The UAE emirate of Ras Al Khaimah is strategically focusing on innovation and sustainability as it positions itself within the evolving global economic landscape as a formidable investment destination.

While known as the 'Nature Emirate' for its prominent tourism offerings, Ras Al Khaimah is actively pursuing efforts to attract investments across diverse sectors, thereby fostering economic diversification and growth. Central to these endeavors is the Ras Al Khaimah Economic Zone (RAKEZ), serving as a cornerstone for new investments.

HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has said that companies must adopt advanced technology solutions and support efforts to boost the competitiveness of the emirate's industrial sector.

This will create an ideal business environment that supports the growth of the industrial sector and enhances its contribution to domestic production, according to the best technological and environmental practices, he stated at the opening ceremony of the expansion of Hira Industries’ plant at RAKEZ.

The growth and prosperity of businesses in Ras Al Khaimah are a realisation of the economic vision and expansion plans of the emirate’s industrial sector, which is a fundamental pillar for driving growth and diversification, and plays a key role in solidifying the emirate's global stature as a development hub for industries, he added.

Lauding the significant growth witnessed by the emirate’s industrial sector, Sheikh Saudi said its increasing competitiveness, which are due to its immense potential and significant capacities in this vital sector, makes the emirate an attractive investment destination with a safe and flexible environment.

At another event, Sheikh Saud advocated ‘innovation with purpose,’ emphasising practical solutions aimed at enhancing humanity's well-being and addressing societal needs.

“Ras Al Khaimah is an emirate that blends tradition with modernity, a place where history and the future intersect. It is our duty to ensure that the legacy we leave behind is one of innovation, sustainability and positive impact on the world,” he said at the 15th International Workshop on Advanced Materials (IWAM), held recently in Ras Al Khaimah.

Sheikh Saud talked about his passion for scientific discovery and how advanced materials will play a key role in the pursuit of innovation that spurs humanity onto finding solutions to the world’s greatest challenges.

HH Sheikh Saud said: “The International Workshop on Advanced Materials serves as a testament to Ras Al Khaimah’s commitment to scientific progress and innovation.”

Advanced Materials include metals, ceramics and polymers that are either new or enhanced beyond their original state, and they can be found in mobile phones, other electronics, composites and coatings, energy systems, membranes and sensors, among other materials. These materials have the potential to revolutionise many industries, such as aerospace, transport, construction and healthcare. New materials can also help lower carbon footprints and energy demand.

7,800 NEW FIRMS

Meanwhile, RAKEZ continued to stand out as the preferred hub for investors from all over the world seeking business growth.

In 2023, over 7,800 new companies strategically chose RAKEZ as their base to establish and flourish within its thriving business community. This remarkable surge represents an 86% increase in new registrations compared to the previous year, further underscoring RAKEZ’s enduring appeal as the go-to destination for entrepreneurial success.

Reflecting on this economic expansion, Ramy Jallad, RAKEZ Group CEO, stated: “The latest figures serve as a true testament of our unwavering commitment to providing an exceptional customer experience, fit-for-purpose solutions, and a ‘build as you go’ approach to support investors and all types of companies, whether they are startups, SMEs, or industrial giants. We go the extra mile to ensure that they have the tools and support needed to thrive within our dynamic ecosystem and expand their operations seamlessly, reaching new markets.”

Over the past year, RAKEZ amplified its support for businesses operating in diverse activities and industries, including, but not limited to, technology, manufacturing, logistics, renewable energy, e-commerce, media, trading, AI and robotics, specialised industrial machinery, construction, building materials, and, engineering and consultancy, among many more. The economic zone achieved this by introducing tailored set-up packages, launching new products and services, constructing more warehouses, open yards, storage units, and workers’ accommodations, as well as forging strategic partnerships.

