RAKEZ is home to over 18,000 companies from 100 countries: CEO

RAS AL KHAIMAH, 27th May, 2023 (WAM) Ramy Jallad, CEO of Ras Al Khaimah Economic Zone (RAKEZ), revealed that RAKEZ is home to over 18,000 companies from 100 countries, representing a diverse range of more than 50 industries from SMEs to large manufacturers, and thriving in supportive and dynamic business environment. Jallad stated that the Emirate of Ras Al Khaimah has positioned itself as a preferred hub for international traders due to its business-friendly ecosystem complemented by a range of factors that make setting up and expanding operations here, as well as accessing the MENA region, highly lucrative. “RAKEZ has six dedicated zones catering to all business requirements from SMEs to large manufacturers. The state-of-the-art RAKEZ Compass Coworking Centre gives businessmen the flexibility to operate their businesses while growing their networks with valuable connections. RAKEZ Academic Zone is home to qualified international educational institutions and service providers, said Ramy Jallad in a statement to Emirates News Agency (WAM). “We are thrilled to welcome 1,839 new companies to our ecosystem in the first quarter, representing 122% growth compared to the same period in 2022, indicating a strong start to the year for the economic zone. The sheer number of new businesses choosing us as their base showcases our futuristic approaches, innovative business solutions, and unwavering commitment to aiding enterprises of diverse scales and types. Our ability to maintain a competitive edge in the industry is a reflection of the value we provide to our clients and our dedication to driving their success,” he added. RAKEZ welcomed over 4,200 new companies to its business community in 2022, reflecting an 18%year-on-year growth. RAKEZ CEO said the latest numbers are indicative of how far “we have come with our commitment” to position the emirate of Ras Al Khaimah as a preferred hub for SMEs and industrial players.” RAKEZ rolled out customised set-up packages, launched new products and services, and inked strategic partnerships last year to support various segments in its ecosystem, particularly the SMEs involved in trade and e-commerce. The economic zone recorded a whopping 206%growth in the number of new general trading companies with 413 licences issued. RAKEZ’s investment-friendly ecosystem and streamlined processes have played a vital role in drawing in new investors from around the world to Ras Al Khaimah. Notably, a significant proportion of these investors hail from India, Pakistan, UK, Russia and Egypt, respectively, highlighting the global appeal and attractiveness of the emirate’s business environment. With majority of the new set-ups being commercial and general trading companies at 41%, the economic zone has strengthened its position as a bustling hub for traders who prefer Ras Al Khaimah’s fertile business environment for their operations and growth. In addition to the surge in trading companies, RAKEZ also recorded remarkable growth in other sectors such as services, e-commerce, and media companies, highlighting its diverse business landscape. RAKEZ also witnessed a significant growth of 107% in the set-up of industrial companies compared to Q1 of 2022. Majority of these companies fall under various industrial activities including vegetable oils refining and manufacturing, poultry products production, wet cell batteries manufacturing, and packaging materials manufacturing, among others.

Source: Emirates News Agency (WAM)