RAKEZ attracts 1,839 new firms to Ras Al Khaimah in 1st quarter

Ras Al Khaimah Economic Zone (RAKEZ) welcomed 1,839 new companies in the first quarter of 2023, representing 122% growth compared to the same period in 2022, indicating a strong start to the year for the economic zone.

RAKEZ Group CEO Ramy Jallad commented on this achievement: “We are thrilled to welcome 1,839 new companies to our ecosystem in the first quarter. 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.”

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.

Jallad added “Today we are home to over 18,000 companies, representing a diverse range of industries from SMEs to large manufacturers, and thriving in our supportive and dynamic business environment. RAKEZ remains committed to its mission of positioning the emirate of Ras Al Khaimah as a nurturing hub for innovation and entrepreneurship. We will continue to enhance our services, facilities and products to meet evolving business needs, and further empower companies to achieve their full potential.”

Ras Al Khaimah Economic Zone welcomed over 4,200 new companies to its business community in 2022, recording 18% growth compared to 2021.

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 new general trading companies, with 413 licences issued. E-commerce businesses were second with a 26% hike, followed by services at 15% and commercial at 9%. Most investors came from the UAE, India, Russia, the UK, Egypt and Pakistan, respectively.

Meanwhile, companies operating from RAKEZ also witnessed exponential growth in 2022, with 160 companies expanding their operations in various sectors.

Among the industrial sector are manufacturers of automotive and parts, metal fabrication, machinery and equipment, building systems, consumer care, and recycling materials. Some of them include spice producers Sai Flavours, packaging products manufacturer Universal Carton, paper bag manufacturer Manchester Paper Bags Manufacturing, rubber product’s manufacturer Asian Rubber Industry, perfume and beauty products and perfume producer Oudh Al Anfar Manufacturing, and plastic packaging producer Eurocap, among others.

Ras Al Khaimah Economic Zone (RAKEZ) has recently launched self-storage units at Al Hamra Industrial Zone, providing a practical and cost-effective solution for residents to manage their extra belongings.

RAKEZ Group CEO Ramy Jallad said that the self-storage units are a reliable and secure option for individuals who frequently move due to renovations or expansions, providing them with peace of mind and flexibility. With a population of approximately 400,000, many residents in Ras Al Khaimah face the challenge of limited storage space, making it difficult for them to manage their belongings efficiently.

The self-storage units not only offer a practical solution, but they also provide a minimalist and clutter-free way of living, simplifying individuals’ lifestyles by freeing up valuable space in their homes.

The facility is the first of its kind in Ras Al Khaimah, conveniently located in Al Hamra and equipped with 24/7 CCTV surveillance and security guards, climate control, and flexible rental terms starting at Dhs400 per month.