National Bank of Ras Al Khaimah (RakBank) has partnered with Entrepreneurs' Organization (EO) UAE, to support the small and medium-sized enterprises (SMEs) sector in the UAE.

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. It helps leading entrepreneurs learn and grow through peer-to-peer lending. The UAE chapter of EO has 80 members.

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 organised locally, said a statement from the RakBank.

Currently SMEs are key drivers of the UAE’s economy and account for more than 94 per cent of total number of companies operating in the country, it said.

According to the National Agenda of the UAE Vision 2021, SMEs contribute around 60 per cent of the country’s gross domestic product (GDP) and is projected to reach 70 per cent within the next six years.  

Bilal Alibhai, integration chair and president-elect of the EO UAE, said: “RakBank is one of the leading SME banks in the country and our organisation is delighted to partner with them.”

Dhiraj Kunwar, director of business banking at RakBank, said: “Through this alliance, our institution 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,” he added. – TradeArabia News Service