Ras Al Khaimah Economic Zone (RAKEZ) continues to bolster its position as a global investment hub with its latest successful week-long roadshow across Canada. The roadshow engaged Canadian businesses, showcasing the wide range of investment opportunities and strategic advantages that make Ras Al Khaimah a leading gateway for business expansion into the Middle East and North Africa (MENA) region.
During the visit, RAKEZ conducted numerous meetings with Canadian companies looking to capitalize on Ras Al Khaimah’s cost-efficient and low-tax business environment, as well as easy access to emerging markets in the MENA region.
UAE among leading destinations for Canada’s exports
The UAE ranked as one of the leading destinations for Canada’s exports in the MENA region in 2023. These meetings highlighted the potential for this growing trade relationship. Moreover, it emphasized how establishing a presence in Ras Al Khaimah provides Canadian businesses with a strategic foothold to expand their operations and tap into new and growing markets.
Commenting on the success of the roadshow, Ramy Jallad, group CEO of RAKEZ, said: “The response from Canadian businesses has been overwhelmingly positive. With bilateral trade between Canada and the UAE surpassing $2 billion, there is growing momentum to explore the vast opportunities available in Ras Al Khaimah.”
Launchpad for global expansion
A key highlight of the roadshow was also an exclusive event in collaboration with the Canada India Foundation in Toronto. The event, hosted by the RAKEZ team, provided businesses in Canada with valuable insights into the wide range of investment opportunities. Moreover, it highlighted the competitive advantages that Ras Al Khaimah offers to businesses.
Meanwhile, the business round table and networking dinner created an ideal platform for Canadian companies to explore how establishing a presence in Ras Al Khaimah can help them tap into the growing markets of the MENA region.
“Ras Al Khaimah serves as a strategic gateway for companies looking to expand into the region. Our goal is to strengthen economic ties between Canada and the UAE by facilitating investments that benefit both regions,” added Jallad.
Indo-Canada Chamber of Commerce’s insights
In addition to the Toronto event, the roadshow featured a networking session organized by the Indo-Canada Chamber of Commerce. During the session, the president of the Indo-Canada Chamber emphasized the advantages of establishing a presence in Ras Al Khaimah.
“The business event presented a unique opportunity for us to explore new avenues of collaboration and investment, focusing on the growing relationship between Canada, India, and Ras Al Khaimah. Indo-Canadian businesses are recognized worldwide for their innovation, entrepreneurship, and global perspective, making this roadshow an ideal platform for mutual exchange and partnership,” stated Chirag Shah, president of the Indo-Canada Chamber of Commerce.
The success of the roadshow further strengthens the economic ties between Canada and Ras Al Khaimah, with over 700 Canadian companies already thriving in RAKEZ.
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Ras Al Khaimah seeks greater global ties
As Ras Al Khaimah marks its presence in the UAE and the region’s economy, it has bolstered its efforts to expand its ties with key global players. His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, recently welcomed Robert Raines, U.S. Consul-General for Dubai and the Northern Emirates, and a high-level delegation from the U.S.-UAE Business Council, led by its president, Danny E. Sebright, in Ras Al Khaimah.
Sheikh Saud and the consul-general discussed the growing trade and investment relations between the UAE and the U.S., exploring ways to further strengthen cooperation and strategic partnerships across various economic and trade sectors, and lay the groundwork for enduring progress and prosperity for Ras Al Khaimah and the U.S.
Senior business leaders and government officials from Ras Al Khaimah briefed Sheikh Saud, the consul-general, and U.S.-UAE Business Council representatives on the emirate’s ambitious development goals and thriving business environment, highlighting further opportunities for investment.
Notably, Fitch Ratings recently upgraded Ras Al Khaimah’s credit rating to ‘A+’ from the previous ‘A’. The upgrade reflects the emirate’s improving credit metrics and stronger medium-term growth forecasts. The agency also noted that Ras Al Khaimah is projected to continue to attract global investments, resulting in growth forecasts of 6.2 percent in 2024 and 5 percent in 2025.
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