partner with the Mohammed Bin Rashid Business Support Fund, as the Memorandum of Understanding aims to enhance and strengthen entrepreneurship initiatives for UAE nationals by providing financial support and expertise. small and medium-sized enterprises. "
"This Memorandum of Understanding underscores the Bank's commitment to providing simple and convenient banking solutions to small and medium-sized businesses that better meet their needs and meet their needs," said Diraj Konwar, Executive Director. , Commercial Banking, RAK National Bank. This partnership aims to increase the presence of SMEs based in the United Arab Emirates and to strengthen RAK's position as a leading bank in financing this category of companies in the UAE market. "
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