RAK launches economic zone to attract investors
The new economic zone, one of the largest in the region, covers about 33 million square metres of land.
The government of Ras Al Khaimah on Monday announced the launch of Ras Al Khaimah Economic Zone (RAKEZ) to offer best services to attract investors into the emirate.
The new world-class authority was established to oversee, regulate and consolidate the services, facilities and zones of Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (Rakia). The new economic zone is now one of the largest economic zones in the region, covering about 33 million square metres of land and housing over 13,000 companies, currently served by RAK FTZ and Rakia.
The launch took place during a gala event in Ras Al Khaimah, and was attended by His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, in addition to many high profile dignitaries, policymakers, businessmen, media members, and clients of RAK FTZ and Rakia.
The two leading free zones started their collaboration last year by combining their boards and management teams, led by Sheikh Ahmed bin Saqr Al Qasimi as Chairman and Ramy Jallad as Group CEO. This was followed by the unification of the back-office functions of both entities in order to streamline their activities and boost service delivery to clients. RAKEZ combines the best of RAK FTZ and Rakia. It offers both existing clients and prospective investors an exceptional platform in Ras Al Khaimah, from which they can access local, regional and global markets. As a comprehensive investment destination, the new entity presents a wide range of premium customisable facilities, enhanced levels of service and five diversified and strategically located zones for all types of business setups, including startups, entrepreneurs, SMEs and manufacturers, all within the unique and cost-effective environment of Ras Al Khaimah.
Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAKEZ, RAK FTZ and Rakia, said the formation of RAKEZ marks an important milestone for the free zone landscape in Ras Al Khaimah.
"We have worked very hard to establish a new authority that will drive the emirate's development by diversifying its offerings to attract a broad client base and grow the number of investors. It is our firm belief that after nearly two decades of operating independently, the time is right to leverage the combined resources of RAK FTZ and Rakia under one strong, unified brand."
Ramy Jallad, group CEO of RAKEZ, RAK FTZ and RAKIA, said: "Bringing together RAK FTZ and RAKIA under the umbrella of RAKEZ is the first step towards taking our customer experience to the next level. It underlines our commitment to provide exceptional service delivery, simplified processes and cost-effective solutions."
"Indeed, it is only natural for entities with the scale, scope and know-how of RAK FTZ and RAKIA to come together. We are very pleased that this collaboration has the full support of the RAK government and leadership. All government and private stakeholders are fully supportive of the launch of RAKEZ and have been cooperating with us in an effort to provide a seamless service to our clients, and to ensure that their businesses continue as usual."
"We are confident that all RAKEZ has to offer will have a significant impact on existing clients, potential investors and the economy at large. We look forward to continuously meeting our clients' and investors' needs and empowering their growth every step of the way," Jallad said.
RAKEZ is fully committed to supporting the vision of Ras Al Khaimah of being a leading investment destination for investors from all over the world and significantly contributing to the economic growth of the emirate.