Ras Al Khaimah, 24 January 2025: Ras Al Khaimah Economic Zone (RAKEZ) signed a Memorandum of Understanding (MoU) with the Department of Economic Development of Ras Al Khaimah (RAK DED) to enhance business services provided to companies in the emirate. The agreement was officially inked by Assistant Director General of RAK DED Mohammed Mahmood and Director of Value-Added Services (VAS) at RAKEZ Kutyba Al Issa during a signing ceremony at Compass Coworking Centre.

This collaboration represents a shared commitment to simplifying and enriching the business journey for enterprises. As part of the agreement, RAK DED will support RAKEZ in extending its suite of value-added services, including corporate bank account opening, corporate tax filing, and accounting and bookkeeping services, to its extensive network of clients.

The initiative is a strategic move to ensure that enterprises have access to the tools and resources they need to optimise their operations, maintain regulatory compliance, and focus on growth. By leveraging each other’s strengths, RAKEZ and RAK DED aim to foster an environment where businesses can flourish in a competitive marketplace.

RAKEZ Group CEO Ramy Jallad said: “At RAKEZ, we believe that empowering businesses is at the heart of Ras Al Khaimah’s economic growth. Our partnership with RAK DED reflects a shared vision to create a dynamic and seamless ecosystem where businesses can succeed and also set benchmarks for excellence. By providing essential tools, innovative services, and strategic support, we are laying the foundation for companies to scale new heights, drive innovation, and contribute to the emirate’s prosperity. This collaboration is part of our commitment to transforming Ras Al Khaimah into a hub of opportunity and sustainable growth for entrepreneurs and enterprises alike.”

RAK DED General Manager Dr Abdulrahman Al Shayeb Al Naqbi said, “RAK DED is always keen on developing strategies that contribute to a more conducive business environment. Guided by Ras Al Khaimah's vision, our department is eager to achieve a high ease of doing business ranking by adhering to the best global standards and practices. This new partnership with RAKEZ represents a strategic move towards realising the goals of both entities. Consequently, exceptional investment opportunities will be enhanced, driven by our ease-of-doing-business initiatives and the streamlined facilities for tax registration and opening bank accounts.”

The collaboration between RAKEZ and RAK DED is a significant step towards creating a business-friendly ecosystem in Ras Al Khaimah. By combining their expertise and efforts, the two entities are paving the way for businesses to thrive and contribute to the emirate’s economic growth.