Ras Al Khaimah Economic Zone and Rakbank have launched a joint banking proposition that lets eligible RAKEZ businesses open a current account within 60 minutes, which the partners describe as a first for the UAE.
The offering is available to new and existing companies holding a RAKEZ trade licence that want to establish or move their banking relationship to Rakbank.
Beyond the accelerated account opening, the proposition includes a zero minimum balance requirement for the first 12 months and a discounted monthly maintenance fee of AED 49, also for the first 12 months.
Businesses that maintain a monthly average balance of AED 25,000 during each of their first three months after opening will receive AED 1,000 cashback. Zero fees on domestic and international transfers are available under Rakbank’s current acquisition offer, valid until 31 October 2026.
“At RAKEZ, we are continuously looking at how we can make doing business easier for our community – not only when businesses are setting up, but throughout their growth journey. Access to fast, efficient and relevant banking services is an important part of creating that environment. Our strengthened partnership with Rakbank brings a significant new advantage to RAKEZ businesses. Enabling eligible clients to open a business account within an hour represents an important step forward in simplifying access to banking. Together with the wider range of exclusive benefits available under this proposition, it gives both newly established and existing companies greater choice, convenience and value when selecting their banking partner. This collaboration reflects our broader commitment to building an integrated business ecosystem where entrepreneurs and established companies alike have access to the services and partnerships they need to operate efficiently and pursue their growth ambitions,” Ramy Jallad, Group CEO of RAKEZ said in a statement.
“Speed matters to businesses. Entrepreneurs and business owners want to spend their time building their companies, serving their customers and pursuing new opportunities, not waiting for a bank account to become operational. Through our partnership with RAKEZ, we are giving eligible businesses a faster route to banking, supported by benefits that deliver meaningful value from day one. And this is only the beginning of the relationship. As these businesses grow, Rakbank can support them with financing, transaction banking, payments and trade solutions, combining digital convenience with the human expertise they need at every stage,” Vishal Shah, Managing Director, Business Banking Group at Rakbank added.
