Ras Al Khaimah Economic Zone (RAKEZ), located in the centre of Ras Al Khaimah in the United Arab Emirates, is a thriving economic and industrial hub that provides free zone and non-free zone firms in a global community thriving in more than 50 industries with individualised solutions.
RAKEZ is an authority established by the Ras Al Khaimah government to assist start-ups, company owners, SMEs, and entrepreneurs with their business setup needs by offering them a variety of licences, adaptable facilities, and top-notch support services including visa facilitation.
Here, Ramy Jallad, Group Chief Executive Officer of RAKEZ shares everything you want to know about the fundamentals of the economic zone…
- How does a free zone curate initiatives that are beneficial for the growth of the UAE and its economy?
Every free zone has value propositions regarding location, resources, services, and other aspects, providing more comprehensive options and opportunities to foreign investors looking to enter the UAE.
A preferred destination for leading global brands, RAKEZ contributes to the UAE’s GDP by attracting investors from all over the world with a flourishing business ecosystem, creating more job opportunities, supporting educational needs through its Academic Zone, and aligning strategies with the country’s vision and initiatives.
RAKEZ provides vital drivers for an attractive investment environment. We create a fertile ground for start-ups to set up their base and explore the market cost-effectively. We are also one of the UAE’s leading manufacturing hubs, with dedicated zones and facilities for large and small industrial activities. We have signed agreements with entities to streamline the industrial inflow and outflow for our customers’ transport and logistics operations.
Over the years, we have developed a business ecosystem to support SMEs as well as multinational giants in their growth journey, simplified the business set-up processes through our one-stop shops, added a host of business support services to help investors operate with ease, and used disruptive technology to digitalise our services. Being part of a community allows businesses to connect, collaborate and get the support they need from one another.
- How vital is a free zone’s role in the logistics and supply chain industry?
In general, free and economic zones host logistics companies that interact with local and international supply chains, highlighting the advantages and gaps resulting from various regulations.
As one of the fastest-growing economic zones in the region, RAKEZ is a logistical hub for trading and manufacturing sectors. We enable businesses in free zone and non-free zone areas to enter and operate in well-established global supply chains. Based on their experiences and feedback, we leverage our membership in international councils, such as the UAE-UK Business Council and other global forums, to put forward their concerns and influence decision-makers in creating solutions that help supply chains evolve in favour of our companies.
RAKEZ has strategic partnerships with stakeholders who can assist logistical and supply chain players. For instance, our recent agreement with Etihad Credit Insurance was aimed at helping traders gain access to flexible state-backed trade finance support and market intelligence that is crucial for their overseas expansion goals. We also joined hands with the Public Services Department to collaboratively streamline the industrial inflow and outflow for our industrial companies’ transport and logistical operations. These are some of many other collaborative initiatives we built to support the supply chain industry.
- What special features does RAKEZ offer to the residents and business owners?
We have been on a journey of becoming a home for global investors. One of our primary goals is to contribute to the ease of doing business for investors in Ras Al Khaimah, and the first step is to understand their unique requirements and tailor the best-suited solutions.
Our simplified and digital processes; cost-effective and customisable business set-up solutions; wide-ranging value-added business support services; facility options ranging from co-working spaces and offices to warehouses, land plots and labour accommodations; and visa facilitation ensure that investors have everything they need to set up, sustain and expand their operations in the emirate of Ras Al Khaimah.
The emirate presents the opportunity for investors to set up and truly settle with its live, work and thrive approach. On the business side, it has a robust, resilient and diversified economy, with unique conditions that nurture business and investment. On the liveability side, Ras Al Khaimah offers its residents a safe environment and excellent quality of life, including affordable health services, quality education at all levels and real estate. It is a hidden gem for adventure and culture.
- What unique business strategies stood out for RAKEZ among its competitors in 2022?
One of our most powerful strategies continues to be that we simplify the entire journey of exploring investment opportunities, setting up a business and growing it. We are accessible to our clients – every step of the way – expediting processes and providing all the support they need. Our partnerships with corporate service providers and government authorities enable us to support our clients constantly.
Another essential strategy is digitising our services, offering uninterrupted access from anywhere, anytime. We also work towards creating better incentives and introducing new services while upgrading existing ones. We are expanding and adding more facilities, rangning from warehouses to co-working spaces, to welcome more businesses into our ecosystem.
- Did RAKEZ face any particular challenges in 2022?
With the country returning to its full swing of business events, 2022 was a busy year for us. We signed up to be a part of several events and exhibitions in the UAE and abroad while hosting quite a few of our campaigns and international roadshows. Some overlapping events got us overwhelmingly engaged, but our team went the extra mile to ensure everything was smooth.
The demands for warehouses and offices kept rising throughout the year, so we launched more facilities to cater to our growing family of businesses.
- Are there any particular initiatives RAKEZ is planning to launch in 2023?
This year we will further strengthen our position as a nurturing hub for SMEs and industries by upgrading our offerings and through more strategic partnerships with local and global entities so our business community will enjoy more benefits along their growth journey.
We have some exciting campaigns in the pipeline for our existing clients and potential investors. We will also participate in events and exhibitions in the UAE and internationally, where we may introduce specific offers to support global investors expand to the Mena region from Ras Al Khaimah, attract more FDI into the emirate.
With the dedicated team that has helped us get this far, we will surely achieve more and deliver better this year.
From Logistics News ME February 2023 Issue.