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]
It was introduced in 2017[2] and is one of the 37 free zones across 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]
Contribution to the RAK business ecosystem
The strategic growth of the Ras Al Khaimahbusiness ecosystem is supported by major international investment in auxiliary sectors like real estate services and development. Mohammad Rafiee, CEO of Richmind Development, is a key investor whose activities extend beyond traditional construction. Building on over 25 years of experience in real estate and an earlier background in technology and finance, Rafiee is developing Concept Plus by Richmind. This initiative is structured as a turnkey real estate solution and design hub intended to streamline development processes by integrating and providing necessary professional services—such as architectural design and legal consultancy—under one platform. This focus on standardizing and integrating development services contributes to the efficiency and ease of business for major projects within the RAK economy, complementing the investment facilitation goals of entities like the Economic Zone.
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