RAKEZ welcomes over 13,000 new companies in 2024, marking impressive 66 percent growth

Ras Al Khaimah Economic Zone (RAKEZ) has announced a significant milestone in 2024, attracting 13,141 new companies to its thriving ecosystem. This represents a remarkable 66% increase in new company registrations compared to 2023. With this achievement, RAKEZ is now home to nearly 30,000 multinational companies, solidifying its position as a global hub for business excellence.

“RAKEZ’s business community has doubled in size over the past five years, reflecting the growing appeal of Ras Al Khaimah as a center for innovation and global trade,” said Ramy Jallad, Group CEO of RAKEZ. He noted that the significant increase in the number of companies is a testament to RAKEZ’s continued attractiveness.

The growth in 2024 was primarily driven by business activities including general trading, e-commerce, and related operations, which collectively accounted for 53% of the total new company registrations. This further solidifies RAKEZ's reputation as a thriving hub for traders and businesses seeking strategic access to regional and global markets. The consulting sector followed closely, contributing 24% of registrations, with other notable sectors including media and marketing services, wholesale trade, and manufacturing. This diversity highlights RAKEZ's ability to cater to the evolving needs of various industries, further cementing its role as a global business enabler.

“This growth underscores our commitment to providing tailored support, streamlined services, and a conducive environment that empowers businesses to expand and reach their full potential here. As our community continues to grow, we remain focused on fostering long-term success and unlocking new opportunities for businesses of all sizes and industries,” added Jallad. He emphasized RAKEZ's dedication to supporting business growth and innovation.

Established by the Government of Ras Al Khaimah, RAKEZ is one of the largest economic zones in the region, providing support for business setup processes and requirements for startups, entrepreneurs, SMEs, and industrialists. The business licensing authority offers customizable UAE company formation solutions for free zone and non-free zone businesses, and its diverse community includes over 25,000 companies from more than 50 industries. The economic zone provides a wide range of UAE business licenses, residency visa services, customizable facilities, and value-added support services, including accounting, translation, bank account opening, recruitment, procurement, marketing, and more.

Entrepreneurs and companies from around the world have also contributed to this growth, with India being the leading source of new businesses. This reflects RAKEZ’s ongoing efforts to strengthen its relationship with India through strategic initiatives, such as facilitating trade ties and leveraging the UAE-India Comprehensive Economic Partnership Agreement (CEPA). Additionally, significant investors have come from countries including Pakistan, the United Kingdom, Egypt, and the Philippines. This diverse representation highlights RAKEZ’s global appeal and its strategic location, providing businesses with unparalleled access to regional and international markets.

As RAKEZ continues to evolve, it is looking towards new opportunities to enhance the business environment in Ras Al Khaimah. "Our focus is on staying ahead of market trends and empowering businesses to thrive in emerging industries. With a vibrant ecosystem and strategic global partnerships, we are positioning RAKEZ as a key player in shaping the economic future of the region," added Jallad. He emphasized RAKEZ's vision for future development.