RAKEZ attracts Indian SMEs and Digital Startups

Jul 05, 2024

World Trade Center Mumbai recently organized an interactive meeting with a high-level trade delegation led by Mr. Ramy Jallad, Group CEO of RAKEZ, to explore the benefits of establishing operations in Ras Al Khaimah Economic Zone (RAKEZ) , which is one of the largest economic zones in the UAE, attracting Indian companies, especially small and medium enterprises and digital economy startups to set up operations and benefit from various incentives and strategic advantages.

The zone hosts more than 13,000 companies, including SMEs and startups from 100 countries as its booming real estate market is more competitive than Dubai and Abu Dhabi.

Mr. Jallad highlighted that RAKEZ attracts investments from family-owned businesses, young entrepreneurs, and MSMEs in sectors such as IT, gaming, software, electronics, and medical devices. SMEs receive incentives and business support, with minimum investments ranging from Euro 200-400 in CAPEX.

Emphasising on the ease of doing business and strategic location of Ras Al Khaimah, Mr Jallad informed that the cost of setting up business in this region is 50% lower compared to Dubai and Abu Dhabi. “Companies need to pay just an annual fee of USD 1500 to renew business license.”

He further added that RAKEZ offers single-window clearance for SMEs and women entrepreneurs, making it cost-effective to do business. Mr. Jallad also highlighted opportunities in healthcare, education, and tourism, noting the ease of obtaining visas and world-class healthcare facilities in Ras Al Khaimah.

Earlier in his welcome remarks, Dr Vijay Kalantri, Chairman, WTC Mumbai highlighted that UAE is already the preferred destination for Indian businessmen and tourists. UAE is one of the top three trade partners of India and with the signing of the CEPA, bilateral trade has got a renewed momentum.

Dr. Kalantri suggested Indian companies looking to expand in foreign markets to establish office in Ras Al Khaimah as it is the gateway to the global consumer market.

In photo: Mr. Ramy Jallad , Group Chief Executive Officer, RAKEZ (2nd from left in front row) with Dr. Vijay Kalantri, Chairman, WTC Mumbai (3rd from left in front row ) and Ms. Rupa Naik, Executive Director, WTC Mumbai (4th from left in front row) at the interactive meeting. Also seen in the photograph are: Ms Aakruti Bagwe, Director- Operations, WTC Mumbai (first from right in second row), Mr. Bodhisattwa Mukherjee, Director-Trade Promotion and Research, WTC Mumbai (second from right in second row) with members of the high level delegation from RAKEZ.