Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in 2022, recording 18 per cent growth compared to 2021.

Commenting on this growth, RAKEZ Group CEO Ramy Jallad said: “The latest numbers are indicative of how far we have come with our commitment to position the emirate of Ras Al Khaimah as a preferred hub for SMEs and industrial players. The fact that thousands of new companies have chosen us is a testament to our progressive strategies, innovative solutions, and continuous efforts in supporting businesses of various types and sizes.”

“We are marching into 2023 with the same spirit of facilitating the economic goals of Ras Al Khaimah and the UAE, while also catering to the unique needs of new investors and taking care of the existing companies in our ecosystem.”

RAKEZ rolled out customised set-up packages, launched new products and services, and inked strategic partnerships last year to support various segments in its ecosystem, particularly the SMEs involved in trade and e-commerce.

The economic zone recorded a whopping 206 per cent growth in the number of new general trading companies with 413 licences issued. E-commerce businesses were second with a 26 per cent hike, followed by services at 15 per cent, and commercial at 9 per cent. The majority of the investors came from UAE, India, Russia, UK, Egypt and Pakistan respectively.

Meanwhile, companies operating from RAKEZ also witnessed exponential growth in 2022, with 160 companies expanding their operations in various sectors. Among the industrial sector are manufacturers of automotive and parts, metal fabrication, machinery and equipment, building systems, consumer care, and recycling materials. Some of them include spice producers Sai Flavours, packaging products manufacturer Universal Carton, paper bag manufacturer Manchester Paper Bags Manufacturing, rubber products manufacturer Asian Rubber Industry, perfume and beauty products and perfume producer Oudh Al Anfar Manufacturing, and plastic packaging producer Eurocap, among many more.

“In alignment with the UAE’s economic vision, RAKEZ will continue to maintain its 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. We have already come a long way by enhancing our products and offerings, simplifying processes, introducing innovative solutions for evolving business needs, and will continue doing so,” Jallad added.