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During the second quarter, a total of 1,500 new companies were welcomed by a free zone in the UAE.

by Swati Gupta

July 9, 2023 11

The UAE’s Ras Al Khaimah Economic Zone (RAKEZ) has experienced remarkable growth, welcoming over 1,500 new companies during the second quarter of 2023. This robust expansion reflects a significant increase of 132 percent compared to the same period in the previous year.

RAKEZ has established itself as a prominent accelerator for business growth in the UAE, fostering an investment-friendly climate and solidifying its role in driving economic development in the region.

Ramy Jallad, the CEO of RAKEZ Group, expressed his satisfaction with the exceptional performance in Q2 2023, attributing the success to the organization’s progressive approach, industry-leading business solutions, and unwavering commitment to nurturing enterprises of all scales.

“The influx of over 1,500 new companies across various sectors, including general trading, e-commerce, media, services, and manufacturing, reaffirms our vision of creating an inclusive and sustainable economic landscape for global entrepreneurs,” said Jallad.

RAKEZ’s ability to attract investors from around the world is evident, with a significant portion hailing from countries such as India, Pakistan, the UK, Egypt, and Russia. This demonstrates the global appeal of Ras Al Khaimah’s conducive business environment and its allure as a preferred destination for international enterprises.

Among the sectors experiencing substantial growth, general trading and commercial activities stood out with approximately 650 new companies. This surge in trade and commerce-centric businesses positions RAKEZ as a bustling hub for traders, with its recently launched Traders District playing a pivotal role in catalyzing this growth.

Additionally, the services sector witnessed a notable increase, with over 600 companies establishing their presence in the UAE economic zone. The e-commerce sector also experienced a surge, attracting over 170 companies, while the media sector saw over 100 companies venturing into the market.

As RAKEZ ventures into the second half of 2023, the organization remains committed to providing an adaptive and supportive ecosystem for investors seeking to expand their horizons and thrive in a dynamic business environment. The free zone’s dedication to empowering businesses and its emphasis on nurturing diverse industries bodes well for continued growth and economic prosperity in Ras Al Khaimah.

The impressive growth of RAKEZ further solidifies the UAE’s position as a leading destination for businesses, offering a strategic location, a robust infrastructure, and a favorable regulatory framework. With its remarkable performance in attracting new companies, RAKEZ contributes significantly to the nation’s economic diversification efforts and reinforces its reputation as a global business hub.

As the UAE continues to attract international investors and foster a thriving entrepreneurial ecosystem, RAKEZ stands out as a prime example of successful economic development, providing opportunities for companies to flourish and contribute to the nation’s sustainable growth.