Ras Al Khaimah Economic Zone (RAKEZ) was recently honored at the Asian Arab Awards 2025, in recognition of its role in driving economic development and business growth in the region. The award highlights Ras Al Khaimah’s emergence as a competitive hub for global investment, supported by a growing population of over 400,000 residents from 100+ nationalities, a strong community, and a business-friendly environment.
A hub for business and investment
At the heart of this growth is RAKEZ, a key driver of the Emirate’s business sector. Hosting over 30,000 companies from across 100+ countries and 50 industries, RAKEZ offers a straightforward setup and competitive operating costs. Businesses benefit from full foreign ownership options, low tax rates, and flexible licensing models such as the RAKEZ & RAK DED Dual License, which allows companies to operate in both free zone and mainland areas.
Economic growth and opportunity
Ras Al Khaimah’s economy continues to expand, with manufacturing accounting for around 30% of GDP. The tourism sector now makes up about 5% of GDP and is projected to grow by 114% over the next few years. Lower costs for hotel development and construction—around 30% less than in other Emirates—make Ras Al Khaimah an attractive destination for tourism-related investment.
Tourism and accessibility
The Emirate’s location allows businesses and residents to stay globally connected—31% of the world’s population within a four-hour flight radius. With a target of 3.5 million visitors by 2030, tourism is set to drive more opportunities in hospitality, retail, and services, further contributing to the Emirate’s livability and economy.
Global recognition and performance
In addition to being recognized for its contributions to regional economic development, Ras Al Khaimah has also held strong credit ratings in the ‘A’ range from Fitch and S&P Global for over 15 years. Homegrown success stories like RAK Ceramics and Julphar Pharmaceuticals reflect the long-term growth potential of the Emirate for both businesses and residents.
The road ahead
RAKEZ continues to drive Ras Al Khaimah’s long-term economic strategy. By attracting investment, supporting business growth, and promoting sustainability, the economic zone plays a crucial role in the Emirate’s sustainable development. For businesses seeking opportunity, Ras Al Khaimah stands as an inviting destination.
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