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AANI and JAYWAN: The UAE’s Bold Leap Towards a ‘Less Cash’ Payment Ecosystem

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Al Etihad Payments

An Exclusive Interview with Andrew McCormack, COO of Al Etihad Payments

With over two decades of expertise in the financial services sector, Andrew McCormack is a seasoned payments executive currently serving as the Chief Operating Officer at Al Etihad Payments, UAE’s national payment system operator.

Could you briefly share your journey that led to your role as COO of Al Etihad Payments?

My journey into the payments industry has been quite diverse and unexpected. Initially, I began my career as a software engineer in the aerospace industry, where I spent nearly a decade honing my technical skills. After completing my MBA, I sought to broaden my horizons into business management and found myself leading a solar energy company in Canada. This role was invaluable in teaching me how to build and scale a small business.

It was during this time that my interest in financial services began to grow, particularly as I took on responsibilities for the company’s payments and financial operations. This newfound interest led me into the banking sector, then into insurance, and eventually into the payments industry.

I joined Payments Canada and ultimately became the CIO, where I oversaw the technology and payment services. Later, I had the opportunity to relocate to Singapore to establish an office for the Bank for International Settlements, an experience that was both challenging and rewarding, especially in the wake of the COVID-19 pandemic.

Currently, I have the privilege of serving as the COO at Al Etihad Payments, where I am leveraging my diverse experiences to build and transform the company into a leading national payment infrastructure provider.

Al Etihad Payments was established by the Central Bank of the UAE in 2023. What were the key motivations behind its creation, and how does AEP align with the UAE’s broader objectives for advancing the digital economy?

In many countries, the central bank doesn’t directly operate retail payment systems. Instead, they often rely on an operating entity to provide those retail-facing services for a variety of reasons. However, the central bank typically prefers to maintain an oversight role over the retail payment schemes and systems, and in this country, that is precisely how Al Etihad Payments came into existence.

The Central Bank decided to divest several functions, such as the UAEWPS and the UAESWITCH, the card switch that we manage. In addition, we have been tasked with enhancing these services with new offerings, such as AANI Instant Payments and others we will discuss later. This approach makes sense from an operational perspective, as a central bank in most countries acts more as a supervisor than an operator, and we have implemented this model here in the UAE.

The company was established last year, and we are in the process of scaling up, taking over the operational responsibilities for UAEWPS and the UAESWITCH. We launched the AANI Instant Payment service in late 2023 and will be launching a national card scheme in the not-too-distant future.

Could you share how AANI is driving innovation in the instant payments landscape and the progress you have made in expanding its reach?

AANI is the platform for innovation in instant payments, offering 24/7 real-time payment experiences and enabling a range of overlay services.

For example, users can simply send money using a mobile phone number, scan a QR code at a merchant checkout, or use it in an online e-commerce setting. AANI facilitates this level of digital innovation, supporting interbank payments, transactions between banks and wallet providers, and all other possible combinations.

All participants in the AANI system are licensed institutions, which includes banks, payment service providers, digital wallets, and exchange houses. We serve as the glue that connects these systems, offering a platform for innovation that participants can leverage to serve their customers and merchants.

Additionally, we have the AANI Mobile app, available in all major app stores. However, the reach of AANI payments extends beyond our app. The goal is for AANI services to be ubiquitous. We currently have around 30 participants, including banks and exchange houses, connected to the platform, and we expect to reach at least 50 by the end of the year. This means that the vast majority of the market will be connected, and AANI services will be available not just through our app, but through the apps of all these financial channels.

As a customer of a participating bank, you won’t even need to download our app to use AANI payment services—they will be natively available within your bank’s app or digital wallet. By the end of the year, we expect to have at least 95% of the market connected.

Could you provide some insight into how AANI plans to handle cross-border payments and integrate these services?

AANI’s initial focus is on the domestic payments side, such as person-to-person and person-to-merchant transactions using QR codes or mobile phone numbers— the use cases I previously described. Our priority is to scale the platform, connect all the banks and licensed participants, and have them enroll their customers. This step is crucial as it requires obtaining the customer’s consent to activate these services, and we also need to onboard all the merchants.

We want people to recognize AANI and see QR codes at checkout, providing them with the option to pay using this payment method. Our initial push is domestic, but as you mentioned, there are other countries implementing similar services. We do aspire to find ways to connect with them, so extending our platform from a domestic to a cross-border perspective is certainly on our roadmap.

