The Mohammed bin Rashid Fund (MBRF) of Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has signed a Memorandum of Understanding with RAKBANK to facilitate SME access to competitive financing solutions.
DUBAI, (Pakistan Point News - 24th Oct, 2018) The Mohammed bin Rashid Fund (MBRF) of Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, has signed a Memorandum of Understanding with RAKBANK to facilitate SME access to competitive financing solutions. The MoU will allow Dubai SME members to secure financing at preferential rates and also take advantage of RAKBANK’s suite of Business Banking products and services including a business current account with no minimum balance required or maintenance fees.
The MoU was signed at RAKBANK’s Al Quoz Branch by Abdul Basit Al Janahi, CEO of Dubai SME, and Peter England, CEO of RAKBANK, in the presence of key officials from both sides. The CEOs also inaugurated RAKBANK’s first Emirati Business Centre dedicated to cater to Emirati clients, and the third RAKelite Business Banking Centre. These facilities make RAKBANK easily accessible to its business elite customers and offer them a range of products and service.
Al Janahi termed the partnership with RAKBANK as a significant opportunity for Dubai SME members to capitalise on the increasing emphasis on knowledge, innovation and entrepreneurship in Dubai and the UAE.
"An ambitious vision along with varied initiatives to develop a globally competitive infrastructure and service environment has created a wider field in Dubai and across the UAE for SMEs and entrepreneurs to launch their innovations and promote them globally. Dubai SME is committed to creating partnerships with competent businesses and organisations to ensure our SMEs have access to all resources required, including knowledge, human capital and funding to move confidently through each stage of their growth," added Al Janahi.
By virtue of the MoU, RAKBANK acts as a paying agent on behalf of MBRF to offer Loan Against Invoice (LAI) and Statement of Invoice (SoI) services to members of Dubai SME. MBRF will use RAKBANK's processes, checks and balances to disburse funds to Dubai SME members.
Commenting on the new agreement with MBRF, CEO of RAKBANK said, "RAKBANK being a key bank for SMEs was chosen to support Mohammed Bin Rashid Fund’s initiatives to help SMEs gain extra access to financing at more accessible rates, and help Dubai government achieve its mandate to fuel the country’s non-oil GDP growth through a more diversified economy. We are pleased to have partnered with MBRF, as the MoU ultimately means enhancing and promoting entrepreneurship initiatives of UAE Nationals by providing financial support and technical expertise to SMEs."
"This MoU reaffirms the Bank’s commitment to offer SMEs simple and convenient banking solutions that better suit their needs. The partnership aims to raise the visibility of the UAE National-owned SMEs and to cement the position of RAKBANK being a lead SME banker in the UAE market," said Dhiraj Kunwar, RAKBANK’s Managing Director of Business Banking.
