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Shams and RAKBANK Partner to Drive Media Growth and Entrepreneurship Across the UAE

 

Sharjah, 22nd October 2025: Sharjah Media City (Shams), a leading hub for entrepreneurship, creativity, and media innovation in the UAE, has signed a Memorandum of Understanding (MoU) with RAKBANK (The National Bank of Ras Al Khaimah), one of the country’s most trusted financial institutions, to enhance financial accessibility and accelerate growth opportunities for start-ups and small and medium-sized enterprises (SMEs) across the nation.

This strategic collaboration brings together Shams’ dynamic business ecosystem and RAKBANK’s advanced digital banking services to provide entrepreneurs with seamless, fast, and innovative business solutions — from company formation to financial empowerment. Under this partnership, start-ups and SMEs licensed through Shams will gain access to a range of exclusive benefits from RAKBANK, including rapid 72-hour business account opening, attractive interest rates of up to 2.5% on account balances, business loans of up to AED 5 million, and access to the region’s highest-rated digital banking platform. Entrepreneurs will also benefit from a full suite of business banking products and digital tools designed to meet their evolving needs and support their growth journey.

 

Rashid Sahoo, Director of Operations at Sharjah Media City ‘Shams’ said: “At Shams, we are committed to simplifying the entrepreneurial journey and creating an environment where innovation and ambition can thrive. Our partnership with RAKBANK represents another step forward in empowering SMEs and start-ups with essential financial tools and seamless access to capital. By combining Shams’ supportive ecosystem with RAKBANK’s leading digital banking capabilities, we aim to help businesses grow smarter, faster, and more sustainably.”

 

Emad Ahmed, EVP and Head of Commercial Banking at RAKBANK. said, “We are delighted to partner with Sharjah Media City (Shams) to support the UAE’s vibrant start-up and SME community. At RAKBANK, we understand 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.”

 

Through this partnership, Shams and RAKBANK reaffirm their shared commitment to supporting the UAE’s vision of becoming a global hub for entrepreneurship, creativity, and innovation. By fostering strong collaborations between the financial and business sectors, Shams continues to strengthen its role as a key enabler of the media industry’s growth — demonstrating how the success of its free zone directly contributes to the development of the nation’s media landscape.