Ras Al Khaimah Economic Zone (RAKEZ) is an Emirati free-trade zone in Ras Al Khaimah in United Arab Emirates. In January 2020, Entrepreneur reported the free zone to have 14,000 companies across 50 industries.[1]

History

It was introduced in 2017[2] and is one of the 37 free zones across in the United Arab Emirates that are overseen by the Ras Al Khaimah Investment Authority. During COVID-19 pandemic, RAKEZ moved towards digitisation and was reported to have 20% growth in 2020.[3]

The Free zone also launched a scheme to provide 12 years visa for investors purchasing an apartment in the zone in partnership with real estate developers Al Hamra.[4] RAKEZ allows a one hundred percent foreign ownership.[5]

References

  1. ↑ Staff, Entrepreneur Middle East (2020-01-31). "Trade License Zone Inks Partnership With RAKEZ To Offer Its Company Formation Services At The UAE Free Zone". Entrepreneur. Retrieved 2021-05-15.
  2. ↑ "Overview of Company Formation in Ras Al Khaimah Economic Zone - STA Law Firm". www.stalawfirm.com. Retrieved 2021-05-15.
  3. ↑ "Video: Growth during pandemic? RAK Economic Zone reports up to 20% jump in leads this 2020". gulfnews.com. Retrieved 2021-05-15.
  4. ↑ Godinho, Varun (2020-12-14). "RAK developer offers UAE residency with purchase of homes". Gulf Business. Retrieved 2021-05-15.
  5. ↑ Abbas, Waheed. "Ras Al Khaimah allows 100% foreign ownership in mainland". Khaleej Times. Retrieved 2021-05-15.

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