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View of Ras Al Khaimah from above the mangroves and creeks in the United Arab Emirates … [+]
Stephanie Rich contributed to this story.
Several factors make the United Arab Emirates (UAE) a high-growth market. These include a business-friendly environment, strategic location as a global trade hub, world-class infrastructure and favorable government policies to promote trade and investment. The country has remained resilient during the Covid-19 pandemic and is therefore well-positioned to return industries to pre-pandemic growth levels, opening up new opportunities for global investors.
Strategically located between Asia, Europe and Africa, the UAE ranks first among the countries in the Middle East and Africa that attract foreign direct investment (FDI).
Let’s take a closer look at Ras Al Khaimah, or “RAK” as some call it), the northernmost of the seven emirates, 45 minutes’ drive from Dubai, is becoming one of the fastest growing economic zones, and the leading position in foreign investment in the region. RAKEZ – Ras Al Khaimah Economic Zone, is a major commercial and industrial center with more than 15,000 companies in more than 50 industries, spread across three industrial zones, two business zones and an academic zone.
“Ras Al Khaimah today offers investors dynamic investment opportunities in transportation and logistics, hospitality and tourism, consumer goods, food and beverages, advanced manufacturing, aviation, automotive, mobility, education, healthcare, 5G technology and more. We welcome And we welcome companies from all over the world to set up shop and operate in our commercial and industrial parks and even co-working centers.” said Ramy Jallad, CEO of RAKEZ Group.
Jallad holds a degree in mechanical engineering from Western Michigan University. He has more than 25 years of experience in developing commercial and industrial areas, business parks, airports and real estate developments, playing an important role in attracting foreign investors from around the world.
“We have created an ecosystem that enables companies to do business, get the best available logistics, whether it’s e-commerce, logistics or shipping and transportation, and produce products and distribute them around the world in the quickest, most efficient way possible. and cost-effective way,” Jarad said.
The government-established agency operates similarly to a private company and helps businesses comply with UAE rules and regulations by providing them with support services such as licenses, customizable facilities, and visa facilitation.
Jalad said the region has been successfully expanding its foreign direct investment portfolio, particularly in the high-tech, artificial intelligence and lifestyle manufacturing sectors.
The UAE Ministry of Economy reports that foreign direct investment in the UAE has grown by 116% over the past decade, climbing from US$9.6 billion in 2012 to US$20.7 billion in 2021.
The UAE also recently announced an $820 million investment in its space program to help diversify its oil-dependent economy and encourage cooperation between international and local businesses.
In Ras Al Khaimah, for example, acid battery recycling company Royal Gulf Industries recently announced a $17 million investment in building the UAE’s first environmentally friendly car battery recycling centre.
Jarrad recently led an investment delegation to Canada, meeting with Canadian business leaders and potential investors representing a cross section of Canada’s largest corporations, management investment firms and industry associations. Its goal is to promote Ras Al Khaimah as a leading investment destination and drive more North American businesses and partners to help realize the Ras Al Khaimah Industrial Strategy 2030 across a range of key industries.
This investment visit to Canada is an example of how RAKEZ conducts targeted investor promotion and attraction and Lead Generation programs to support the Ras Al Khaimah Government’s agenda to attract capital and investment while ensuring a competitive business environment.
“We see untapped potential for Canadian businesses in the Gulf Cooperation Council (GCC) market,” Jarrad said.
Ras Al Khaimah (RAK) is an attractive base for Canadian companies looking to enter the Europe, Middle East and Africa (EMEA) and Gulf Cooperation Council (GCC) markets. Profit-maximizing benefits include 100% foreign ownership in free zone areas, attractive 0% corporate and personal tax rates (the lowest in the world); 100% repatriation of capital and profits; affordable access to top talent, low business operating cost ratios The regional average is 50% lower, etc.
He said the Covid-19 pandemic may have played a role in turning the region into a global business magnet. “People learned the hard way that it really hurts them when they put all their eggs in one basket,” he said. “Because you have logistics problems, you have shutdown problems. The UAE has dealt with COVID-19 very well. [Infection rates] Always very frustrated. Everyone is vaccinated. Business is still booming, so everyone wants to ride the waves in the UAE. “
So what to do about the global talent shortage? Attracting and retaining talent is not a concern for RAKEZ, the CEO said.
“Talent in the UAE has always been readily available,” he said. “We attract people from all walks of life and cultural backgrounds who want to work.”
“There is no shortage of companies setting up here, and they can bring in their own talent from their home countries or secure local talent,” he continued.
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