Ras Al Khaimah Economic Zone (RAKEZ), the umbrella authority of RAK Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA), has been named as the most cost-effective economic zone by the prestigious fDi Global Free Zones of the Year Awards 2017.
Sweeping the Bespoke Category – Set-up Cost Reduction award, RAKEZ stood out from over 60 free zones from across the globe upon the evaluation of the Financial Times Specialist editorial team and an independent panel of judges.
“We’re ecstatic for winning the Bespoke Category – Set-up Cost Reduction at this year’s fDi Global Free Zone of the Year Awards. RAKEZ was just recently introduced but it has already been recognised for its cost-effectiveness, which is actually among our key strategic pillars in attaining our vision of becoming a leading global investment destination,” said Ramy Jallad, Group CEO of RAKEZ, RAK FTZ and RAKIA. “Delivering fit-for-purpose facilities and customer-centric business solutions that are premium and affordable will always be among our strongest commitments to investors. 2017 has been very eventful for RAKEZ and winning a prestigious award from fDi is our cherry on top.”
Launched in April 2017, RAKEZ is one of the fastest-growing economic zones in the region. The authority boasts an ecosystem that is both nurturing and cost-effective, attracting more foreign direct investments to the emirate of Ras Al Khaimah. It offers an expanded range of business solutions tailored for startups, SMEs and large manufacturing companies.
This year, RAKEZ launched several promotions that let businesses enjoy a 10% reduction on set-up packages as well as 12-month instalment option with its three-year business plan. The easy payment plan allows investors to spread the formation costs over 12 months, making payments more manageable.