RAS AL KHAIMAH - Ras Al Khaimah Economic Zone (RAKEZ) and the Ukrainian Business Council (UBC) signed a strategic agreement to boost economic collaboration, paving the way for greater investment prospects, and further strengthening the bilateral ties between the UAE and Ukraine.

The Memorandum of Understanding (MoU) was signed by RAKEZ’s Chief Government & Corporate Relations Officer Yaser Abdulla Al Ahmed and UBC President, Olena Shyrokova at a conference in Ras Al Khaimah. Present at the event were department heads from RAKEZ and a delegation from Ukraine, which included UBC's management and business owners.

This collaboration promises to provide Ukrainian investors with unprecedented access to tailor-made, competitive business set-up solutions in the UAE through RAKEZ. The benefits of this collaboration will be highlighted by both parties via an array of initiatives such as joint events and campaigns.

Both organisation heads expressed their enthusiasm about the new alliance. Shyrokova said, “This MoU is an important step towards strengthening economic ties between our two nations. Located in close proximity to the port, RAKEZ is a very attractive destination for Ukrainian trading companies that are considering relocating their business to the UAE. The highly developed infrastructure of the free zone will meet the requirements of any market sector, whether manufacturing, IT or real estate. I certainly see a wide range of opportunities for cooperation ahead.”

RAKEZ Group CEO Ramy Jallad said, “The UAE, and specifically Ras Al Khaimah, offers a world of opportunities for Ukrainian businesses to flourish. The distinctive advantage of having complete foreign ownership and the return on profits creates a highly favourable business environment for Ukrainian investors wishing to establish their presence or expand their business footprint in the UAE. Our alliance with Ukrainian Business Council will cultivate a mutually beneficial relationship that will allow Ukrainian enterprises to prosper amidst the UAE's vibrant and booming economic landscape.”

The Ukrainian delegation was introduced to RAKEZ and briefed about the process of starting or moving their business to the UAE. They also met with officials from the Ras Al Khaimah Tourism Development Authority, Al Marjan Island, and Ras Al Khaimah Properties; and took a tour of the facilities at Ras Al Khaimah Ports.