Landmark partnership unveiled at Make it in the Emirates to empower UAE-based micro, small and medium enterprises (mSMEs) in priority sectors
Abu Dhabi, UAE – 21 May 2025 – In a major boost for UAE-based micro, small and medium enterprises (mSMEs), Emirates Development Bank (EDB) and RAKBANK have announced the launch of a co-financing partnership totalling AED 1 billion to catalyse growth in national priority sectors. The landmark initiative was unveiled at the Make it in the Emirates Forum, held under the patronage of the Ministry of Industry and Advanced Technology (MoIAT) until 22 May at the ADNEC Centre, Abu Dhabi.
This strategic collaboration marks one of the largest mSME-dedicated co-lending programmes of its kind in the region, designed to improve access to capital for businesses operating in manufacturing, advanced technology, food security, renewables, and healthcare — the UAE’s most critical growth sectors.
Backed by a 50/50 contribution – AED 500 million from EDB and AED 500 million from RAKBANK – the fund will be channelled through RAKBANK to deliver tailored financing solutions for mSMEs across the UAE, with a strong focus on supporting businesses in the Northern Emirates and greenfield ventures.
H.E. Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, said: “This partnership with RAKBANK is a powerful example of what Make it in the Emirates was designed to achieve — coordinated national action that turns industrial ambition into reality. At EDB, we’ve committed more than AED 18.8 billion in financing since 2021 to accelerate economic transformation, and we know from experience that unlocking mSME growth is one of the most effective ways to strengthen our industrial base. This AED 1 billion co-financing platform is a signal that we are serious about empowering the entrepreneurs and manufacturers who will lead our economy into its next chapter.”
Raheel Ahmed, Group CEO of RAKBANK, added: “At RAKBANK, we have always believed that mSMEs are the backbone of the UAE economy. This AED 1 billion partnership fund is a bold step forward in our commitment to serve them better. By joining forces with Emirates Development Bank, we’re not just unlocking capital — we’re creating real opportunities for entrepreneurs to grow, scale, and contribute to a more dynamic and sustainable national economy.”
The co-financing structure gives mSMEs access to liquidity at competitive rates and also sets clear impact benchmarks, including percentage allocation for businesses based in the Northern Emirates (RAK, UAQ, Fujairah) national owned business and prioritisation for manufacturing and greenfield ventures.
The agreement reflects a broader effort by both institutions to deepen mSME support, foster economic diversification, and align with the UAE’s industrial strategy and national development goals. The fund will be deployed within 12 months of the agreement, with RAKBANK overseeing risk underwriting and portfolio management, while providing monthly performance reports to EDB. Both institutions will collaborate on outreach, awareness, and stakeholder engagement to maximise visibility and impact.
Through this initiative, EDB and RAKBANK are setting a new benchmark for public-private sector partnership, partnering to fuel innovation, job creation, and long-term value across the SME landscape.
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About Emirates Development Bank
Emirates Development Bank (EDB), the UAE’s development bank, is a key financial engine for the UAE’s economic development and industrial advancement. EDB provides financial and non-financial support to businesses of all sizes—from start-ups and SMEs to corporates—driving economic competitiveness across five strategic priority sectors: advanced technology, food security, healthcare, renewables, and manufacturing. As the first local bank in the UAE to be Great Place to Work-certified, EDB nurtures a high-trust, high-performance culture that drives both business growth and social impact.
EDB was established under Federal Law by Decree No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan and became operational in June 2015.
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE.
We’re a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX).
RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a ‘digital bank with a human touch,’ accompanying you during key moments.
With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000.
For enquiries, please contact:
Michelle Saddi