In an exclusive interview with Latin Gulf Magazine, RAKEZ Group CEO, Ramy Jallad, shares how the Ras Al Khaimah Economic Zone (RAKEZ) has become a leading hub for global business and industry. With nearly 25,000 companies from over 100 countries, RAKEZ stands out for its tailored business solutions, strategic location, and robust support services. Jallad highlights the zone’s unique advantages, from fast-track licensing to comprehensive sustainability initiatives, positioning RAKEZ as an ideal gateway for businesses seeking success in the UAE and beyond.
Can you provide an overview of RAKEZ and its main objectives?
RAKEZ is a prominent business and industrial hub located in Ras Al Khaimah. It is one of the largest and fastest-growing economic zones in the region, currently hosting close to 25,000 companies from more than 100 countries across 50 industries. RAKEZ offers both free zone and non-free zone entity formations, catering to a diverse array of business needs and providing a strategic gateway to fast-growing markets in the Middle East, North Africa, Europe, and South and Central Asia.
The economic zone is committed to providing cost-effective and efficient services tailored to the specific needs of global investors. This includes simplified business set-up processes, fast-track visa and licence issuance, and a range of first-class services available through its one-stop shops. It also offers a variety of facility choices such as coworking spaces, shared and private offices, warehouses, and land plots for development, each located within specialized zones tailored to specific industries such as manufacturing, trading, and logistics, among more.
To support global investors, RAKEZ ensures that the set-up process is streamlined and that investors receive personalized support throughout their business journey. This commitment to service extends beyond business logistics to include assistance in integrating into the local community.
As a significant contributor to the economic development of Ras Al Khaimah, RAKEZ plays a crucial role in enhancing the GDP of the emirate and, by extension, the UAE. Its vibrant business environment fosters economic growth and attracts substantial foreign direct investment.
In addition to offering robust business infrastructure, RAKEZ aims to nurture a supportive ecosystem where investors can collaborate and thrive. It provides comprehensive support including modern facilities and competitive set-up packages. Additionally, it helps individuals and their families integrate into the community by offering high-quality housing options, access to international schools, and a variety of community engagement and networking events, fostering a welcoming and vibrant community environment.
What are the key benefits for businesses setting up in RAKEZ compared to other free zones in the UAE? How does RAKEZ ensure a streamlined and efficient business setup process for new companies?
Each free zone in the UAE has unique offerings, however, RAKEZ engages directly with business owners to develop tailor-made solutions that address the specific needs and challenges of each business. This customization approach has proven to be a key differentiator and attraction point.
Here are the key benefits and efficiencies that RAKEZ offers to businesses:
- Tailored business solutions
RAKEZ stands out by engaging directly with business owners to develop tailor-made solutions that precisely meet the specific needs and challenges of each business. This customized approach ensures that every company, regardless of industry, receives the most relevant support and resources, significantly enhancing their operational efficiency.
- One-stop-shop services
RAKEZ simplifies the business set-up process by offering a single point of contact for all administrative services. This centralization covers licensing, registration, visa processing, and other governmental procedures, eliminating the need for businesses to navigate multiple agencies, thereby saving time and reducing complexity.
- Fast-track processes and digital platforms
RAKEZ has streamlined its operations through fast-track processes and the implementation of advanced digital platforms, including a client portal and mobile app. These platforms enable businesses to manage their operations remotely and efficiently, reducing the necessity for physical visits. RAKEZ is the first economic zone to introduce the ‘Instant Business Licence,’ which allows entrepreneurs to obtain their business licenses in less than five minutes entirely online.
- Comprehensive support services and strategic partnerships
RAKEZ provides a comprehensive suite of support services that go beyond business set-up. This includes a variety of administrative, legal, and logistical services—such as assistance with opening corporate bank accounts, tax registration and filing, and accounting—which are designed to ensure businesses operate smoothly.
Additionally, RAKEZ has strategic partnerships with key service providers, business councils, and international trade organizations. These collaborations offer essential operational support such as simplified logistics, and much more, enhancing overall business efficiency and integration into global markets.