Jaywan, the domestic card scheme, is a significant initiative. How will Jaywan improve the UAE’s payment infrastructure and cost structure?

Jaywan is the forthcoming national domestic card scheme. The name reflects the country’s heritage, as “Jaywan” translates to “precious pearl,” symbolizing the UAE’s rich culture and history. While domestic card schemes are not new—Canada’s Interac and Saudi Arabia’s Mada are established examples—the introduction of Jaywan is a significant step for the UAE. It represents a locally developed solution tailored for the UAE, ensuring secure and reliable transactions across various use cases, including point-of-sale and e-commerce.

Having a domestic card scheme provides several benefits, including enhancing resilience by giving the country control over its payment infrastructure. It also has the potential to reduce costs, as card payment fees for merchants can be quite high. One of the key objectives is to manage and control the cost structure of accepting digital and card payments within the UAE. Furthermore, Jaywan aims to ensure interoperability, not just within the UAE but also beyond its borders.

What are the key priorities for the launch of Jaywan, and how are you ensuring its success?

From a launch perspective, our current priority is acquiring. To simplify, it is crucial that once a bank issues a Jaywan card, it must work seamlessly wherever needed. For instance, when a customer uses the card in a shop, it should function properly from day one.

Our focus is on ensuring that the card works at ATMs, point-of-sale terminals, and supports various methods like tap, chip, and pin. E-commerce is another critical area, as it is more complex than point-of-sale. We need Jaywan to be accepted across a wide range of online retailers.

Additionally, we are working to onboard the initial group of issuers as soon as possible. We have a growing pipeline of issuers interested in developing their card products. While it’s challenging to provide an exact launch date, rest assured that all these components are progressing, and we are dedicated to ensuring a successful launch.

How does Al Etihad Payments support financial institutions, and what role do you play in assisting SMEs and retail customers?

Al Etihad Payments operates as a wholesaler, focusing on working with financial institutions rather than having direct relationships with SMEs or retail customers. Our support is channeled through our banking partners. We ensure that our partner banks are well-informed and equipped with the necessary information and documentation to assist their customers effectively.

While we do not engage directly in training or support for end users, such as small and medium-sized businesses, we provide the resources and support needed by our banking partners. These partners then assist their clients in integrating our services into their ERP systems, point-of-sale systems, and other applications. In summary, our role is to facilitate through our financial institution partners rather than engaging directly with end users.

How do the banking community and other financial entities perceive AANI compared to traditional credit and debit card usage?

We have received an overwhelmingly positive response from the banking community, as well as from digital wallets, payment service providers, and exchange houses. These participants are enthusiastic about joining and contributing to the initiative. While the attractive cost structure is a significant factor, the real value lies in the innovation this platform enables.

The platform allows participants to offer services that genuinely delight their customers. For instance, sending money to family members, splitting bills at restaurants, or other everyday transactions become extremely easy and cost-effective.

Industry response has been very encouraging. Although integrating these services requires a substantial technical effort from participants, we are making significant progress. We began last year with 10 participants and expect to exceed 50 by the end of this year. Nearly 1,000,000 end users are already enrolled, and our focus is now on enhancing merchant and e-commerce experiences.

In the next one to two years, we anticipate substantial innovation in the commercial space, with new and creative ways to seamlessly integrate payments into various customer journeys. This central platform supports industry-driven innovation, allowing us to facilitate rather than lead the development.

In your view, how soon could the UAE transition to becoming a 100 percent cashless economy, and what are the key steps required to achieve this goal?

The concept of becoming cashless is quite complex and nuanced. We prefer to think in terms of “less cash” rather than entirely cashless. Cash possesses unique attributes that are challenging to replicate in the digital world. For example, in a worst-case scenario where the power goes out, cash still functions, highlighting why it’s not practical to eliminate it from the economy.

Cash is widely used, universally accepted, and familiar to people, which are all valuable traits. Our goal is not to eliminate cash but to enhance our payment infrastructure by promoting more acceptance and usage of cost-effective digital payment methods. Over time, these methods may reduce cash usage in significant ways, but the objective is not to completely remove cash from the ecosystem.

