In the first quarter of 2023, RAKEZ, or Ras Al Khaimah Economic Zone, saw an impressive 122% growth in the number of new companies it welcomed, with a total of 1,839 new companies setting up in the zone. This strong start to the year is a clear indication of RAKEZ’s continued success and growth as an 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 streamlined processes and investment-friendly environment have been instrumental in attracting new investors from across the globe to Ras Al Khaimah. The majority of the new companies are commercial and general trading firms, accounting for 41% of the new set-ups, consolidating the economic zone’s reputation as a bustling hub for traders seeking growth opportunities. Moreover, RAKEZ recorded a notable growth in other sectors, including services, e-commerce, and media companies, underscoring its diverse business landscape.
In Q1 2023, RAKEZ experienced an impressive 107% growth in the establishment of industrial companies, compared to the same period in 2022. The majority of these companies are engaged in various industrial activities such as vegetable oil refining and manufacturing, poultry product production, wet cell battery manufacturing, and packaging material manufacturing, among others. The significant growth in these industries highlights the economic zone’s expanding and diverse industrial sector, according to WAM.
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.”
