Ras Al Khaimah Economic Zone (RAKEZ) has entered a strategic alliance with Abu Dhabi Islamic Bank (ADIB) to ease the process of opening freezone business bank accounts for its clients — especially small and medium-sized enterprises (SMEs) and emerging entrepreneurs across the UAE.
Under this newly signed Memorandum of Understanding (MoU), businesses registered under RAKEZ will gain access to ADIB’s tailored banking solutions for entrepreneurs, designed to help them grow, scale, and succeed.
Fast-Track Banking Support for New Businesses
The partnership aims to remove common delays faced by startups during the setup stage. RAKEZ clients can now expect:
- Simplified bank account opening procedures
- Tailored Sharia-compliant banking solutions
- Advanced digital tools for business transactions
- Dedicated support teams from both organizations
This initiative is part of a broader move by UAE-based institutions to create a more seamless, integrated experience for new businesses — from company formation to financial readiness.
Leadership Insights on the Collaboration
Commenting on the partnership, Ramy Jallad, Group CEO of RAKEZ, said,
“At RAKEZ, we are always looking for ways to improve our service offering and enhance the overall investor experience. Our collaboration with ADIB is part of our commitment to providing end-to-end support for our clients, from business licensing to banking facilitation. With this added layer of support, clients can transition quickly from set-up to success, focusing more on growth opportunities and less on administrative tasks.”
Amit Malhotra, Global Head of Retail Banking at ADIB said:
“Our partnership with RAKEZ demonstrates our unwavering commitment to empowering SMEs, the backbone of the UAE’s economy. ADIB is committed to facilitating the growth of SMEs and has been constantly supporting them through several initiatives that enable business owners to reach their full potential. This collaboration not only enhances our ability to provide advanced Sharia-compliant banking solutions but also solidifies our role as a trusted partner for growth-oriented businesses. Through this initiative, we are extending our support to SMEs with tailored financing options and comprehensive banking services that cater to their unique needs, enabling them to scale, innovate, and contribute to the UAE’s long-term economic vision.”
Why This Matters to Entrepreneurs
Starting a company in the UAE can involve complex steps, especially around financial documentation and regulatory approvals. This new RAKEZ–ADIB alliance:
- Reduces waiting times for account approval
- Encourages faster go-to-market strategies
- Helps startups stay compliant with UAE financial laws
- Supports economic diversification through SME empowerment
Whether you’re launching a tech startup, trading company, or service-based business, this collaboration can significantly cut down the red tape that delays operational readiness.
Supporting UAE’s Vision for Small Business Growth
Both RAKEZ and ADIB have long been aligned with the UAE government’s efforts to support entrepreneurship, innovation, and SME development. This move reinforces the commitment to:
- Foster financial inclusion
- Enable paperless, tech-driven banking experiences
- Strengthen the UAE’s Islamic finance leadership
- Position Ras Al Khaimah as a business-friendly emirate
Final Thought
This partnership is more than just a formal agreement — it’s a real-world solution to a common business challenge. With RAKEZ simplifying licensing and ADIB simplifying finance, startups in the UAE now have one less barrier to worry about.
