Ras Al Khaimah Aims To Attract Investors With The New RAK Economic Zone
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In a bid to position Ras Al Khaimah (RAK) as a world-class investment decision, the RAK government has launched the Ras Al Khaimah Economic Zone (RAKEZ), a public authority to “oversee, regulate and consolidate” the operations of its two main free zones- Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA). Encompassing around 33 million sq metres of land, and with plans to house over 13,000 companies (those currently served by RAK FTZ and RAKIA), RAK expects RAKEZ to emerge as one of the largest economic zones in the region. Like its counterparts, RAKEZ will function to support the vision of making Ras Al Khaimah a leading investment destination for global investors, contribute to the Emirate’s economic growth, and make it easier for businesses to start and scale in RAK.
Launched by HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member of UAE, and Ruler of Ras Al Khaimah, in the presence of officials, businesspersons, and clients, RAKEZ will offer both existing clients and prospective investors a platform from which they can access local, regional and global markets, and grant free zone and non-free zone licenses for companies operating in diverse sectors. According to an official statement on the launch, RAKEZ will provide “customizable facilities, enhanced levels of service through five diversified and strategically located zones [RAKEZ Business Zone, Al Hamra Industrial Zone, Al Ghail Industrial Zone, Al Hulaila Industrial Zone and RAKEZ Academic Zone] for all types of business setups including startups, entrepreneurs, SMEs and manufacturers.”
Commenting on the announcement, HH Sheikh Ahmed bin Saqr Al Qasimi, Chairman, RAKEZ, RAK FTZ and RAKIA, says, “It is our firm belief that after nearly two decades of operating independently, the time is right to leverage the combined resources of RAK FTZ and RAKIA under one strong, unified brand.” Ramy Jallad, Group CEO, RAKEZ, RAK FTZ and RAKIA adds that bringing together the two free zones under the umbrella of RAKEZ is part of the Emirate’s efforts to take customer experience to the next level. The RAK government’s steps to merge its two primary free zones commenced last year when the Board and management teams were combined. Later, the administrative functions of both entities were also bought together to streamline operations and ensure service efficiency.