RAKEZ Reports Significant Growth In 2024 With Over 13,000 New Company Registrations

In 2024, Ras Al Khaimah Economic Zone (RAKEZ) achieved a major milestone with the addition of 13,141 new companies. This marks a 66% increase in registrations compared to the previous year. RAKEZ now hosts nearly 30,000 multinational firms, solidifying its reputation as a premier global business hub.

The surge in new businesses was largely driven by commercial sectors such as general trading and e-commerce. These areas accounted for 53% of the new company registrations. This growth underscores RAKEZ’s role as a vital centre for traders and businesses seeking access to both regional and global markets.

Consultancy services also played a significant role, contributing 24% to the new registrations. Other important sectors include media and marketing services, wholesale trading, and manufacturing. This variety illustrates RAKEZ's capability to meet the diverse needs of businesses across various industries.

Entrepreneurs from around the world have been instrumental in this expansion, with India being the top contributor of new businesses. This reflects RAKEZ’s strategic efforts to strengthen ties with India through initiatives like the UAE-India Comprehensive Economic Partnership Agreement (CEPA). Significant numbers of investors also came from Pakistan, the UK, Egypt, and the Philippines.

"Over the past five years, RAKEZ has welcomed double the number of companies to its flourishing business community, reflecting the growing appeal of Ras Al Khaimah as a hub for innovation and global trade," said Ramy Jallad, Group CEO of RAKEZ. "This growth highlights our commitment to offering tailored support, streamlined services, and an enabling environment where businesses can expand and reach their full potential."

Future Prospects and Strategic Vision

As RAKEZ continues its upward trajectory, it aims to explore new opportunities that will enhance Ras Al Khaimah's business landscape. "Our focus is on staying ahead of market trends and enabling businesses to thrive in emerging industries," added Jallad. "With a dynamic ecosystem and strategic global partnerships, we are positioning RAKEZ as a key player in shaping the region’s economic future."

This diverse representation highlights RAKEZ’s global appeal and strategic location. It offers businesses unmatched access to regional and international markets while fostering long-term success for enterprises of all sizes.

With inputs from WAM