Shams and RAKBANK partner to boost media and SME growth in UAE

October 22, 2025 / 3:20 PM

Sharjah24: Sharjah Media City (Shams), one of the UAE’s leading hubs for entrepreneurship, creativity, and media innovation, has signed a Memorandum of Understanding (MoU) with RAKBANK (The National Bank of Ras Al Khaimah), a trusted national financial institution, 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.

Through this partnership, start-ups and SMEs licensed under Shams will benefit from a range of exclusive financial advantages, including the ability to open business accounts within 72 hours, access to the region's top-rated digital banking platform, competitive interest rates of up to 2.5%, and business loans up to AED 5 million. Additionally, entrepreneurs will have access to a comprehensive suite of financial products and digital tools designed to enhance operational efficiency and support long-term business growth.

Driving innovation through partnership

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.”

RAKBANK’s commitment to the SME ecosystem

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.”

Advancing the UAE’s vision for entrepreneurship and innovation

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.