- Market agility
RAKEZ is quick to adapt to global and regional market trends, which allows it to attract and support businesses in emerging sectors and technologies. This agility ensures that businesses within RAKEZ remain at the forefront of industry developments, ready to capitalize on new opportunities as they arise.
How does RAKEZ support startups and SMEs in their growth journey?
There’s no denying that SMEs are the backbone of the UAE’s non-oil economy and the same goes for RAKEZ. The majority of the companies in our business community are SMEs and RAKEZ has been focusing more on delivering excellent services and enhancing our SME ecosystem to offer them a robust experience. Here are a few recent highlights:
Affordable set-up packages: With one of our main propositions being cost-effectiveness, aspiring entrepreneurs can start a business with us with an investment of just AED 6,000 to explore the market. With our 16,500 package, they can also avail of a UAE residence visa and a shared workstation
Our latest offering for those wishing to start a business in the UAE is an Instant Business Licence, enabling entrepreneurs to get their business licenses in less than five minutes, with a completely online process.
Facilitating financial assistance: RAKEZ has partnerships with prominent financial solutions providers such as WIO, noqodi, and Mamo to help small businesses with various requirements such as corporate banking and digital payment gateways.
Networking boost: Our monthly B2B networking series, including workshops and expert-led seminars, attracts hundreds of entrepreneurs in the UAE’s SME community, from emerging sectors such as AI, e-gaming, virtual education, digital marketing, and e-commerce, to exchange valuable insights, success stories, and business opportunities. This platform allows them to share experiences of their woes and triumphs on their journey to the top and learn from one another in a nurturing space.
Our events address varied themes such as elevating customer experiences, the ups and downs of entrepreneurial journeys, optimizing user experience and website, building an innovation culture in the workplace, and the implications of the UAE’s corporate tax, among many others.
These events take place in our Compass Coworking Centre, which is a vibrant platform buzzing with events where SMEs, startup founders, digital nomads, freelancers, and students can connect and collaborate.
What types of licenses does RAKEZ offer, and how do they cater to different business needs?
RAKEZ issues licenses for around 3,500 business activities under various categories like industrial, professional, commercial, services, educational, general trading, media, and more.
Can you discuss the strategic location of RAKEZ and how it enhances business operations and connectivity?
Ras Al Khaimah’s strategic location is a significant advantage for businesses operating in RAKEZ. Positioned between major continents—Asia, Europe, and Africa—the zone offers outstanding connectivity. It is only a 45-minute drive from Dubai, and with 31% of the world’s population within four hours of flying time, the region is highly accessible for international business.
Additionally, RAKEZ’s proximity to major seaports and an international airport enhances its logistical capabilities, making it an attractive hub for international enterprises aiming to access the Middle East and North Africa (MENA) region as well as broader markets in Europe and Asia.
The forthcoming Etihad Railway project, which will connect the entire UAE, is set to further boost the logistical infrastructure, opening new avenues for trade and transportation. This comprehensive connectivity significantly aids in streamlined operations and expansion opportunities for businesses based in RAKEZ.
What are some of the innovative solutions and facilities that RAKEZ provides to foster business growth?
RAKEZ is dedicated to fostering business growth through innovative solutions and state-of-the-art facilities. As a dynamic hub in the UAE, RAKEZ goes beyond mere business setup; it actively cultivates a thriving business environment where companies can connect, grow, and succeed. Here are some key aspects of how RAKEZ supports its business community:
- Networking
RAKEZ is committed to fostering connections across its vast network of businesses by organizing regular networking events that span various industries. These events are pivotal in building a strong community where collaboration is encouraged and challenges are collectively overcome. By facilitating these interactions, RAKEZ helps businesses leverage collective knowledge and opportunities, thus driving substantial growth within the economic zone.
