RAKEZ hits record growth in 2024, with 13,000+ new companies onboard

Photo: WAM

In 2024, Ras Al Khaimah Economic Zone (RAKEZ) reached an important milestone, welcoming 13,141 new companies into its growing community. This marks an impressive 66% increase in new company registrations compared to 2023. With these new additions, RAKEZ now hosts nearly 30,000 multinational companies, confirming its role as a key global center for business.

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A large part of this growth has been driven by commercial activities, including general trading, e-commerce, and related businesses, which made up 53% of the new registrations. This shows that RAKEZ continues to be an attractive destination for businesses looking to tap into regional and global markets.

Consultancy was another major area contributing to the growth, accounting for 24% of the new companies. Other important sectors included media, marketing services, wholesale trading, and manufacturing, highlighting RAKEZ’s ability to support a wide variety of industries. This sectoral diversity proves that RAKEZ is meeting the needs of many businesses, reinforcing its position as a global business enabler.

Ramy Jallad, Group CEO of RAKEZ, commented, “Over the past five years, we’ve doubled the number of companies in our community. This shows how Ras Al Khaimah is becoming more popular as a place for innovation and global trade.” He added that this growth reflects RAKEZ’s commitment to providing tailored support, streamlined services, and an environment where businesses can grow and succeed. As RAKEZ’s community expands, the focus will remain on helping businesses reach their full potential and unlock new opportunities.

Companies from all over the world contributed to this success, with India being the leading country of origin for new businesses. This highlights RAKEZ’s ongoing efforts to strengthen its ties with India, particularly through initiatives like the UAE-India Comprehensive Economic Partnership Agreement (CEPA), which promotes trade between the two countries.

Many investors also came from countries like Pakistan, the United Kingdom, Egypt, and the Philippines, further showing RAKEZ’s international appeal and the strategic advantages it offers to businesses looking for access to regional and global markets.

As RAKEZ continues to grow, it is looking forward to new opportunities to further develop Ras Al Khaimah’s business environment. “We are focused on staying ahead of market trends and helping businesses thrive in new industries,” said Jallad. “With a dynamic ecosystem and strong global partnerships, we aim to make RAKEZ a key player in shaping the future of the region’s economy.”

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