RAKEZ and Rakbank Unveil Rapid Business Account Opening in 60 Minutes

A pioneering partnership delivers streamlined banking access for Ras Al Khaimah businesses, coupled with exclusive financial incentives and fee reductions

Ras Al Khaimah Economic Zone (RAKEZ) and Rakbank have introduced a transformative banking initiative, enabling eligible enterprises to establish a Rakbank Business Current Account within just one hour—an unprecedented offering across the United Arab Emirates.

This innovative service extends to both newly established and existing businesses operating under a valid RAKEZ trade licence, providing a pathway for companies seeking to establish or strengthen their banking arrangements with Rakbank. The proposition reflects a shared commitment to reducing administrative friction and accelerating entrepreneurial growth.

Qualifying businesses enjoy a distinctive suite of financial advantages. Participants benefit from zero minimum balance requirements throughout the first twelve months, coupled with substantially reduced monthly account maintenance fees of AED49 during the same period. The offer further extends to AED1,000 cashback eligibility for those maintaining a monthly average balance of AED25,000 across each of the first three months following account opening. Additionally, all domestic and international transfer charges are waived under Rakbank’s acquisition programme, valid until 31st October 2026.

Ramy Jallad, Group Chief Executive Officer of RAKEZ, emphasised the strategic significance of the collaboration. He noted that the partnership strengthens RAKEZ’s commitment to facilitating seamless access to sophisticated banking services as businesses expand and evolve. The accelerated account opening process represents a substantive advance in simplifying banking accessibility, whilst the associated benefits package delivers enhanced choice, convenience and tangible value for both nascent and established enterprises.

Vishal Shah, Managing Director of Rakbank’s Business Banking Group, underscored the operational advantages this arrangement affords entrepreneurs and proprietors. By eliminating traditional banking delays, business owners can dedicate enhanced focus to corporate development, customer engagement and strategic expansion. The partnership creates an expedited route to banking infrastructure, underpinned by benefits delivering immediate value. Looking forward, Rakbank is positioned to accompany growing businesses through their development trajectory, offering financing solutions, transaction banking services, payments architecture and trade finance capabilities—combining digital efficiency with specialist human guidance at each stage of their commercial journey.

Source: WAM