Ras Al Khaimah Economic Zone (RAKEZ) has been recognised with Honourable Mentions in the ‘Red Tape Reduction’ and ‘Ability to Attract New Investment’ categories at the inaugural Investment Monitor’s (IM) Economic Zone Sustainable Recovery Strategies Awards.
Investment Monitor, a UK-based publication that provides insights on foreign direct investment, has introduced the awards programme to put the spotlight on the world’s most resilient economic zones following the onset of the COVID-19 pandemic. The awards programme was organised in collaboration with Barcelona New Economy Week and Barcelona Zona Franca, and the entries were systematically evaluated by an internal panel of judges.
Red Tape Reduction
RAKEZ was acclaimed for the measures it took to minimise the hurdles faced by its over 15,000 clients in their business journey during the pandemic. The economic zone has focused on enhancing its Portal 360, enabling clients to submit service requests and settle their transactions remotely. The same platform is being used to allow investors to set up their businesses remotely.
Ability to Attract New Investments
The economic zone was also applauded for its milestones in attracting new investments to Ras Al Khaimah in 2020, welcoming more than 3,500 new companies operating in various business segments. A notable growth was seen in the economic zone’s Personal Protective Equipment sector, particularly in the production of surgical and non-surgical masks, gloves, face shields and protective gowns.
In terms of new products, RAKEZ launched several new packages, including: MyBusiness Package, bundled with a licence and UAE residence visa; E-commerce Package, supports investors in launching an online business; Virtual Educational Packages, designed for education professionals; Global Product, offers the benefits of both free zone and offshore formations; and E-gaming package, for investors in the fast-growing gaming value-chain.
“It is always an honour to receive distinctions from prestigious award-giving bodies. But what’s special about our recognitions from the Investment Monitor’s Economic Zone Sustainable Recovery Strategies Awards is that they are results of our efforts during challenging times,” said Ramy Jallad, Group CEO of RAKEZ. “This inspires us to continuously pay it forward to our valued clients. We are more eager to create an environment where they can flourish and are supported every step of the way regardless of the circumstances.”
Commenting on the economic zone’s overall pandemic recovery strategy, Mr Jallad said: “Our focus is to manage disruptions and strengthen critical sectors through a series of innovations. We aim to be more accessible to our clients wherever they are through tech improvements in our systems and processes. When it comes to products, we are introducing new packages based on market demands and we are relying heavily on data to customise the best solutions for global investors.”