UAE’s RAKEZ signs MoU with Manufacturers’ Association of Israel

Image credit: WAM

The Ras Al Khaimah Economic Zone (RAKEZ) has signed an MoU with the Israeli Manufacturers Association (IMA) to create investment opportunities and expand the operations of industrial companies in both countries.

Under the partnership, the RAKEZ and IMA seek to boost industrial activities and support business communities, a move that is expected to further strengthen economic ties in the UAE and Israel.

“This partnership is an important step towards providing meaningful industrial cooperation opportunities for our members in the UAE,” said Hagai Edri, deputy CEO of MAI.

“We see RAKEZ as a potential strategic partner that will allow Israeli industries to expand to other markets while maintaining their main industrial activity in Israel in a way that will benefit both organisations, their members and their respective economies.”

We are thrilled to announce the MoU signing between RAKEZ and Manufacturers Association of #Israel (MAI).
This collaboration aims to promote cooperation, knowledge-sharing and #business opportunities between the two countries.
Read the full news here: https://t.co/yru25oPbS1. pic.twitter.com/CS3cc9t2Xi

— RAKEZ (@myrakez) July 6, 2023

The two organisations will be welcoming business delegations and hosting business-to-business events such as seminars and workshops to keep industrialists updated and provide them with networking opportunities.

Situated in the emirate of Ras Al Khaimah, RAKEZ is home to more than 15,000 companies that operate across the business and industrial hub’s over 50 sectors. The business hub is one of the fastest-growing economic zones in the region and it recorded a 206 per cent increase in the number of new trading companies in 2022.

RAKEZ fuels economic growth

Meanwhile, RAKEZ welcomed more than 1,500 new companies in the second quarter of 2023, a 132 per cent increase compared to the same period a year earlier.

The robust growth further cements the business and industrial hub’s role as an accelerator for business growth and fosters an investment-friendly climate. RAKEZ continues to pull in new investors from around the world to Ras Al Khaimah.

The majority of the new investors are from India, Pakistan, the UK, Egypt and Russia, highlighting the global appeal of the emirate’s conducive business environment.

The economic zone witnessed an impressive increase in other sectors such as services with over 600 companies, e-commerce with over 170 companies and media with more than 100 companies.

The hub remains committed to providing an adaptive and supportive ecosystem for investors looking to expand their horizons and businesses.