The government of Ras Al Khaimah has launched the Ras Al Khaimah Economic Zone (RAKEZ), an authority established to oversee and regulate its two main free zones – Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA).
The two free zones combined their boards and management teams last year, led by 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 to streamline their activities.
The newly created 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 that are currently part of RAK FTZ and RAKIA, a statement said.
RAKEZ will offer existing clients and prospective investors customisable facilities and five diversified zones for business setups, including including RAKEZ Business Zone, Al Hamra Industrial Zone, Al Ghail Industrial Zone, Al Hulaila Industrial Zone and RAKEZ Academic Zone.
The authority will offer free zone and non-free zone licences through RAK FTZ and RAKIA for companies operating across industry sectors including, manufacturing, consulting, trading, logistics, academics and media.
Sheikh Ahmed bin Saqr Al Qasimi, chairman of RAKEZ, RAK FTZ and RAKIA, said: “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.”