Simultaneously, the existing businesses within the RAKEZ community experienced substantial growth throughout 2023, with close to 100 companies expanding their operations across various sectors. Notable industries included structural steel manufacturing, automotive and parts manufacturing, foodstuff mills and packaging, appliances, machinery, engines, vehicle manufacturing, and building materials, among many others.

“In line with the emirate’s vision and leadership goals, this year, RAKEZ will keep up the mission of maintaining its investment-friendly ecosystem and nurturing the growth of over 21,000 diverse multinational companies within its community, allowing them to tap into lucrative global markets from Ras Al Khaimah. We have made significant strides by enhancing our products, streamlining processes, and introducing innovative solutions tailored to evolving business requirements. Our commitment remains firm, as we continue to support each of these companies on their journey towards success,” Jallad added.

HIRA EXPANSION

Hira Industries, one of the leading MEP and civil construction product suppliers, has opened its plant within RAKEZ following its expansion, adding another 100,000 sq ft to its land size. This comes as part of Hira's investment plan in the building and civil construction sector.

The building includes a global research and development laboratory and the tallest warehouse for goods storage within the Al Ghail Industrial Zone of RAKEZ.

In the UAE since 1980, Hira Industries has been one of the largest HVAC and construction materials distribution and manufacturing companies in the region, with 30 sales offices, 14 production units and two showrooms across the emirates and globally.

In the past four decades, Hira Industries has successfully expanded its activities in GCC, India, Southeast Asia, Americas, Australia, New Zealand and Africa.

INDIA EVENTS

Exploring further opportunities, RAKEZ recently engaged in a series of strategic business events in major Indian cities to strengthen economic ties and extend support to Indian investors.

 The economic zone hosted B2B networking sessions, roundtable discussions and investor meetings in Kolkata, Mumbai, and Hyderabad, where its team engaged with business owners and prominent business councils, including the Indian Chamber of Commerce (Kolkata) and the Federation of Telangana Chambers of Commerce and Industry.

 The RAKEZ team connected with Indian investors from a wide range of sectors such as F&B, chemicals, metal, sustainable solution providers, telecommunications, engineering, construction, media, power and energy, automotive, pharmaceutical, and packaging. RAKEZ also participated in leading Indian exhibitions such as Plastfocus in Delhi and INT-EXT Expo in Ludhiana, Punjab, to showcase its business solutions to potential investors in the plastics manufacturing and architectural industries.

 Jallad highlighted the significance of the UAE-India relationship and the deep-rooted connections that extend beyond just trade and business. “The UAE and India share a longstanding relationship characterised by shared cultural and economic interests. India continues to be one of the UAE and Ras Al Khaimah’s most important markets for FDI.” He added, “Our recent engagements across major Indian cities have been instrumental in portraying Ras Al Khaimah's unique value proposition as a strategic business hub. Through direct interactions with Indian entrepreneurs and investors during the trip, we have not only showcased our comprehensive business solutions but also created tangible opportunities for growth and collaboration.

“We are committed to supporting Indian businesses in leveraging Ras Al Khaimah as their launchpad for regional and global expansion, benefiting from our business-friendly environment, central location, strategic partnerships, and the robust CEPA 2022 framework that reduces many tariffs and barriers to trade between the two countries. Our aim is to ensure that Indian investors find not just a market in the UAE but a home for their businesses where they can thrive and expand.”

 5,300 INDIAN FIRMS

Over 5,300 Indian companies have established their operations in RAKEZ, attracted by the benefits of 100% company ownership, full profit repatriation, and integration into the UAE’s extensive international business network, which offers access to regional markets in one of the world’s lowest tax environments.

 These firms not only enjoy strategic partnerships with government and private entities within the economic zone but also gain from agreements with Indian organisations such as the Indian Economic Trade Organisation and the Indian Chamber of Food and Agriculture, enhancing support for Indian businesses.

RAKEZ AT BIG5

The economic zone brought together the emirate's construction startups, SMEs, manufacturers and investors to display their products and services at the Big 5 Global in December at the Dubai World Trade Center (DWTC).

