Ras Al Khaimah Economic Zone (Rakez) recorded an impressive 61% increase in new company registrations for the first quarter of 2024, compared to the first quarter of 2023.

During this period, 3,000 companies joined the thriving Rakez business community, marking a strong start to the year.

Rakez Group CEO Ramy Jallad said: “We are thrilled to have welcomed 3,000 new companies in the first quarter of this year, reinforcing our position as a preferred business hub for global investors. We are continually dedicated to facilitating the growth and success of diverse businesses, ranging from SMEs to industries.

“Our competitive edge is sharpened by the superior value we deliver to our clients from helping them navigate the market to providing them with essential support services post their set-up.”

Rakez has become increasingly attractive to global investors, particularly from key markets such as India, Pakistan, the United Kingdom, and Egypt, among many others.

This underscores the international appeal of Ras Al Khaimah’s investment-friendly ecosystem and streamlined operational processes, a statement said.

This year the economic zone already saw significant growth across various sectors, with service-oriented businesses – such as consultancies offering project management and development, marketing management and research, IT, lifestyle, development, legal, investment, brokerage and software solutions – constituting 38% of the new registrations.

This growth reflects a nurturing environment within the Rakez business ecosystem, not only for industrial players but also for professionals and aspiring entrepreneurs.

Jallad said: “With over 23,000 companies now part of our dynamic community, we are eager to onboard more investors in the upcoming quarters this year.

“Our futuristic strategies agile business solutions, valuable partnerships with government entities; private firms; and business organisations, and commitment to enhancing our offerings that support innovation and entrepreneurship, empower our investors to achieve their highest potential.” – TradeArabia News Service