The Ras Al Khaimah Economic Zone (RAKEZ) announced a significant milestone for 2024, welcoming 13,141 new companies to its thriving ecosystem. This represents an impressive 66 percent growth in new registrations compared to 2023. With this achievement, RAKEZ is now home to nearly 30,000 multinational companies, bolstering its status as a leading global hub for business excellence.
“Over the past five years, RAKEZ has welcomed double the number of companies to its flourishing business community, reflecting the growing appeal of Ras Al Khaimah as a hub for innovation and global trade,” said Ramy Jallad, Group CEO of RAKEZ.
Commercial activities drive growth
The growth in 2024 has been driven primarily by commercial activities, including general trading, e-commerce and related businesses, which together accounted for 53 percent of the new company registrations. This reinforces RAKEZ’s reputation as a thriving hub for traders and businesses seeking strategic access to regional and global markets.
Consultancy followed next as a key contributor at 24 percent, with other notable sectors including media and marketing services, wholesale trading and manufacturing, among many others. This diversity highlights RAKEZ’s ability to cater to the evolving demands of businesses across a wide range of industries, further solidifying its role as a global business enabler.
“This growth highlights our commitment to offering tailored support, streamlined services and an enabling environment where businesses can expand and reach their full potential. As our community continues to grow, we remain focused on fostering long-term success and unlocking new opportunities for businesses of all sizes and sectors,” added Jallad.
Established by the Government of Ras Al Khaimah, RAKEZ is one of the largest economic zones in the region supporting startups, entrepreneurs, SMEs and industrialists with their business setup processes and requirements.
The business licensing authority offers customizable solutions for UAE company formation to free zone and non-free zone businesses in a multinational community of over 25,000 companies that flourishes in over 50 sectors.
The economic zone provides a wide range of business licenses in the UAE, residence visa services, customizable facilities, as well as value-added support services including accounting, translation, bank account opening, recruitment, procurement, marketing and many more.
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India leads new business growth
Entrepreneurs and companies from around the world also contributed to this growth, with India leading the way as the top source of new businesses. This reflects RAKEZ’s ongoing efforts to strengthen ties with India through strategic initiatives, such as fostering trade relations and leveraging the UAE-India Comprehensive Economic Partnership Agreement (CEPA).
A large number of investors also came from Pakistan, the United Kingdom, Egypt and the Philippines, among many others. This diverse representation highlights RAKEZ’s global appeal and its strategic location, offering businesses unparalleled access to regional and international markets.
As RAKEZ continues to grow, it is setting its sights on new opportunities to enhance the business landscape in Ras Al Khaimah.
“Our focus is on staying ahead of market trends and enabling businesses to thrive in emerging industries. With a dynamic ecosystem and strategic global partnerships, we are positioning RAKEZ as a key player in shaping the region’s economic future,” added Jallad.
