Bank enters into a Strategic Alliance with Entrepreneurs’ Organization to Support SMEs in UAE.
United Arab Emirates – 22 June 2016: RAKBANK is pleased to announce its partnership with Entrepreneurs’ Organization (EO) UAE as an exclusive banking partner. This strategic alliance offers an opportunity for the Bank and members of the EO UAE to interact and share best business practices through various forums organized locally.
Currently SMEs are key drivers of the UAE’s economy and account for more than 94% of total number of companies operating in the country. According to the National Agenda of the UAE Vision 2021, SMEs contribute around 60% of the country’s GDP and is projected to reach 70% within the next six years.
Dhiraj Kunwar, Director of Business Banking at RAKBANK, said: “Through this alliance, RAKBANK reinforces its commitment to the growth and development of the SME sector in the UAE. Our partnership with EO UAE would help foster the growth of entrepreneurial spirit across the country.”
“RAKBANK is one of the leading SME Banks in the country and EO is delighted to partner with RAKBANK and by this association, we would be able to create value for each other”, said Bilal Alibhai, Integration Chair and President-Elect of the Entrepreneurs’ Organization.
Entrepreneurs’ Organization (EO) is a global community of entrepreneurs founded in 1987 with more than 11,000 plus members worldwide and with 147 chapters in 48 countries. The organization helps leading entrepreneurs learn and grow through peer to peer lending. The UAE chapter of EO has 80 members.
RAKBANK, also known as the National Bank of Ras Al Khaimah, is one of the UAE’s oldest and most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of retail banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKBANK AMAL, throughout its 35 branches and its Telephone, Online, and Mobile Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.
About The EO
The Entrepreneurs Organization is a dynamic, global, non-profit network of more than 10,000 business owners in 48 countries. Founded in 1987 by a group of young entrepreneurs, EO is the catalyst that enables entrepreneurs to learn and grow from each other, leading to greater business success and an enriched personal life. EO members create a constant flow of news on a daily basis, all of which speak to their commitment to entrepreneurial excellence.
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