"Our goal is not only to enhance growth prospects for construction and building materials companies but also to assist them in reaching broader markets. These significant growth prospects offer extensive opportunities for companies and investors within our nation. Therefore, our aim is to take the lead in seizing these opportunities, facilitating the growth and global expansion of all stakeholders," said Jallad.

SHIPBUILDING VENTURE

In a key development, RAK Ports, the internationally recognised ports operator in Ras Al Khaimah, has signed a memorandum of understanding (MoU) with the Centre of Sustainable Ship Building (CSSB).

The MoU aims to develop a maritime innovation and technology park that will provide a unique ecosystem for advanced ship and boatyards and maritime technology providers, all within the framework of sustainable development in the UAE.

The park will provide tenants with state-of-the-art manufacturing facilities and shared machinery. Twelve, mostly international companies, have already signed a Letter of Intent to participate in the sustainable development, with these first tenants being world leaders in the fields of e-propulsion and ultra-lightweight vessel construction.

Roy Cummins, CEO of RAK Ports, said: “We are delighted to sign this Memorandum of Understanding with CSSB. This cluster fits in with our vision of sustainable development and investment. This MoU will not only strengthen our business development, but also accelerate sustainable development in the shipping industry. We look forward to exploring the possibilities of this partnership, which will make a valuable contribution to the UAE’s strategies towards sustainable development. We are excited about the potential this partnership holds for our international network of industrial players and we hope to welcome many more partners.”

“Climate change mitigation and ocean resilience are key to the global effort to tackle climate change. The CSSB is ready to take a leadership role in partnership with RAK Ports by developing science-based solutions and easy-to-integrate tools to reverse the decline in ocean health,” said Hans Genthe, founder of CSSB. “We want to help capture carbon from the atmosphere and sequester it into long-lasting products or convert it into fuels. Our vision is to grow the organic raw materials locally and take care of recycling of waste and end products. Our production cycle should bind CO2 and not emit it, so that we can offer CO2 certificates to our partners.”

UIFI FACILITY

Universal Islamic Food Industries (UIFI), a Kuwaiti based group of companies, has set up a new massive manufacturing unit in Ras Al Khaimah with an investment of around AED150 million. This modern, state-of-the-art facility, located in the Al Hamra Industrial Zone, extends over an expansive area of 350,000 sq ft.

The new facility is designed to address the soaring demands of the regional consumer market. The facility will produce an additional 3,000 tons of processed food monthly, which significantly exceeds the expected capacity of the ready-to-eat poultry, meat, and seafoods products. Staying abreast with modern trends and requirements, the operations will encompass advanced manufacturing, packaging, warehousing, and storage facilities, setting a new benchmark in the processed food industry.

The driving force behind this ambitious expansion is the company’s vision to harness the abundant resources of the region, realising its long-term business aspirations. This strategic move also positions UIFI to better cater to the increasing production demands in today’s market.

Ayoob Khan, CEO of UIFI said: “As a subsidiary of the UIM Group, we at UIFI firmly uphold the belief that ‘Quality comes first’ as our core guiding principle. This commitment is not just a slogan, but a holistic approach that encompasses product excellence, customer satisfaction, employee engagement, and continuous improvement. At UIFI, we are dedicated to maintaining our reputation as a provider of top-quality products and services, which is essential for ensuring our long-term success in the marketplace.”

“Our decision to establish our operations in Ras Al Khaimah was a strategic one, deeply influenced by the region’s burgeoning status as a business hub. The support and facilities provided by RAKEZ have been pivotal in this decision. Their commitment to fostering a conducive business environment, coupled with state-of-the-art infrastructure and ready-built facility options has greatly facilitated our setup and expansion efforts. The strategic geographic location of Ras Al Khaimah and the comprehensive support from RAKEZ align perfectly with our dedication to quality and excellence.”, Khan added.