Ramy Jallad, the CEO of Ras Al Khaimah Economic Zone (RAKEZ), has announced that the economic zone is currently hosting over 18,000 companies from 100 countries. This diverse range of companies spans across more than 50 industries, catering to small and medium-sized enterprises (SMEs) as well as large manufacturers, all thriving in RAKEZ’s supportive and dynamic business environment.
Jallad emphasized that Ras Al Khaimah has established itself as a preferred hub for international traders due to its business-friendly ecosystem and a variety of factors that make setting up and expanding operations in the region highly lucrative. Ras Al Khaimah Free Trade Zone offers six dedicated zones that cater to the diverse requirements of businesses, from SMEs to large manufacturers. The state-of-the-art RAKEZ Compass Coworking Centre provides entrepreneurs with flexibility in operating their businesses while fostering valuable connections through networking opportunities. The Ras Al Khaimah Free Trade Zone Academic Zone is home to esteemed international educational institutions and service providers, further enhancing the zone’s offerings.
In the first quarter of the year, Ras Al Khaimah Free Trade Zone welcomed 1,839 new companies to its ecosystem, representing a remarkable 122% growth compared to the same period in 2022. This strong start to the year demonstrates the appeal of RAKEZ’s futuristic approaches, innovative business solutions, and unwavering commitment to supporting enterprises of all scales and types. Jallad attributed RAKEZ’s ability to maintain a competitive edge in the industry to the value it provides to clients and its dedication to driving their success.
The economic zone experienced significant growth in its business community in 2022, with over 4,200 new companies joining, reflecting an 18% year-on-year increase. Jallad highlighted that these numbers are a testament to RAKEZ’s commitment to positioning Ras Al Khaimah as a preferred hub for SMEs and industrial players.
RAKEZ implemented customized setup packages, launched new products and services, and formed strategic partnerships to support various segments within its ecosystem, particularly SMEs involved in trade and e-commerce. The economic zone witnessed a remarkable 206% growth in the number of new general trading companies, with 413 licenses issued.
RAKEZ’s investment-friendly ecosystem and streamlined processes have played a vital role in attracting investors from around the world to Ras Al Khaimah. Notably, a significant proportion of these investors come from India, Pakistan, the UK, Russia, and Egypt, showcasing the global appeal and attractiveness of the emirate’s business environment.
With a majority of the new companies operating in the commercial and general trading sectors (41%), RAKEZ has solidified its position as a bustling hub for traders who prefer the fertile business environment of Ras Al Khaimah for their operations and growth. Alongside the surge in trading companies, RAKEZ has also seen notable growth in sectors such as services, e-commerce, and media, highlighting the zone’s diverse business landscape.
With the majority of new businesses operating in the commercial and general trading sectors (41%), RAKEZ has solidified its reputation as a vibrant trading hub. The zone offers a fertile business environment that supports the growth and expansion of companies. Additionally, RAKEZ has witnessed remarkable growth in sectors such as services, e-commerce, and media, further diversifying its business landscape.
Another notable achievement for RAKEZ is the significant growth of 107% in the setup of industrial companies compared to the first quarter of 2022. These companies are involved in various industrial activities, including vegetable oil refining and manufacturing, poultry product production, wet cell battery manufacturing, and packaging materials manufacturing, among others.
The continuous success of RAKEZ as a preferred business destination can be attributed to its commitment to providing a supportive and dynamic environment for businesses of all sizes. With its forward-thinking strategies, innovative solutions, and dedicated support, RAKEZ is poised to further enhance Ras Al Khaimah’s position as a global business hub and attract even more investors and companies from around the world.
RAKEZ also witnessed significant growth of 107% in the setup of industrial companies compared to the first quarter of 2022. These companies operate in various industrial activities, including vegetable oil refining and manufacturing, poultry product production, wet cell battery manufacturing, and packaging materials manufacturing, among others.
