RAS AL KHAIMAH, 1st October, 2026 (WAM) — Ras Al Khaimah Economic Zone (RAKEZ) and Rakbank have launched a new service enabling eligible RAKEZ businesses to open a Rakbank Business Current Account within 60 minutes, a first in the UAE.
Available to eligible new and existing businesses with a RAKEZ trade licence, the proposition is designed for companies looking to establish or move their banking relationship to Rakbank.
Eligible businesses will also benefit from a zero minimum balance requirement for the first 12 months and discounted monthly account maintenance fees of AED49 for the first 12 months. They can receive AED1,000 cashback by maintaining a monthly average balance of AED25,000 during each of the first three months after opening an account, as well as zero fees on domestic and international transfers under Rakbank’s current acquisition offer, valid until 31st October 2026.
Ramy Jallad, Group CEO of RAKEZ, said the partnership was aimed at making it easier for businesses to access fast and efficient banking services throughout their growth journey.
“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,” he added.
Vishal Shah, Managing Director, Business Banking Group at Rakbank, said faster access to banking will allow entrepreneurs and business owners to focus more on building their companies, serving customers and pursuing new opportunities.
“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,” he added.
Source: Emirates News Agency