RAK free reports 61% surge in new companies

RAK free reports 61% surge in new companies

Ras Al Khaimah Economic Zone (Rakez) reported a 61 percent year on year surge in new company registrations in the first quarter of 2024. Over the three months, 3,000 companies joined the economic zone, marking a solid start to the year. The economic zone has attracted global investors, mostly from key countries such as India, […]Ras Al Khaimah Economic Zone (Rakez) reported a 61 percent year on year surge in new company registrations in the first quarter of 2024.

Over the three months, 3,000 companies joined the economic zone, marking a solid start to the year.

The economic zone has attracted global investors, mostly from key countries such as India, Pakistan, the UK, Egypt.

Rakez witnessed an increase in service-oriented businesses, such as consultancies offering project management, marketing research, IT solutions, legal services, and software development, constituting 38 percent of the new registrations.

“We are ready to onboard more investors in the upcoming quarters this year,” Ramy Jallad, CEO of Rakez said, highlighting that over 23,000 companies are already registered with Rakez.

American battery manufacturer Statevolt announced plans to construct a $3 billion factory in Rakez this month. 

Statevolt Emirates, as the venture will be known, will generate up to 2,500 jobs at its 60-hectare facility in Al Ghail Industrial