Latest news with #mSME
Zawya
22-05-2025
- Business
- Zawya
RAKBANK, EDA announce $272mln co-financing to support UAE's industrial growth
Abu Dhabi – The National Bank of Ras Al Khaimah (RAKBANK) and Emirates Development Bank (EDB) jointly launched a co-financing partnership totaling AED 1 billion to support growth in national priority sectors. The initiative aims to boost the UAE-based micro, small and medium enterprises (mSMEs), according to a press release. This collaboration marks one of the largest mSME-dedicated co-lending programs of its kind in the region. It is expected to enhance access to capital for businesses operating in manufacturing, advanced technology, food security, renewables, and healthcare across the UAE. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: "At EDB, we've committed more than AED 18.8 billion in financing since 2021 to accelerate economic transformation, and we know from experience that unlocking mSME growth is one of the most effective ways to strengthen our industrial base." Raheel Ahmed, Group CEO of RAKBANK, added: "This AED 1 billion partnership fund is a bold step forward in our commitment to serve them better. By joining forces with Emirates Development Bank, we're not just unlocking capital — we're creating real opportunities for entrepreneurs to grow, scale, and contribute to a more dynamic and sustainable national economy." Meanwhile, the fund will be deployed within 12 months of the agreement, with RAKBANK overseeing risk underwriting and portfolio management, while providing monthly performance reports to EDB. Both institutions will collaborate on outreach, awareness, and stakeholder engagement to maximize visibility and impact. RAKBANK recently announced its quarterly results, logging net profits after tax valued at AED 704.49 million in the first quarter (Q1) of 2025. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
21-05-2025
- Business
- Zawya
EDB and RAKBANK unveil landmark AED1bln mSME Fund to Supercharge UAE's Industrial Growth
Abu Dhabi, UAE – In a major boost for UAE-based micro, small and medium enterprises (mSMEs), Emirates Development Bank (EDB) and RAKBANK have announced the launch of a co-financing partnership totalling AED 1 billion to catalyse growth in national priority sectors. The landmark initiative was unveiled at the Make it in the Emirates Forum, held under the patronage of the Ministry of Industry and Advanced Technology (MoIAT) until 22 May at the ADNEC Centre, Abu Dhabi. This strategic collaboration marks one of the largest mSME-dedicated co-lending programmes of its kind in the region, designed to improve access to capital for businesses operating in manufacturing, advanced technology, food security, renewables, and healthcare — the UAE's most critical growth sectors. Backed by a 50/50 contribution – AED 500 million from EDB and AED 500 million from RAKBANK – the fund will be channelled through RAKBANK to deliver tailored financing solutions for mSMEs across the UAE, with a strong focus on supporting businesses in the Northern Emirates and greenfield ventures. H.E. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: "This partnership with RAKBANK is a powerful example of what Make it in the Emirates was designed to achieve — coordinated national action that turns industrial ambition into reality. At EDB, we've committed more than AED 18.8 billion in financing since 2021 to accelerate economic transformation, and we know from experience that unlocking mSME growth is one of the most effective ways to strengthen our industrial base. This AED 1 billion co-financing platform is a signal that we are serious about empowering the entrepreneurs and manufacturers who will lead our economy into its next chapter." Raheel Ahmed, Group CEO of RAKBANK, added:"At RAKBANK, we have always believed that mSMEs are the backbone of the UAE economy. This AED 1 billion partnership fund is a bold step forward in our commitment to serve them better. By joining forces with Emirates Development Bank, we're not just unlocking capital — we're creating real opportunities for entrepreneurs to grow, scale, and contribute to a more dynamic and sustainable national economy." The co-financing structure gives mSMEs access to liquidity at competitive rates and also sets clear impact benchmarks, including percentage allocation for businesses based in the Northern Emirates (RAK, UAQ, Fujairah) national owned business and prioritisation for manufacturing and greenfield ventures. The agreement reflects a broader effort by both institutions to deepen mSME support, foster economic diversification, and align with the UAE's industrial strategy and national development goals. The fund will be deployed within 12 months of the agreement, with RAKBANK overseeing risk underwriting and portfolio management, while providing monthly performance reports to EDB. Both institutions will collaborate on outreach, awareness, and stakeholder engagement to maximise visibility and impact. Through this initiative, EDB and RAKBANK are setting a new benchmark for public-private sector partnership, partnering to fuel innovation, job creation, and long-term value across the SME landscape. About Emirates Development Bank Emirates Development Bank (EDB), the UAE's development bank, is a key financial engine for the UAE's economic development and industrial advancement. EDB provides financial and non-financial support to businesses of all sizes—from start-ups and SMEs to corporates—driving economic competitiveness across five strategic priority sectors: advanced technology, food security, healthcare, renewables, and manufacturing. As the first local bank in the UAE to be Great Place to Work-certified, EDB nurtures a high-trust, high-performance culture that drives both business growth and social impact. EDB was established under Federal Law by Decree No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan and became operational in June 2015. About RAKBANK RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE. We're a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX). RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments. With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.
Khaleej Times
21-05-2025
- Business
- Khaleej Times
EDB and RAKBank unveil Dh1 billion fund to boost mSMEs
In a major boost for UAE-based micro, small and medium enterprises (mSMEs), Emirates Development Bank (EDB) and RAKBank have announced the launch of a co-financing partnership totalling Dh1 billion to catalyse growth in national priority sectors. The initiative was unveiled at the Make it in the Emirates Forum, in Abu Dhabi. This strategic collaboration marks one of the largest mSME-dedicated co-lending programmes of its kind in the region, designed to improve access to capital for businesses operating in manufacturing, advanced technology, food security, renewables, and healthcare — the UAE's most critical growth sectors. Backed by a 50/50 contribution – Dh500 million from EDB and Dh500 million from RAKBank – the fund will be channelled through RAKBank to deliver tailored financing solutions for mSMEs across the UAE, with a strong focus on supporting businesses in the Northern Emirates and greenfield ventures. The co-financing structure gives mSMEs access to liquidity at competitive rates and also sets clear impact benchmarks, including percentage allocation for businesses based in the Northern Emirates (RAK, UAQ, Fujairah) national owned business and prioritisation for manufacturing and greenfield ventures. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: 'This partnership with RAKBank is a powerful example of what Make it in the Emirates was designed to achieve — coordinated national action that turns industrial ambition into reality. At EDB, we've committed more than Dh18.8 billion in financing since 2021 to accelerate economic transformation, and we know from experience that unlocking mSME growth is one of the most effective ways to strengthen our industrial base. This Dh1 billion co-financing platform is a signal that we are serious about empowering the entrepreneurs and manufacturers who will lead our economy into its next chapter.' Raheel Ahmed, Group CEO of RAKBank, added: 'At RAKBank, we have always believed that mSMEs are the backbone of the UAE economy. This Dh1 billion partnership fund is a bold step forward in our commitment to serve them better. By joining forces with Emirates Development Bank, we're not just unlocking capital — we're creating real opportunities for entrepreneurs to grow, scale, and contribute to a more dynamic and sustainable national economy.' The agreement reflects a broader effort by both institutions to deepen mSME support, foster economic diversification, and align with the UAE's industrial strategy and national development goals. The fund will be deployed within 12 months of the agreement, with RAKBank overseeing risk underwriting and portfolio management, while providing monthly performance reports to EDB. Both institutions will collaborate on outreach, awareness, and stakeholder engagement to maximise visibility and impact.