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Managing Data to Achieve Infinite Potential

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Seagate’s Vision on the Evolution of Data Storage and Its Future in an AI-Driven World

Exclusive Interview with Arnab Majumder, Country Manager, Saudi Arabia at Seagate Technology

In this exclusive interview, Arnab, Seagate’s Country Manager for Saudi Arabia and MENA, shares insights from his two decades of experience in the IT industry. He discusses the evolving landscape of data storage, the rise of AI, and Seagate’s innovative solutions in data security, speed, and sustainability. From the launch of the Mozaic platform to the company’s commitment to environmental responsibility, Arnab highlights Seagate’s role in shaping the future of data storage technology. He also provides an outlook on the increasing role of data centers in AI adoption and why the Middle East is uniquely positioned to be a global leader in this space.

You have around two decades of experience and have worked in some of the major global IT companies. What kind of changes have you seen throughout your career?
Throughout my career, one thing has remained constant—my association with data. I started by selling ERP software, specifically SAP, which was commonly known as an ERP solution but was, in essence, a data management software. From there, I transitioned into servers and storage, which again revolved around data and compute. Later, I focused on data backup, and now, for the past two and a half years at Seagate, I have been managing data storage from an endpoint perspective, what we call Edge to Cloud.

Over time, the importance of data has increased tremendously. Initially, discussions around data were confined to the data center. Then came hybrid models with the introduction of private and public cloud. The conversation evolved further with IoT, and now we are in an AI-enabled world, particularly machine learning and AI-driven applications, which make data more crucial than ever. As someone once said, “Data is more valuable than oil,” and that statement holds true. Data can make or break organizations over time.

With the rise of AI technologies, data storage has become even more crucial. How is Seagate addressing this need?
With the emergence of AI-driven solutions and machine learning applications, we have seen a massive shift in data storage demands. AI has fundamentally reshaped the way organizations interact with data, requiring scalable, high-performance solutions.

Seagate ensures that the data solutions we provide to customers have infinite potential. We are not restricted to specific compute capabilities, IOPS, or throughput. Instead, we focus on exceeding expectations, ensuring that data can be stored, retrieved, and archived at any time without barriers. The key elements remain securing, storing, retrieving, and managing data efficiently over the long term. As AI models become more sophisticated, data centers will need to scale exponentially, and Seagate is committed to supporting this evolution through cutting-edge innovations.

AI has also increased the demand for faster storage. How is Seagate addressing storage capacity and speed?
With the launch of the Mozaic platform last year, which we introduced globally in Dubai, we have taken data storage to the next level. Users today don’t just need to store data; they need to access it at high throughput and IOPS. To meet this demand, we have introduced chips on our hard drives—what we call System on a Chip (SoC)—to enhance performance significantly.

Additionally, with the emergence of our cutting-edge HAMR (Heat-Assisted Magnetic Recording) technology, we are ensuring that our hard drives are ready for AI-driven applications. A decade ago, storing data was the primary concern; today, the focus is on how quickly and efficiently data can be retrieved. Our advancements in high IOPS and throughput ensure that the user experience remains optimal. As AI applications evolve, real-time data access and low-latency performance will be critical, and Seagate is prepared to meet these growing demands.

With the increase in data, security concerns have also risen. How is Seagate addressing data security?
Seagate prioritizes data security and has implemented multiple measures to protect user information. One of our key security features is Self-Encrypting Drives (SED), which ensure that stored data is only accessible to authorized users. Encryption-enabled drives play a crucial role in preventing unauthorized access, safeguarding against threats such as ransomware and malware.

At Seagate, we believe that storing data and securing data go hand in hand. That’s why our drives are equipped with built-in encryption, adding an extra layer of protection at all times. This ensures that even if a drive is lost or stolen, the data remains inaccessible to unauthorized individuals. Beyond encryption, we continuously integrate advanced security features into our drives to provide the highest level of protection for our customers. Cyber threats are evolving rapidly, and we are committed to staying ahead by ensuring that our storage solutions are secure against emerging risks. Seagate remains dedicated to offering robust security measures to protect sensitive information.

The increasing volume of data also leads to concerns about e-waste. What steps is Seagate taking to promote recycling and sustainability?
Seagate is committed to sustainability. As part of our efforts to tackle e-waste, we are committed to refurbishing and recertifying drives to extend their lifespan. Additionally, we are investing in innovative technologies to lower power consumption, making our storage solutions more energy-efficient. This includes not only hard drives, but also entire systems that are designed to reduce power usage. Our consumer tech solutions are now also being manufactured using recycled materials, reinforcing our commitment to sustainability

Additionally, Seagate has a Take-Back Program, where we collect used storage devices, ensuring that materials are repurposed and reintegrated into the production cycle. By prioritizing sustainability at every level, we are addressing the environmental impact of data storage while maintaining high-performance standards. Seagate is also working closely with partners to promote a circular economy, reducing waste and improving the lifecycle of storage solutions.

