RAKEZ and Rakbank launch UAE-first Sixty-Minute business account opening

Eligible RAKEZ businesses can open a Rakbank Business Current Account within 1 hour and access a range of exclusive banking benefits

General

01/10/2026 
Eligible RAKEZ businesses can open a Rakbank Business Current Account within 1 hour and access a range of exclusive banking benefits
Ras Al Khaimah, UAE, October 1, 2026 &ndash; Ras Al Khaimah Economic Zone (RAKEZ) and Rakbank are making business banking faster and easier through a new proposition that enables 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.
Alongside faster account opening, eligible RAKEZ businesses can access:
<ul>
<li>Business Current Account opening within 60 minutes, a first in the UAE</li>
<li>Zero minimum balance requirement for the first 12 months</li>
<li>Discounted monthly account maintenance fees of AED 49 for the first 12 months</li>
<li>AED 1,000 cashback when maintaining a monthly average balance of AED 25,000 during each of the first three months after account opening</li>
<li>Zero fees on domestic and international transfers under Rakbank&rsquo;s current acquisition offer, valid until 31 October 2026</li>
</ul>
Ramy Jallad, Group CEO of RAKEZ, said:
&ldquo;At RAKEZ, we are continuously looking at how we can make doing business easier for our community &ndash; not only when businesses are setting up, but throughout their growth journey. Access to fast, efficient and relevant banking services is an important part of creating that environment.
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. This collaboration reflects our broader commitment to building an integrated business ecosystem where entrepreneurs and established companies alike have access to the services and partnerships they need to operate efficiently and pursue their growth ambitions.&rdquo;
Vishal Shah, Managing Director, Business Banking Group at Rakbank, said:
&ldquo;Speed matters to businesses. Entrepreneurs and business owners want to spend their time building their companies, serving their customers and pursuing new opportunities, not waiting for a bank account to become operational.
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.&rdquo;
About Ras Al Khaimah Economic Zone (RAKEZ):
RAKEZ is a powerhouse business and industrial hub established by the Government of Ras Al Khaimah in the United Arab Emirates. It currently hosts over 50,000 companies coming from close to 200 countries and operating in more than 50 industries.
RAKEZ offers entrepreneurs, startups, SMEs and manufacturers a wide-range of solutions, including free zone and non-free zone licences, customisable facilities, and first-class services provided in a one-stop shop. Furthermore, RAKEZ has specialised zones that are tailored to specific needs of investors: Al Nakheel and Al Hamra Business Zones for commercial and service companies; Al Ghail, Al Hamra and Al Hulaila Industrial Zones for manufacturers and industrialists; and an Academic Zone for educational providers.
A leading economic zone, RAKEZ aims to continue attracting diversified investment opportunities that will contribute to the economic growth of Ras Al Khaimah.
For more information, visit <a href="http://www.rakez.com">www.rakez.com</a>.