Ras Al Khaimah Economic Zone (RAKEZ) and Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, today announced the signing of a Memorandum of Understanding (MoU) to boost the industrial landscape of Ras Al Khaimah and the wider United Arab Emirates.

The MoU was signed by Ramy Jallad, Group CEO of RAKEZ, and Ahmed Mohamed Al Naqbi, CEO of EDB. Under the terms of the agreement, EDB will extend its innovative financial solutions to the industry players who are part of the RAKEZ ecosystem and support their growth and expansion. The financial solutions can be utilised to building new facilities; purchasing or leasing existing facilities; as well as acquiring, upgrading, and maintaining company’s physical assets, among other things.

“The industrial sector has always been a key economic driver for Ras Al Khaimah. This is why most of our efforts are geared towards creating an investor-friendly ecosystem that brings industrial and supply chain players together, where they can flourish and successfully expand in the region,” said Mr Jallad.

“We are excited about our collaboration with EDB as it broadens the range of support offered to our clients. Providing financing solutions for their projects through EDB helps materialise their goals in easy and flexible terms. On a macro-level, supporting the expansion plans of industrial companies through our products, services and partnerships with other authorities contribute to the UAE’s ‘Operation 300bn’ Industrial strategy.”

For his part, Al Naqbi, said: “As part of our endeavour to support the country’s economic diversification plans, EDB is pleased to sign the MoU with RAKEZ and enabling the industrial units in its ecosystem with easy access to financial sources. This will bridge the funding gap for SMEs operating in priority sectors in Ras Al Khaimah and the UAE. This will help support the UAE’s goals to build a robust knowledge-based economy and contributing to sustainable economic development.”

He added: “Through our collaborative efforts, we wish to empower industry units, SMEs, and entrepreneurs within RAKEZ. We look forward to working closely with the economic zone to create a robust ecosystem that effectively contributes to Ras Al Khaimah’s and the UAE’s growth journey.”  

Throughout the course of the collaboration, RAKEZ and EDB will be organising a series of interactive webinars with panel discussions and one-on-one meetings with existing RAKEZ clients to provide in-depth understanding of the financing solutions offered by EDB.

This partnership aligns with EDB’s continuous efforts to enable the industrial transformation and economic diversification agenda in the UAE, build a knowledge-based economy, increase global competitiveness and sustainable growth, and support startups and SMEs, which are key drivers of the national economy.