- Community events: Interactive seminars and workshops
RAKEZ hosts monthly community events that draw hundreds of entrepreneurs and SMEs based in the UAE. These seminars and workshops cover a wide array of topics crucial for business success. From strategies for attracting and retaining customers to navigating the challenges of entrepreneurship and digital marketing, these events provide actionable insights. Topics also include fostering innovation, remaining agile in competitive markets, and understanding critical regulations such as UAE labor laws and evolving tax requirements. These interactive sessions are instrumental in keeping businesses informed and ahead of industry trends.
- Value-added services
RAKEZ offers a comprehensive suite of value-added services designed to ease the operational aspects of running a business. Strategic partnerships with leading local and international banks simplify financial transactions for businesses, including the opening of corporate and personal bank accounts. In light of the UAE’s recent tax regulations, RAKEZ provides crucial support in VAT registration and corporate tax compliance, ensuring that companies navigate these fiscal responsibilities with ease. Additionally, RAKEZ tailors its services to meet the unique needs of different sectors, offering specialized assistance that ranges from industrial support to trade and service facilitation.
What role does RAKEZ play in promoting sustainability and environmentally friendly practices among its businesses?
RAKEZ plays a key role in promoting sustainability and environmentally friendly practices among its businesses, recognizing that these are essential for modern, responsible, and competitive enterprises. The zone’s commitment is manifested through several targeted initiatives designed to support and encourage green business operations.
- Green building practices
RAKEZ encourages its businesses to adopt green building practices. This involves constructing energy-efficient buildings that not only reduce environmental impact but also decrease energy consumption and operational costs. RAKEZ provides expert guidance on adhering to green building standards and achieving sustainability certifications, thereby fostering a built environment that is in harmony with ecological priorities.
- Renewable energy adoption
The adoption of renewable energy sources, such as solar power, is actively supported by RAKEZ. This initiative helps businesses significantly cut their carbon footprint and reduce operational expenses. RAKEZ facilitates access to renewable energy experts and suppliers, making it easier and more cost-effective for companies to make this transition.
- Waste recycling initiatives
RAKEZ promotes robust waste recycling practices among its businesses by collaborating with local waste management authorities. This helps companies minimize their waste, reducing the volume sent to landfills and lessening their environmental impact. Such initiatives are critical in building a sustainable business ecosystem within the economic zone.
- Sustainability workshops and seminars
RAKEZ regularly organizes workshops and seminars focusing on sustainability. These events are instrumental in providing businesses with the latest insights and best practices in sustainability, offering a platform for networking with experts and peers who are similarly committed to environmental responsibility.
- Government programs and incentives
Support for businesses to adopt sustainable practices extends to promoting government programs and incentives. For example, RAKEZ supports initiatives like Barjeel, and the Green Building Regulations of Ras Al Khaimah, and collaborates with the Ministry of Energy & Infrastructure to set ambitious sustainability targets for the region. These partnerships and support mechanisms ensure that businesses in RAKEZ are well-positioned to meet their sustainability goals efficiently.
What are RAKEZ’s future plans and initiatives to attract more businesses and investors?
RAKEZ is committed to continuously evolving and offering a supportive ecosystem tailored for investors who are looking to expand their business horizons. We remain focused on enhancing our services, facilities, and products to meet the ever-changing business needs in today’s dynamic global market. Our initiatives include upgrading our infrastructure, improving administrative processes for greater efficiency, and expanding the range of industries served to ensure inclusivity and diversity.
Our mission is to empower companies of all sizes—from startups to multinational corporations—to reach their full potential. This commitment involves not only providing competitive set-up packages and cost-effective business solutions but also ensuring ongoing support that facilitates smooth operations and growth. We aim to create an environment where businesses can thrive through collaboration, innovation, and integration into the local and global economy.
By paving the way for future success in the UAE and beyond, RAKEZ is dedicated to reinforcing its position as a leading economic zone. We are actively pursuing new partnerships and international linkages to provide more opportunities for our investors and to contribute to the broader economic development of Ras Al Khaimah and the UAE. Through these efforts, RAKEZ is set to remain a key player in attracting and nurturing business investment in the region.
