RAKEZ, An Environment That Motivates Prosperity

The Ras Al Khaimah Economic Zone (RAKEZ) currently comprises more than 15,000 companies from around the world, most of which are from India, the United Kingdom, Pakistan, the UAE, and France and practice their activities in an environment that motivates prosperity in their areas of work.

Situated in the heart of Ras Al Khaimah, Ras Al Khaimah, RAKEZ is a powerhouse business and industrial hub that offers customisable solutions to free zone and non-free zone businesses in a multinational community flourishing in over 50 sectors.

These areas include the commercial sector accounting for 43 percent of registered companies, followed by the services sector accounting for 34 percent, general trade for seven percent, the media for four percent, and the industrial sector for 3.7 percent.

Other sectors also showed significant growth in 2020, such as e-commerce.

During the coronavirus pandemic, which hit the world in the first quarter of 2020, RAKEZ launched new business establishments and new product incentive packages to attract investors to Ras Al Khaimah.

RAKEZ also offers a new package to global companies to encourage them to establish their headquarters in Ras Al Khaimah, by ensuring easy and cost-efficient procedures. The package includes several advantages, most notably a wide variety of customisable office spaces, as well as the possibility of receiving a maximum of six resident visas in the UAE, complete ownership for foreigners, tax exemptions, and easy and fast procedures.

RAKEZ launched several initiatives to support the business community, including an incentive package worth AED50 million to ease the financial burdens of investors resulting from the pandemic and its effects, to support its clients and ensure the continuity of their businesses. This incentive package, which has supported over 9,000 companies from June to December 2020, includes significant discounts on business licence renewal fees, total exemptions and other facilitations fDi Global Free Zones of the Year 2020 recognised RAKEZ as the SME Free Zone of the Year along with five other awards.

Ras Al Khaimah Economic Zone (RAKEZ) wins big at this year’s fDi Global Free Zone of the Year Awards, taking home six awards after competing with 61 free zones from all over the world.

The economic zone has also bagged bespoke awards for COVID- 19 Support, honouring its efforts in helping ease the impact of the pandemic to its business community by initiating its Client Support Boosters; and Diversity Initiatives, applauding its number of initiatives to help diversify Ras Al Khaimah’s economy.

Within the span of June 2019 to June 2020, RAKEZ has launched a series of pioneering products to keep innovating the support it provides to its investors, such as: the RAKEZ BusinessWomen Package, first-of-its-kind product in the UAE designed to support women entrepreneurs; and Make, Manage, Move Your Products, the most cost-effective industrial offering in the UAE catering to manufacturers, traders and logistics providers.

RAKEZ continued to increase Ras Al Khaimah’s international appeal with the introduction of its Global Product, an innovative midshore free zone set-up that allows investors to redomicile or incorporate a new company through one of RAKEZ’s authorised Corporate Service Providers (CSPs).