In 2022, the Ras Al Khaimah Economic Zone (RAKEZ) experienced an 18% increase in the number of new companies joining its business community, with a total of over 4,200 new companies setting up operations there. This growth is compared to the previous year 2021.
Ramy Jallad, the CEO of RAKEZ Group, commented on the economic growth by stating that the recent numbers demonstrate the progress they have made in their efforts to establish Ras Al Khaimah as a preferred hub for small and medium-sized enterprises (SMEs) and industrial players. He added that the fact that thousands of new companies have chosen to set up operations in the area is a testament to their progressive strategies, innovative solutions, and continued support for businesses of various types and sizes. He also mentioned that the company is looking forward to 2023 with the same spirit of supporting the economic goals of Ras Al Khaimah and the UAE, while also catering to the unique needs of new investors and taking care of existing companies in their ecosystem.
Last year, RAKEZ introduced customized set-up packages, new products, and services, and formed strategic partnerships to support various segments in its ecosystem, particularly small and medium-sized enterprises (SMEs) engaged in trade and e-commerce. The economic zone saw a significant increase in the number of new general trading companies, with 413 licenses issued, resulting in a 206% growth. E-commerce businesses also saw a 26% increase, followed by a 15% increase in services and a 9% increase in commercial businesses. Most of the investors came from the UAE, India, Russia, the UK, Egypt, and Pakistan.
In addition to the influx of new companies, those already operating from RAKEZ also experienced significant growth in 2022, with 160 companies expanding their operations across various sectors. These sectors include manufacturing of automotive and parts, metal fabrication, machinery and equipment, building systems, consumer care and recycling materials. Some of the notable companies that expanded their operations include Sai Flavours, a spice producer, Universal Carton, a packaging products manufacturer, Manchester Paper Bags Manufacturing, a paper bag manufacturer, Asian Rubber Industry, a rubber products manufacturer, Oudh Al Anfar Manufacturing, a perfume and beauty products producer, and Eurocap, a plastic packaging producer, among many others.
Ramy Jallad, CEO of RAKEZ Group, announced that they will continue to maintain an investment-friendly ecosystem and support the growth of businesses in its community that wish to tap into the lucrative markets worldwide from Ras Al Khaimah. In alignment with the UAE’s economic vision, Jallad stated that RAKEZ has enhanced its products and offerings, simplified processes, and introduced innovative solutions for evolving business needs. They will continue to do so in the future.