RAKEZ attracts nearly 2,000 new businesses in Q1

Ras Al Khaimah Economic Zone (RAKEZ) welcomed 1,839 new companies in the first quarter of 2023, representing 122 per cent growth compared to the same period in 2022.

RAKEZ also drew in new investors from around the world with a significant proportion from India, Pakistan, UK, Russia and Egypt..

With a majority of the new set-ups being commercial and general trading companies at 41 per cent, the economic zone has strengthened its position as a hub for traders who prefer Ras Al Khaimah’s business environment. In addition to the surge in trading companies, RAKEZ also recorded growth in other sectors such as services, e-commerce, and media companies.

RAKEZ also witnessed a significant growth of 107 per cent in the set-up of industrial companies compared to Q1 of 2022. A majority of those companies fall under various industrial activities including vegetable oils refining and manufacturing, poultry products production, wet cell batteries manufacturing, and packaging materials manufacturing, among others.

RAKEZ Group CEO Ramy Jallad said they remain committed to positioning the emirate of Ras Al Khaimah "as a nurturing hub for innovation and entrepreneurship. We will continue to enhance our services, facilities and products to meet evolving business needs, and further empower companies to achieve their full potential.”