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.”