Ras Al Khaimah Economic Zone (Rakez), one of the largest economic zones in the UAE, is attracting Indian companies, particularly small and medium enterprises and digital economy startups, to set up operations in the zone and benefit from various incentives and strategic advantages.
The zone hosts more than 13,000 companies, including SMEs and startups from 100 countries and its booming real estate market is more competitive than those in Dubai and Abu Dhabi.
Speaking at an event organised by MVIRDC World Trade Center Mumbai, Ramy Jallad, Group Chief Executive Officer, Rakez, said that Rakez attracts investment from family-owned businesses, young entrepreneurs and MSMEs representing the agro, manufacturing and services sectors, particularly IT, gaming, software, electronics, digital gaming companies catering to the European and Chinese markets, medical devices and other sectors.
"We have a special preference for SMEs starting new business ventures as we provide them with incentives and business facilitation support. The minimum investment by Indian companies so far is to the tune of Euro 200-400, which is the cost of Capex," Jallad added.
Jallad further stated that more than 400 high-net-worth families own offices in Ras Al Khaimah and at least 4,000 SMEs operate from this region, which is the gateway to 70 countries across Europe, the Middle East, Africa, the USA and others, with which it has free trade agreements.
Emphasising the ease of doing business and the strategic location of Ras Al Khaimah, Jallad informed that the cost of setting up a business in this region is 50 per cent lower compared to Dubai and Abu Dhabi.
According to him, “Companies need to pay just an annual fee of USD 1500 to renew their business license." Pointing out the potential growth sectors in Ras Al Khaimah, Jallad said, “Fintech, artificial intelligence, Generative AI, Web 3.0, data analytics, digital economy,
agritech and other tech sectors have tremendous growth potential. Other high-growth sectors are building materials, chemicals, packaging and aircraft components, where Indian companies can explore business opportunities.”
He informed that there is huge demand for agro products such as cheese, mushrooms, paneer and spices, which are already being exported from India to Ras Al Khaimah. It is the only Emirate to allow the manufacturing of alcohol.
Jallad suggested Indian companies make use of the India-UAE Comprehensive Economic Partnership Agreement (Cepa), under which Indian exporters have zero customs duty market access to the UAE.
Notably, Rakez offers a single-window clearance facility for SMEs and women entrepreneurs with a shoestring budget to make it cost-effective for them to do business.
Jallad highlighted the potential for partnership in the services sectors such as healthcare, education and tourism. He said, “Indians can easily get a visa to Ras Al Khaimah. This region has world-class healthcare facilities, which include three multi-specialty hospitals."
He stated, "The Ras Al Khaimah government is keen to partner with India for strengthening people-to-people ties, especially the cross-exchange of medical tourists. In the education sector, already 7,000 Indian students are studying in our region.”
Vijay Kalantri, Chairman, WTC Mumbai, highlighted that the UAE is already the preferred destination for Indian businessmen and tourists. The UAE is one of the top three trade partners of India and with the signing of the Cepa, bilateral trade has gained renewed momentum.
Kalantri suggested that Indian companies looking to expand into foreign markets establish offices in Ras Al Khaimah, as it is the gateway to the global consumer market.
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