Ras Al Khaimah launches new economic zone to drive growth

The government of Ras Al Khaimah has launched a new authority aimed to drive the emirate’s development by diversifying its offerings to attract a broad client base and grow the number of investors.

The Ras Al Khaimah Economic Zone (RAKEZ) has been established to consolidate and operate the Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA), the emirate said in a statement.

“The formation of RAKEZ marks an important milestone for the free zone landscape in Ras Al Khaimah. 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,” HH Shaikh Ahmad Bin Saqr Al Qasimi, Chairman of RAKEZ, RAK FTZ and RAKIA, told the media.

He added: “We are confident that with RAKEZ, we will start an exciting journey that will help achieve our vision for Ras Al Khaimah to become a leading global investment destination that is better able to serve our clients.”

RAKEZ now covers about 33 million sqm of land and housing and hosts over 13,000 companies, currently served by both bodies. The newly formed economic zone will oversee, regulate and consolidate the services, facilities and zones of the former authorities.

The two leading free zones started their collaboration last year by combining their boards and management teams, led by His Highness 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.