Economic partnerships are pillars of growth stimulation: RAK Ruler

His Highness Sheikh Saud Bin Saqr Al Qasimi, Member of the UAE Supreme Council and Ruler of Ras Al Khaimah, affirmed that economic and investment partnerships with various strategic partners are a fundamental pillar for stimulating economic growth, advancing sustainable development, and reinforcing Ras Al Khaimah’s rising status as a leading destination for business prosperity and corporate growth.

This came during Sheikh Saud’s reception on Thursday at his palace in the Saqr Bin Mohammed City, of Sybille Pfaff, Consul General of the Federal Republic of Germany in Dubai and the Northern Emirates, along with a delegation from the German-Emirati Joint Council for Industry and Commerce (AHK). The meeting was also attended by senior officials from the Ras Al Khaimah Economic Zone (RAKEZ).

The meeting reviewed bilateral relations between the United Arab Emirates and Germany, with a particular focus on trade, investment, and innovation. It also highlighted recent developments in Ras Al Khaimah across sectors such as infrastructure, industry, and investment growth.

Discussions explored future cooperation prospects between RAKEZ and the German-Emirati Council, especially in supporting German companies and enhancing joint initiatives. The conversation also covered the emirate’s flourishing economic and investment environment, German companies’ outlook in the region, and ways to strengthen their operating landscape.

The meeting also involved a productive exchange of ideas on business opportunities and development projects in the emirate. It emphasised Ras Al Khaimah’s strategic assets, which include a competitive business environment, advanced infrastructure, and a vital geographic location.

Sheikh Saud Bin Saqr Al Qasimi witnessed the signing of a Memorandum of Understanding (MoU) between RAKEZ and the AHK, aimed at building a strategic partnership to support development goals and foster mutual growth.

The MoU was signed by Ramy Jallad, Group CEO of RAKEZ, Dr Martin Henkelmann, CEO of AHK. The MoU stipulates enhanced support for both new and existing members of the Council, as well as RAKEZ’s partner base, through joint initiatives aimed at business growth, knowledge exchange, and international connectivity.

The MoU comes as part of ongoing efforts between both parties to solidify strategic cooperation and strengthen economic and industrial ties between Ras Al Khaimah and the German business community.

In turn, Sybille Pfaff and the Council’s delegation expressed their deep appreciation to Sheikh Saud for the warm welcome and generous hospitality. They praised the strong economic ties between the UAE and Germany, Sheikh Saud’s visionary leadership, and the emirate’s advanced investment environment.

In February, Ras Al Khaimah Economic Zone (RAKEZ) announced a significant milestone in 2024, with 13,141 new companies joining its thriving ecosystem.

This represents an impressive 66% growth in new registrations compared to 2023. With this achievement, RAKEZ is now home to nearly 30,000 multinational companies, reinforcing its status as a leading global hub for business excellence.

The growth in 2024 has been driven primarily by commercial activities, including general trading, e-commerce, and related businesses, which together accounted for 53% of the new company registrations.

This reinforces RAKEZ’s reputation as a thriving hub for traders and businesses seeking strategic access to regional and global markets.

Consultancy followed as a key contributor at 24%, with other notable sectors including media and marketing services, wholesale trading, and manufacturing, among many others. This sectoral diversity highlights RAKEZ’s ability to cater to the evolving demands of businesses across a wide range of industries, further solidifying its role as a global business enabler.

“Over the past five years, RAKEZ has welcomed double the number of companies to its flourishing business community, reflecting the growing appeal of Ras Al Khaimah as a hub for innovation and global trade,” said Ramy Jallad, Group CEO of RAKEZ. “This growth highlights our commitment to offering tailored support, streamlined services, and an enabling environment where businesses can expand and reach their full potential. As our community continues to grow, we remain focused on fostering long-term success and unlocking new opportunities for businesses of all sizes and sectors.”

Entrepreneurs and companies from around the world contributed to this growth, with India leading the way as the top source of new businesses. This reflects RAKEZ’s ongoing efforts to strengthen ties with India through strategic initiatives, such as fostering trade relations and leveraging the UAE-India Comprehensive Economic Partnership Agreement (CEPA).

WAM