The upcoming Wynn Resort and Casino is just “one of maybe 10 mega projects” transforming Ras Al Khaimah, according to RAKEZ Group CEO Ramy Jallad, who offered rare insights into the emirate’s development strategy during an interview on the AB Majlis podcast.
“We’ve been a hidden gem,” Jallad told Arabian Business. “The only aspect about it is that we are getting better and better at promoting ourselves, and we’re out there now.”
Ras Al Khaimah Economic Zone (RAKEZ) has doubled its registered companies to over 30,000, with more than 13,000 new businesses joining in 2024 alone, establishing itself as the UAE’s largest free zone by number of registered companies.
“Last year, we brought in more than 13,000 companies just in one year, and that was a record,” Jallad revealed, adding that the free zone’s growth was well underway before the high-profile casino announcement that has recently thrust the emirate into the spotlight.
The Wynn development is expected to bring 3 million visitors annually to Ras Al Khaimah, tripling the emirate’s previous tourism targets. This surge is driving rapid growth that is outpacing infrastructure development.
“We’re a little bit behind in [terms of] real estate, schools, and hospitals,” Jallad acknowledged, comparing the situation to Dubai’s earlier growth challenges. “These are good problems to have.”
During the interview, Jallad highlighted that manufacturing, artificial intelligence, high-tech industries, and lifestyle services are seeing the strongest investor interest. India remains RAKEZ’s largest source of investment, followed by China and European nations.
“Chinese companies… are thinking about going global and operating from outside of China,” he explained, noting that RAKEZ has opened offices in China and Germany, with plans for a U.S. presence.
Among the less publicised developments, Jallad revealed plans for “Tech Flex,” a specialised zone focused on design and technology industries, and “RAK Central,” a new business park designed to foster networking and collaboration.
“We are creating those kind of new workspaces that allow people to network, integrate and create new business opportunities all at the same time,” Jallad said in the interview.
RAKEZ attributes its success to offering cost-effective solutions, customised approaches for different industries, and comprehensive support services. “We don’t just sell them a package. We advise them on what’s the best structure to set up their company,” Jallad explained.
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