Seagate is always present at major tech events like Intersec, GITEX, and LEAP. How important are these events for the company?
These events are of pivotal importance to us. Over the last three years, we have participated in GITEX and Intersec, including Intersec Saudi Arabia, and have had a strong presence. This year, we are also participating in LEAP. Such events provide us with the opportunity to reach a broader audience and showcase our latest technological advancements.

Every year, Seagate comes up with transformative technologies. For example, last year, we introduced the Mozaic platform, and we are continuously expanding its capabilities. We also use these platforms to highlight innovations like HAMR, self-encrypting drives, and AI-driven storage solutions. Many customers approach us at these events with questions about AI-driven storage and video surveillance in an AI-enabled base. We are always excited to share insights on our Mozaic platform, SkyHawk AI drives, and enterprise data storage.

Beyond enterprise solutions, Seagate is also contributing to the growing gaming industry, particularly in the Middle East. Our FireCuda series of high-performance drives is designed to meet the high-performance demands of gamers, and we are eager to showcase these advancements at LEAP.

The Middle East is at the forefront of change and innovation, particularly in Saudi Arabia, which is investing heavily in smart cities, AI, and technological advancements. Seagate is excited to be part of this transformation, providing the storage infrastructure required for these ambitious projects.

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Trump’s Deregulation Bets, AI Shakeups, and Digital Assets: 2025 in Focus

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Affor Analytics

By Koen Ripping, CEO, Affor Analytics

It is that time of the year again when your mailbox gets filled with outlooks for 2025 from all sides. And it’s no surprise that, again, the year’s outlook comes with a high degree of uncertainty. I’ll refrain from actually giving targets this time, as you can read them from any Wall Street’s bank outlook. And mostly, because it’s hard to get them right. In the past eight years, actual market returns were outside the range of all forecasts compiled seven times, of which the market outperformed five times (source: Bloomberg).

Still, a good case can be made for uncertainty this year. If Trump actually holds up to some of his statements, we could see deregulation on multiple aspects, lower corporate taxes, and of course, tariffs. This will obviously not only impact the US, but could affect economies globally through tit-for-tat tariffs or, for longer term effects, geopolitical actions. Our expectation is that deregulation will happen, and this will feed into a more accommodative and friendly environment for small-to-midsize companies.

This does, however, not mean an end to the Magnificent Seven’s dominance for the coming year. The driver of the outperformance has been a superior earnings growth compared to the rest, which was 33% for Mag7 in 2024 compared to 3% for the rest resulting in an outperformance of around 24% (depending on when you read this). Consensus earnings growth for next year for Mag7 and the rest are respectively 18% versus 12%, resulting in an expected outperformance of 8% for the megacaps from our equity team.

Lower corporate tax could be a potential bull case for the US market, but given the wider pro-growth strategy from the new Trump administration, we don’t see much room for this. Then tariffs are the most significant risk on the otherwise good growth outlook, but we are not expecting an outright tariff war. The tactic will probably be precisely targeted tariffs, where we see an increase in China tariffs and possibly auto tariffs on the EU and Mexico, so retaliatory tariffs will also be the answer. This would add a one-time premium on price levels, as we’ve seen in the first Trump administration, but doesn’t feed through to sustained inflation.

In general, both in the US and EU, continued easing is expected, with falling policy rates supporting economic growth in both areas. This, together with policymakers poised on enhancing growth, and with companies having, like we say in Dutch, cash that is splashing against the baseboards (flush with cash), builds towards a bull case for 2025. Amongst other trends, this will also flow towards three trends I am most familiar with: Digital Assets, Artificial Intelligence, and M&A.

Digital assets – A serious asset in 2025

2024 has been a good year for digital assets. Especially for Bitcoin, where the new BTC spot ETF cleared the way for institutional investors and others that were bound from trading on less conventional exchanges. This inflow of capital made the BTC ETFs surpass the Gold ETFs in AUM within a year, which has been around for over a decade.

