Tuesday 18, April 2017 by Jessica Combes

Ras Al Khaimah Economic Zone (RAKEZ) launched

 

The government of Ras Al Khaimah has launched the Ras Al Khaimah Economic Zone (RAKEZ) to oversee, regulate and consolidate the services, facilities and zones of Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA).

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

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“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. 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,” said HH Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAKEZ, RAK FTZ and RAKIA.

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RAKEZ 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.

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“We will be able to offer a greater portfolio of services that can be customised to suit all different types of businesses from a start-up to an established across a number of industries–from manufacturing to trading or industrial businesses–and we can customise the solutions. It’s no longer a case of ‘one-size-fits-all’. We are also enhancing all of our services across many different platforms; we are focusing on efficiency and simplifying our processes to make it easier to do business. Our partners will be able to access many facilities online; that is our next level of service enhancement,” said Ramy Jallad, Group CEO of RAKEZ, RAK FTZ and RAKIA.

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He added that all government and private stakeholders are fully supportive of the launch of RAKEZ and have been cooperating in an effort to provide a seamless service to clients, and to ensure that their businesses continue as usual.

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In the long term, Jallad said the goal is to see Rakez continue to support its current portfolio of clients, as well as businesses from the start-up stage, and allow them to grow by providing customised services, while working with them to allow them to focus on growing their business. “We support their growth, and we are focusing on creating and inviting a lot more potential investors from all over the world to take advantage of our differentiation and cost-effective platforms in Ras AL Khaima as a whole. I see this becoming a major trading hub for all different types of industries,” he said.

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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.

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The launch took place during a Gala event in Ras Al Khaimah, and was attended by HH Sheikh Saud bin Saqr Al Qasimi, United Arab Emirates Supreme Council Member and Ruler of Ras Al Khaimah, in addition to many high profile dignitaries, policymakers, businessmen, media members, and clients of RAK FTZ and RAKIA.

 

 

  

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