More than 18,000 companies from 100 countries have established a presence in the Ras Al Khaimah Economic Zone (RAKEZ), which is a mark of the region’s booming business environment.
The strategic location of Ras Al Khaimah in the UAE has made it a desirable destination for international traders, as it offers six specialized zones for businesses of all sizes, providing a suitable environment for small and medium-sized companies to conduct their business.
The annual number of newly accepted companies exceeded 4,200 in 2022, resulting in a dramatic 18% increase over last year. Furthermore, Q1 of this year saw a notable burst, with 1,839 companies added, which is a 122% increase compared to the same period last year.
RAKEZ saw a significant increase in the new general merchants, with a total of 413 licences issued, representing a significant growth of 206%. This expansion can be credited to the favourable investment environment and the streamlined processes that have attracted investors from India, Pakistan, the UK, Russia and Egypt, thereby strengthening the United Arab Emirates’ global visibility and the appeal of the UAE’s business environment.
Moreover, considerable growth was seen within sectors such as services, e-commerce and media corporations, highlighting the diversity of the UAE’s business landscape. During Q1 2022, the free trade zone also saw an impressive 107% rise in the number of established industrial based companies, covering activities such as vegetable oil processing and production, the poultry products industry, the wet cell battery manufacturing industry, the packaging materials industry and other related areas.