Another important factor for digital asset performance is Trump’s election. Since its arrival,  the risky asset class has been met with suspicion and disbelief, mainly because of regulatory unclarity and negative publicity. With Trump pledging support to the industry and even mentioning a strategic Bitcoin reserve for the US, markets have been rallying.

A strategic reserve would drastically improve the legitimacy of the asset class as a whole. Though this is still far-fetched, our view is that the new US government will definitely be accommodative in this area. They seem to have gathered a team of experts around him that looks suited to walk the thin line of implementing new regulations while not restricting market participants and early adopting businesses.

After a very dominant Bitcoin in 2024, our digital assets team expects this dominance to decline, while still growing in value, leaving room for alternative tokens to outperform. The first signs of this shift are visible in the pick-up in Ethereum spot prices. This shift correlates with previous cycles of the market, where Bitcoin initially leads, followed by other assets higher on the risk curve. We identified two trends to gain more traction in 2025.

The first trend is tokenization as part of the Real-World Assets sector. This is one of the areas we are also exploring for our funds, like institutions such as BlackRock and JP Morgan already explored for traditional assets such as stocks, bonds, or real estate. By tokenizing these assets on a blockchain, they become more liquid and can be fractalized. The assets become tradable 24/7, and the transaction settlement is fast, cheap, and transparent, allowing for more financial opportunities.

The other one is Artificial Intelligence. Many of the current platforms, such as ChatGPT or Google Gemini are centralized, coming with risks such as privacy issues, potential biases, and single points of failure. Decentralized solutions could be a solution for those who are unwilling to be exposed to those kinds of risks.

If the US takes the lead in accommodative regulation, other nations will follow. Because of this, 2025 could be the year general adoption is accelerated, leaving the digital asset market positioned to do very well.

Artificial Intelligence – Show me the customers

It almost feels like a must mentioning AI as a 2025 trend. Obviously, it has been one of the most traded and talked about trends in past years, but it feels like there is a shift coming. Spending on AI will likely increase, as overall corporate capital investment has been at an annual 2.5%, whereas the average peak capex in the last three trends (energy, housing, and dot-com) was around 8%. So there seems to be enough room there, but valuations in AI are even higher both in public and private markets. Investors will start to look more for ROI and proof-of-concept through a growing customer base.

This will feed into the trend that the focus of investment within the AI sector will change. Where in the past years we’ve seen companies in the infrastructure part of the ecosystem do very well. Our expectation is that emphasis in 2025 will shift more towards the mid- and downstream of AI, focussing on the products and services, and especially to companies where revenues actually get enhanced by the use of AI. That being said, also energy supply for these solutions will become a more important topic.

As a sub-trend, we expect identity to be a hot topic going forward. AI-generated news, images, text, and speech are spreading more and more around the internet. The need for an actual confirmation of real human output (or conversation) will increase. Ironically, this can only be solved by AI.

We have seen adaptation of multiple tools like ChatGPT, but more in a ‘getting-to-know-the-product’ kind of way. More structured solutions built on these LLMs are getting traction now that models are improving at such a fast pace, with an accuracy increase from 10% to 90% from 2021 to 2024 for competition-level math questions (source: Jensen, G., Narayan, A., Greene, A., & Simon, L. (2024). Is an AI Bubble Ahead of Us or Behind Us? Bridgewater.). Beneficiaries will be sectors where the share of tasks that can be handled by AI can reduce labor costs and increase revenue by incorporating this into their business.

All of this does not mean replacing employees, as you have probably read before, but increasing the share of value-added hours. For example, we now utilise AI-ensembles to provide our fundamental team with trading signals. This allows us to react faster to investment opportunities, and also signal more opportunities that are overlooked by humans in the first place.

In general, capital will continue to flow towards AI as a sector, but with a more stricter view on market adoption and value-addition. Ultimately adoption and ability to incorporate these tools efficiently will lead to productivity gains, but in my opinion, this will be a much longer-term trend and won’t crystallize in 2025.

M&A – Consolidation on all fronts

Last but not least, falling interest rates, cash-rich companies, and a less restrictive regulatory environment from a new Trump administration is a fertile ground for a lot more M&A activity, which has already seen a pick-up in 2024. Beneficiaries would be banks that are big in M&A, private equity and credit firms, and private business owners.

