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RAK Economic Zone reports record new business growth in 2024
Ras Al Khaimah is strengthening its appeal as a business hub
- PUBLISHED: Tue 25 Mar 2025, 5:34 PM
Ras Al Khaimah Economic Zone (RAKEZ) recorded a significant surge in new business registrations in 2024, with 13,141 companies setting up operations, marking a 66 per cent increase compared to the previous year. The sharp rise underscores the emirate’s growing attractiveness as a business hub in the UAE, drawing interest from startups, SMEs, and multinational corporations.
“We plan to continue enhancing our business-friendly environment through strategic infrastructure upgrades, expanded service offerings, and nurturing a competitive business landscape responsive to the needs of a global clientele,” Ramy Jallad, Group CEO of RAKEZ, told Khaleej Times.
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Ras Al Khaimah’s cost-effectiveness significantly contributes to the influx of businesses. The emirate offers some of the most competitive pricing structures for business setup and operations, enabling companies to optimise costs without compromising infrastructure or regulatory support. Lower setup fees, affordable office and warehouse rentals, and flexible licensing options have made RAKEZ an appealing choice for investors seeking efficiency and affordability.
Ras Al Khaimah’s strategic location further enhances its business appeal. Situated near major global shipping routes, the emirate provides seamless access to markets in the Middle East, Africa, Europe, and Asia. Its well-developed transport infrastructure, including seaports, an international airport, and an extensive road network, facilitates efficient logistics and supply chain management, making it an attractive base for trade and manufacturing firms.
Beyond accessibility and cost benefits, Ras Al Khaimah has been investing in key development projects to strengthen its economy. The emirate prioritises infrastructure expansion, sustainability initiatives, and tourism sector growth. Projects like the Mina Al Arab and Al Marjan Island developments position Ras Al Khaimah as a luxury destination, with global hospitality brands setting up operations. The upcoming Wynn Resort, slated to open in 2027, is expected to boost tourism and real estate investment.
Another key development is RAK Central, an urban centre designed to become the emirate’s new commercial and administrative hub. The project will introduce modern office spaces, government institutions, and business districts, reinforcing Ras Al Khaimah’s ambition to establish itself as a competitive business destination.
Growing startups in RAK
The business-friendly environment in Ras Al Khaimah, characterised by favorable regulatory frameworks, robust infrastructure, and significant government support, has made the region a preferred destination for SMEs. This environment reduces operational complexities and costs, allowing SMEs to focus on growth and innovation.
Additionally, customised facilities and business support services, including networking events and expert-led workshops, are available for the RAKEZ business community, further empowering SMEs and enhancing their potential for success.
Azza Al Ali is a reporter from Ras Al Khaimah, dedicated to sharing stories that bring the community’s voices to life. She’s passionate about connecting with people and highlighting what truly matters to them.