Sector: Banks & Financial Services
Market Value: $2.4 billion
RAKBANK provides retail, commercial banking, and treasury services through a network of 20 branches. In 2022, RAKBANK joined AMF’s Buna payment platform to allow customers to send and receive cross-border multicurrency payments. It also signed an MoU with the Abu Dhabi Global Market (ADGM) in November to provide preferential banking services to ADGM-licensed entities. Around 99% of the bank’s financial transactions were processed through digital channels in 2022. RAKBANK is 49.3% owned by the government of Ras Al Khaimah. Its net profit soared by 53.4% in 2022 to hit $317 million.