RAS AL KHAIMAH / WAM
Ras Al Khaimah Economic Zone (Rakez) registered over 7,800 new companies in its thriving business community in 2023, representing 86 percent increase in new registrations compared to the previous year, further underscoring Rakez’s enduring appeal as the go-to destination for entrepreneurial success Reflecting on this economic expansion, Ramy Jallad, Rakez Group CEO, stated, “The latest figures serve as a true testament of our unwavering commitment to providing an exceptional customer experience, fit-for-purpose solutions, and a ‘build as you go’ approach to support investors and all types of companies, whether they are startups, SMEs, or industrial giants. We go the extra mile to ensure that they have the tools and support needed to thrive within our dynamic ecosystem and expand their operations seamlessly, reaching new markets.”
Over the past year, Rakez amplified its support for businesses operating in diverse activities and industries, including, but not limited to, technology, manufacturing, logistics, renewable energy, e-commerce, media, trading, AI and robotics, specialised industrial machinery, construction, building materials, and, engineering and consultancy, among many more.
The economic zone achieved this by introducing tailored set-up packages, launching new products and services, constructing more warehouses, open yards, storage units, and workers’ accommodations, as well as forging strategic partnerships. Simultaneously, the existing businesses within the RAKEZ community experienced substantial growth throughout 2023, with close to 100 companies expanding their operations across various sectors. Notable industries included structural steel manufacturing, automotive and parts manufacturing, foodstuff mills and packaging, appliances, machinery, engines, vehicle manufacturing, and building materials, among many others.
“In line with the emirate’s vision and leadership goals, this year, RAKEZ will keep up the mission of maintaining its investment-friendly ecosystem and nurturing the growth of over 21,000 diverse multinational companies within its community, allowing them to tap into lucrative global markets from Ras Al Khaimah. We have made significant strides by enhancing our products, streamlining processes, and introducing innovative solutions tailored to evolving business requirements. Our commitment remains firm, as we continue to support each of these companies on their journey towards success,” Jallad added.