Banking sector plays key role in supporting the national economy

His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, received on Friday at his Palace in Saqr Bin Mohammed City, a delegation from the National Bank of Ras Al Khaimah (RAKBANK), headed by Mohammed Omran Al Shamsi, Chairman of the Bank’s Board of Directors, and Murat Çağrı Süzer, Group CEO of Network International, in the presence of a number of officials from both sides.

During the meeting, Sheikh Saud Bin Saqr was briefed on the bank’s most prominent projects and current programmes, as well as efforts to develop the banking services system and enhance customer experience. Moreover, he reviewed the initiatives the bank is implementing in digital transformation, financial innovation, and the empowerment of entrepreneurs and small and medium-sized enterprises.

Sheikh Saud Bin Saqr also listened to explanations about the efforts of Network International in supporting the financial sector through advanced payment solutions that contribute to enhancing operational efficiency and expanding the digital transformation capabilities of banking and commercial institutions, in a manner that supports the growth of the economic environment and accelerates the pace of innovation in the payments sector in the UAE.

The Ruler of Ras Al Khaimah affirmed that the banking sector constitutes a fundamental pillar in supporting the national economy and strengthening the business and investment environment.

He praised the significant role played by the National Bank of Ras Al Khaimah as one of the most important national financial institutions contributing to economic growth in the emirate, through building effective partnerships with the public and private sectors and providing advanced financial solutions in line with best global practices.

For their part, the members of both delegations expressed their deep appreciation to Sheikh Saud Bin Saqr for his continuous support of the banking sector and his constant encouragement of development and innovation initiatives. They emphasised that Sheikh Saud bin Saqr’s directives serve as an important incentive to continue enhancing performance and expanding the range of services offered to the bank’s customers in the Emirate of Ras Al Khaimah and across the UAE.

In October, Sharjah Media City (Shams) has signed a Memorandum of Understanding with the National Bank of Ras Al Khaimah (RAKBANK) to expand financial access and foster growth opportunities for start-ups and small and medium-sized enterprises (SMEs) across the country.

This strategic partnership combines Shams’ vibrant business ecosystem with RAKBANK’s advanced digital banking services, providing entrepreneurs with seamless and innovative solutions that simplify establishing businesses and managing finances.

Rashid Sahoo, Director of Operations at Sharjah Media City (Shams), stated, “At Shams, we are dedicated to simplifying the entrepreneurial journey and fostering an environment where innovation and ambition can flourish. Our partnership with RAKBANK marks another step forward in supporting SMEs and start-ups with essential financial tools and easy access to capital. By combining Shams’ nurturing ecosystem with RAKBANK’s leading digital banking capabilities, we strive to help businesses grow smarter, faster, and more sustainably.”

Emad Ahmed, EVP and Head of Commercial Banking at RAKBANK, added, “We are delighted to partner with Sharjah Media City (Shams) to support the UAE’s vibrant start-up and SME community. At RAKBANK, we recognise the importance of speed, flexibility, and trust in business banking. Through our digital-first solutions and tailored financial products, we look forward to helping Shams’ entrepreneurs establish, manage, and scale their businesses with confidence.”

The partnership between Shams and RAKBANK highlights both institutions’ dedication to supporting the UAE’s national vision of establishing a global centre for entrepreneurship, creativity, and innovation.

By fostering robust collaboration between the financial and business sectors, this agreement enhances Shams’ role as a key driver of media industry development. It reaffirms its mission to empower the nation’s entrepreneurial ecosystem.

Through such partnerships, Shams continues to showcase how its success as a free zone directly supports the UAE’s broader goals of economic diversification and sustainable development, especially in the creative and media sectors.

In July, the National Bank of Ras Al Khaimah (RAKBANK) launched its $300 million (WNG) Reg S Perpetual non-call 6-year AT1 Capital Securities, tightening the price to 6.625% cpn at par from earlier IPTs in the area of 7%.

The issuance has a benchmark rate interpolated at 6-year UST 3.961%, 5-year at 100-02+ / 3.858% and 7-year at 99-20+ / 4.060%.

WAM