Ras Al Khaimah Economic Zone (RAKEZ) was launched last year by the government of Ras Al Khaimah to oversee, regulate and consolidate the services and facilities of Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA) – and to further the emirate’s ambition of being a beacon for global entrepreneurship and innovation as well as provide broader business opportunities and incentives to investors.
As such, it’s the evolution of Ras Al Khaimah’s free zone landscape, a story that started with the foundation of RAK FTZ in 2000 and the establishment of RAKIA in 2005. It currently houses over 13,000 multinational companies from more than 100 countries covering over 50 industries, making it one of the largest economic zones in the region.
Under the leadership of HH Sheikh Saud bin Saqr Al Qasimi, the Ruler of Ras Al Khaimah, the emirate has enjoyed tremendous economic growth in recent years, particularly in the field of manufacturing.
Today, RAK has the highest level of industrialisation in the UAE, with manufacturing delivering 26 percent of its GDP. Strong diversification across multiple sectors has also taken place in the emirate, including not only manufacturing but also services, trading and tourism.
The authority uniquely offers free zone and non-free zone licences and provides its clients easy access to local markets in the UAE, in addition to growing markets in the Middle East, North Africa, Europe, South and Central Asia.
There are plenty of achievements for the new authority to build on.
Within months of launching RAKEZ won the fDi Global Free Zones of the Year in the category of Setup Cost Reduction. Before that, RAK FTZ was named as the Most Innovative Free Zone at the first Emirates & Europe Economic Forum and, in 2015, Best Free Trade Zone of the Year by MEA Markets Magazine’s Business Awards.
RAKEZ has delivered major infrastructure projects, too, such as the launch of 72 state-of-the-art warehouses, a new service centre in Al Hamra, a one-stop shop for all the services offered by the economic zone, and the creation of a Media Zone.
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