In my experience, consolidation, if rightly managed, not only leads to a better market position but can also help companies let their teams focus on their strong suits. To give a personal example, our core strength is creating AI solutions which we apply in fund management. Now, with our partnership with Dutchyard, we can outsource fund management and fundraising, leaving more time to focus on our expertise.

With the upcoming US administration giving a boost to entrepreneur confidence through a less restrictive environment, this is a trend that we expect to continue in 2025.

In conclusion, 2025 shapes up to be generally a decent year for equities globally, but with a bit more unknowns. On the digital assets front, the outlook is good, as Trump might legitimize the asset class as a whole. While AI spending will increase, the focus will shift to actual use cases as users are past the discovery phase.

2025 will belong to those with the muscle to flex less traditional assets and the foresight to leverage innovation, driving value in an evolving financial landscape.

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Ras Al Khaimah Economic Zone: A Thriving Ecosystem for Business Growth and Innovation

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RAKEZ

In an exclusive interview with the Integrator, Group CEO of RAKEZ Ramy Jallad explained the role of RAKEZ and provided insights into his role in driving the growth of the Ras Al Khaimah Economic Zone and what makes RAKEZ stand out in the UAE. He emphasizes RAKEZ’s focus on creating a dynamic ecosystem that supports businesses of all sizes, offering tailored solutions, mentorship, and industry-specific zones. RAKEZ hosts major global companies and is committed to digital transformation, sustainability, and fostering innovation.

As Group CEO of RAKEZ, can you share insights into your role and what sets RAKEZ apart from other economic zones in the UAE?

As Group CEO of RAKEZ, my vision extends beyond simply managing an economic zone—I’m driven by the idea of creating a dynamic ecosystem that fuels business growth and contributes to the broader economic development of Ras Al Khaimah and the UAE. My role is about actively shaping an environment where businesses of all sizes can thrive, innovate and expand, contributing to the long-term prosperity of the region. We’re building something greater here—a hub where businesses are supported at every stage of their journey and where they can play a vital role in the future of the economy.

What sets RAKEZ apart is our unwavering commitment to providing extended support to every client, whether they’re a small SME or a key industry player. For startups and small businesses, we offer more than just a place to operate. We guide them through the processes of setting up, scaling, and expanding, offering tailored business packages, mentorship programs, and advisory services designed to help them navigate challenges and achieve sustainable growth.

For larger corporations, our specialized zones and facilities cater to a variety of industries and business activities, such as advanced manufacturing, research and development, logistics and distribution, packaging, processing of goods, inventory management, and regional distribution. These zones are designed to meet the specific requirements of each industry, ensuring that even the most complex operational needs are addressed with tailored solutions. Whether companies are involved in large-scale production, innovation, or optimizing their supply chain, we provide the infrastructure and support to help them operate efficiently and scale seamlessly.

What makes RAKEZ truly unique is that we offer this level of support to all businesses, regardless of size or sector. We treat every client as a partner, working closely with them to ensure their success and providing them with the tools and resources they need to thrive. This client-first approach, combined with the cost-efficiency and strategic advantages of Ras Al Khaimah, is what makes RAKEZ a thriving hub for businesses of all kinds. Our mission is not just to attract investment but to support an ecosystem where businesses can contribute to the broader economy while achieving their own growth ambitions.

Could you highlight some of the major companies currently operating within RAKEZ, and discuss any strategic initiatives you’ve implemented to position RAKEZ at the forefront of the UAE’s business landscape?

RAKEZ is proud to host a diverse range of major global brands and companies across various industries, from manufacturing and logistics to services, e-commerce, and more. Some of the prominent companies operating within RAKEZ include Ashok Leyland, Dabur/Naturell, Ahmad Tea, Sobha, A2C, Streit Group, IAG, Sunreef, Knauf, Shandong, Vertiv, NI MET, and Huhtamaki. These key players in their respective sectors are part of a thriving community that benefits from RAKEZ’s strategic location, world-class infrastructure, and business-friendly environment, making it an ideal hub for businesses looking to expand and grow.

To ensure we remain at the forefront of the UAE’s business landscape, we have implemented several strategic initiatives aimed at driving growth, fostering innovation, and enhancing the overall client experience. A key part of this is the development of dedicated zones that cater to the unique needs of various sectors. For example, our industrial zones are designed to support industries of all scales, from light to heavy manufacturing, and are strategically located near logistical hubs and ports for maximum efficiency. Businesses in these zones benefit from a wide range of services, including logistics support, customs facilitation, and warehousing, all designed to streamline operations. Additionally, we offer on-site accommodation for labor and staff, reducing costs for businesses while improving convenience for employees.

