RAS AL KHAIMAH, UAE – The Ras Al Khaimah Economic Zone (RAKEZ) stands out due to its commitment to fostering startup growth by offering a cost-effective platform to establish their presence and explore the market, Ramy Jallad, Group CEO of RAKEZ, told TRENDS.
Designated zones and facilities for large and small industrial operations make RAKEZ a preferred location for well-known international brands, said Jallad in an exclusive interview while highlighting its unique aspects, the significance of economic zones, efforts to promote sustainability, and RAKEZ’s initiatives and plans.
“Our ecosystem supports SMEs and multinational corporations on their path to success and growth,” Jallad said.
Moreover, RAKEZ goes beyond initial business setup for clients by providing simplified processes through one-stop shops, customized packages, and digitalized services using advanced technology.
“To enhance our clients’ experience, we have also established strategic partnerships with governmental organizations and private businesses. Additionally, we offer regular B2B networking opportunities, informative workshops and seminars, and unparalleled aftercare support to ensure our business community members thrive in the UAE and beyond,” he added.
In 2022, RAKEZ welcomed over 4,200 new companies, representing an impressive 18 percent YoY growth. “With 413 licenses issued, we experienced a remarkable 206 percent increase in the number of new general trading companies. E-commerce businesses grew by 26 percent, while services and commercial entities increased by 15 percent and 9 percent, respectively. Our investors came from diverse countries, including the UAE, India, Russia, the UK, Egypt, and Pakistan, demonstrating the global appeal of our business ecosystem,” Jallad said.
In Q1 of 2023, RAKEZ welcomed 1,839 new companies, representing 122 percent growth compared to the same period in 2022.
With majority of the new set-ups being commercial and general trading companies at 41 percent, 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 has established strategic partnerships with several Ras Al Khaimah government entities, including the Department of Economic Development, Chamber of Commerce, Public Service Department, and Municipality. For example, RAKEZ’s collaboration with RAKPSD enables them to streamline the inflow and outflow of goods for our industrial clients throughout the UAE and GCC region.
RAKEZ also work with the Department of Economic Development to provide “dual licenses” for clients who want to conduct business freely across the country, which simplifies operations and helps them thrive, Jallad mentioned.
He went on to say that by leveraging these partnerships, RAKEZ is able to provide its clients with unrivaled access to resources, expertise, and support, allowing them to establish and grow their businesses easily.
Eco-friendly initiatives are vital in RAKEZ’s sustainable strategies. Jallad mentioned that RAKEZ is a member of the Ras Al Khaimah government’s Energy Efficiency Committee, responsible for developing, implementing, and monitoring the emirate’s Energy Efficiency & Renewable Energy Strategy 2040. “We have developed green building regulations in collaboration with the RAK Municipality to ensure future constructions are sustainably compliant,” he said, adding that all RAKEZ construction projects in Al Hamra Industrial Zone follow green building standards.
RAKEZ actively supports energy retrofits across facilities and factories to reduce their carbon footprint and enhance sustainability efforts. The hub recently installed the region’s first environmentally friendly water treatment technology in its district cooling plant, demonstrating commitment to using innovative and sustainable technologies.
Additionally, RAKEZ is home to innovative international firms involved in green hydrogen production, carbon footprint reduction, battery recycling, and sustainable packaging manufacturing. “We believe in the power of sustainable development to drive economic growth and make the world a better place for future generations. We remain committed to collaborating with our partners and clients to promote environmentally responsible practices and a more sustainable future for all,” Jallad said.
Recent initiatives
Regarding recent initiatives and plans, Jallad highlighted several new projects that RAKEZ has been working on, including:
• Instant Business License: RAKEZ is the first UAE free/economic zone to offer entrepreneurs a fully online business license process, obtainable in less than five minutes.
• Ras Al Khaimah’s first self-storage facility: Recently launched in Al Hamra Industrial Zone, this facility provides the community with a convenient and affordable way to store their extra belongings.
• Monthly B2B networking series: These popular events bring together thousands of UAE entrepreneurs to share insights, success stories, and business opportunities, fostering client networking.
• Industry-specific workshops: RAKEZ hosts networking and collaboration events for business owners within the same industry, offering clients industry-specific knowledge and insights to stay competitive.
• Active participation in local and international business events: RAKEZ attends numerous local and international business events to showcase offerings and meet potential investors, as well as hosting international business delegations to build a global referral and strategic partner network.
“Our team continuously strives to improve our products, offers, services, and client and partner relationships so that we can consistently elevate our clients’ experience. We remain dedicated to providing a world-class business ecosystem that fosters growth, innovation, and success,” Jallad concluded.