RAKBANK wins Euromoney’s prestigious award for UAE’s Best Bank for SMEs

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26/05/2025
Dubai, United Arab Emirates, May 21st, 2025 &nbsp;&ndash; RAKBANK&rsquo;s Business Banking Group (BBG) has been honoured with the highly coveted title of UAE&rsquo;s Best Bank for SMEs at the Euromoney Awards for Excellence 2025, marking a milestone in the institution&rsquo;s longstanding commitment to empowering small and medium enterprises across the UAE.
Recognised as the gold standard in the global banking industry, the Euromoney Awards celebrate institutions that consistently demonstrate exceptional performance, innovation, and leadership within their respective fields. This recognition firmly cements RAKBANK&rsquo;s position as the country&rsquo;s leading bank for SMEs.
Announced on May 20 at an elegant ceremony in Dubai, the award win highlights RAKBANK&rsquo;s pivotal role in driving the growth of the UAE&rsquo;s SME sector. With over 92,000 businesses benefiting from its comprehensive solutions in 2024 alone &ndash; including finance to 13,000 entrepreneurs last year &ndash; RAKBANK has cemented its reputation as a trusted and innovative partner for SMEs.
Key achievements driving the win
<ul>
<li>RAKBANK facilitated&nbsp;7.5% growth in its business banking portfolio&nbsp;in 2024, reflecting a 9% increase in SME loans</li>
<li>Community engagement initiatives, like the launch of&nbsp;Season 2 of the SMESouk Podcast, reached a milestone of 3.8 million impressions on social media.</li>
<li>As the first bank in the GCC to issue a&nbsp;Social Finance Bond, RAKBANK directed proceeds to key sectors, including SMEs and healthcare, aligning with We the UAE 2031 vision.</li>
<li>The Bank&rsquo;s SME Confidence Index for 2025 highlighted strong optimism across the UAE&rsquo;s SME landscape, despite global economic headwinds.</li>
</ul>
Committed to empowering SMEs
Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, celebrated the win, saying: &ldquo;Winning Euromoney&rsquo;s prestigious award for the UAE&rsquo;s Best Bank for SMEs is a defining moment for RAKBANK and showcases our relentless commitment to the SME community. Supporting SMEs is not just a business priority for us; it&rsquo;s part of our DNA as a financial institution dedicated to shaping the UAE&rsquo;s economic future.
&ldquo;Over the years, we have worked tirelessly to innovate and aid entrepreneurs in solving their challenges. Whether it&rsquo;s robust financing solutions, faster onboarding through digital platforms, or driving community engagement through initiatives like the SMESouk Podcast, we aim to empower SMEs at every stage of their growth. This award is proof of that success in providing service, technology, and impactful partnerships. We envision a future where every SME in the UAE feels empowered to thrive with RAKBANK as their trusted ally.&rdquo;
Through innovative thinking and an empathetic approach to business, RAKBANK has empowered SMEs to not just survive but thrive. From helping business owners in expanding their businesses through financing, to supporting larger enterprises in managing trade finances, the bank continues to lead with a customer-first philosophy. While RAKBANK are digitising their offerings, maintaining the personal touch is paramount for the bank, aligning with their strategic ambition to become the 'digital bank with a human touch&rsquo;.