In addition, we have invested heavily in digital transformation, ensuring that our clients have access to a fully digital ecosystem that simplifies business processes, from set-up to day-to-day operations. Our self-service client portal and mobile app allow businesses to manage their licenses, visas, and other services with ease, reflecting our commitment to providing a streamlined and efficient experience.

Another strategic focus has been sustainability. RAKEZ actively supports companies with sustainable practices by streamlining processes and recognizing businesses that adhere to regulations contributing to environmental goals. This not only aligns with global trends but also positions RAKEZ as a forward-thinking hub that attracts businesses looking to integrate sustainability into their operations.

Ultimately, our goal is to create a thriving, future-ready business environment where companies, whether large multinationals or SMEs, can innovate, expand, and contribute to the economic growth of Ras Al Khaimah and the UAE.

What are the key financial advantages of operating within an economic zone like RAKEZ? How did you successfully scale RAKEZ from 7,500 to over 25,000 companies?

Operating within an economic zone like RAKEZ offers significant financial advantages, which is a key reason why so many businesses choose to set up here. One of the primary benefits is cost-efficiency—our operating costs are up to 40% lower than in other regional markets, making it an attractive option for companies looking to optimize their expenses. We also offer a variety of business packages tailored to different needs, allowing companies to scale without the financial strain often associated with growth.

Another key advantage is the flexibility we provide. RAKEZ allows businesses to choose between free zone and non-free zone entity formations, offering investors a range of options that suit their operational requirements and market strategies. In addition, we offer fast-track visa and license issuance, along with a streamlined regulatory process, which reduces both the time and cost of setting up and running a business. This ease of doing business, combined with our strategic location, gives companies immediate access to key markets across the Middle East, North Africa, Europe, and Asia.

Scaling RAKEZ from 7,500 to over 25,000 companies has been the result of a clear, focused strategy that prioritizes both client experience and market responsiveness. We have consistently invested in enhancing our infrastructure, expanding our facilities, and introducing digital solutions that make it easier for businesses to set up and grow. Specialized zones for different business activities, along with a coworking center, have enabled us to attract companies from a wide range of sectors, each benefiting from tailored services and facilities designed to meet the specific needs of their industry.

Additionally, we have placed a strong emphasis on creating a supportive, business-friendly ecosystem. RAKEZ’s client-first approach means that businesses of all sizes receive ongoing support, whether through mentorship programs for SMEs or customized solutions for large multinationals. Our team is dedicated to understanding the specific needs of our clients and providing them with the tools and resources they need to succeed. This has helped us build long-term relationships with businesses, many of which have expanded significantly within RAKEZ.

What technology-driven tools or strategies do you employ to better understand and serve your clients? Additionally, how does RAKEZ collaborate with other government entities across the UAE?

At RAKEZ, technology plays a pivotal role in how we serve our clients, allowing us to remain agile and responsive to their needs. We’re proud to be the first economic zone in the UAE to offer the Instant License to free zone businesses, which enables entrepreneurs to get their ventures up and running almost immediately. This innovation eliminates the lengthy paperwork process and allows businesses to begin operations with minimal delay, reflecting our commitment to simplifying the setup experience.

Our fully integrated digital ecosystem—featuring a self-service client portal and mobile app—makes it easy for businesses to manage their operations, from license renewals to visa applications, with just a few clicks. These tools are designed to streamline the client experience and improve operational efficiency.

Beyond technology, we rely on data analytics to better understand our clients. By analyzing feedback and service interactions, we can tailor our offerings and proactively address any challenges, ensuring our clients receive personalized, efficient support throughout their journey.

RAKEZ also collaborates closely with various government entities across the UAE, such as the Department of Economic Development, Ras Al Khaimah Municipality, RAK Customs, Ministry of Industry and Advanced Technology, Ministry of Economy, Ministry of Interior, General Directorate of Residency and Foreigners Affairs, Environmental Protection & Development Authority, Chamber of Commerce, and many others. These partnerships allow us to offer a cohesive, business-friendly environment and ensure that our clients benefit from a seamless experience across all aspects of their operations.

What services or solutions does RAKEZ offer to manufacturers aiming to build sustainable ESG businesses?

At RAKEZ, we are deeply committed to supporting manufacturers in building sustainable, environmentally and socially responsible businesses that align with ESG principles. As sustainability becomes increasingly important across industries, we offer a variety of services and solutions to help manufacturers integrate these practices into their operations.

Our specialized industrial zones are designed with energy-efficient infrastructure that adheres to green building standards, ensuring reduced energy consumption and lower environmental impact. This infrastructure allows manufacturers to operate in a more sustainable manner while boosting operational efficiency.

We also promote circular economy practices by facilitating access to recycling services and encouraging the use of eco-friendly materials. This helps manufacturers minimize waste, improve resource efficiency, and significantly reduce their carbon footprint.

To ensure compliance with local and international ESG regulations, we offer manufacturers guidance and advisory services. This includes promoting initiatives such as the Barjeel Green Building Regulations and the Industrial Technology Transformation Index (ITTI), which provide manufacturers with a roadmap for smarter, more sustainable production practices. These frameworks allow manufacturers to enhance their sustainability and remain competitive in a rapidly changing market.

Additionally, RAKEZ supports innovation in water and energy management through systems like the BacComber System for cooling tower water treatment, which has reduced water usage and chemical reliance, contributing to a greener footprint. Furthermore, we provide sustainability-focused training and mentorship programs to help businesses continuously evolve and stay resilient in the evolving ESG landscape.

With fast-track services and a streamlined regulatory framework, RAKEZ makes it easier for manufacturers to focus on growth and innovation, while fully integrating sustainable practices into their operations.

What are some key trends emerging in the region, and how can businesses position themselves to capitalize on these trends?

Several key trends are emerging in the Middle East, reshaping the business landscape, particularly in manufacturing, technology, and sustainability. Businesses that can adapt and position themselves strategically stand to gain a significant competitive advantage in the region.

Digital transformation is rapidly advancing across all sectors, fueled by technologies such as artificial intelligence, automation, and the Internet of Things. Businesses that adopt these tools to optimize operations, enhance customer experiences, and improve decision-making will be better positioned to thrive. For manufacturers, embracing smart technologies like predictive maintenance, real-time data analytics, and robotics can lead to more efficient production processes and resource management. These digital solutions also enable greater agility in responding to supply chain disruptions or shifts in market demand.

At the same time, e-commerce is booming, driven by changing consumer preferences, increased internet penetration, and improved logistics. Retailers, manufacturers, and service providers are integrating online and offline experiences to reach broader audiences. Businesses that invest in their e-commerce capabilities and streamline logistics to enhance customer convenience will be well-positioned to capitalize on this trend. The growth of e-commerce also opens doors for specialized logistics providers and warehousing solutions.

Sustainability is becoming a central focus, as businesses in the Middle East align with global movements toward greener operations and responsible corporate governance. Governments are encouraging the adoption of ESG practices, and consumers increasingly favor companies that prioritize sustainability. Businesses that invest in eco-friendly infrastructure, sustainable practices, and CSR initiatives will not only contribute to environmental goals but also attract more customers and investors. For manufacturers, embracing circular economy principles and reducing carbon footprints can enhance both efficiency and profitability.

In response to global supply chain disruptions, there is a growing trend towards localizing supply chains. Businesses are seeking to source materials and components locally to reduce dependence on international suppliers and mitigate risks related to logistics and geopolitical instability. Companies that localize their supply chains or form strategic partnerships with regional suppliers will be more resilient and better equipped to manage disruptions. Governments are also supporting local manufacturing and production as part of broader economic diversification efforts, offering incentives and subsidies for businesses that align with these objectives.

Additionally, significant investments in infrastructure projects are being driven by government initiatives aimed at economic diversification and growth. Public-private partnerships are playing a key role in these developments, creating opportunities for businesses to engage in large-scale projects. Companies in sectors such as construction, logistics, energy, and technology can benefit by positioning themselves as key partners in these initiatives, leveraging government support to fuel their growth.

To capitalize on these emerging trends, businesses need to remain agile and proactive. Investing in technology, sustainability, and localized supply chains will be crucial to staying competitive. Collaborating with regional governments, forming strategic partnerships, and adapting to regulatory shifts will also be critical for businesses looking to expand in the Middle East. By aligning with these trends, companies can not only grow but also play a vital role in the region’s long-term economic transformation.

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