SMEs in the Middle East - Impressions from Ras Al Khaimah

Over the past few months, hundreds of entrepreneurs in the United Arab Emirates (UAE) have gathered at the Compass Coworking Centre in Ras Al Khaimah to share their insights, success stories and business opportunities. Launched in 2022, the monthly B2B networking series hosted by Ras Al Khaimah Economic Zone (RAKEZ) continues to welcome members of the SME community to share experiences about their concerns and successes on their journey to the top and learn from each other in a conducive environment.

Diversify the economy: Away from oil

The B2B events address various topics such as improving customer experience, the ups and downs of the entrepreneurial journey, optimizing user experience and web presences, building a culture of innovation in the workplace, and the impact of corporate tax in the UAE. Compass Coworking Centre also offers casual networking sessions over coffee and breakfast every Friday, open to freelancers, entrepreneurs, digital nomads and other members of the business community. It has also recently hosted informative seminars on UAE labor law and taxation. In addition, some of the events bring together stakeholders from different industries such as automotive, construction, F&B, chemicals and manufacturing to develop new methods of collaboration.

RAKEZ Group CEO Ramy Jallad said, "The entrepreneurial journey is not an easy one, and this is where we come in. As a hub for thousands of SMEs, we provide a platform for them to meet and collaborate," he said. "Our B2B events are designed to help new entrepreneurs gain knowledge and expand their networks, which will facilitate their growth and, in the long run, help diversify the UAE economy away from oil - something that is essential for our future growth and development."

International mix of entrepreneurs and customers

In the age of virtual networking, many business meetings take place online. However, as we all know, it is of great advantage to be able to meet in person as well. Accordingly, after the pandemic, many founders, entrepreneurs and students took the opportunity to once again shake hands and exchange ideas in a lively and welcoming physical space - the Compass Coworking Centre. "Face-to-face meetings are an enriching experience compared to social media or digital media contacts, as you don't really know the people behind the screens," says Ernesta Puodzuilaityte, Sales Manager at F&S Real Estate Building. The Lithuanian brokers exclusive apartments in the emerging economic zone. "Establishing relationships is one way to attract long-term clients," she says.

Participants in the RAKEZ community events, such as Ras Al Khaimah-based grocer Eun-Jin Shin, greatly appreciated the opportunity to network and learn: "Startups need a coworking community where they can access B2B events. Many may not know how to do everything right, and that's where being in a community helps." Naina Kaur of Jersey Real Estate Brokers agrees, "The most important thing we take away from startup networking events is sharing stories about our journeys and learning from each other's mistakes." Rakhi of Desert Art Collective echoes this sentiment, "Sometimes you feel very alone when you're trying to get your business off the ground, but when you meet and share with others, you realize that they too are struggling with similar obstacles. RAKEZ's community events have changed my life because I've connected with many entrepreneurs from different industries here."

Ras Al Khaimah: Attracting new businesses

With a packed schedule of social and professional events, the center has been a platform for experts in real estate, digital transformation and finance to inspire those planning or just starting their ventures since its inception in 2021. At the same time, Compass Coworking Centre members benefit from sharing space with a community of like-minded people who support each other. Such an established ecosystem helps new entrepreneurs find the right support they might not otherwise have found in the vast, competitive and fast-moving marketplace.

Tim Wicker of The Compliance Connection is one of the center's frequent visitors. "Compass is a fantastic place," he says. "As a small business owner, you're very much on your own. So when you're working in an open space, it's easy to connect with other entrepreneurs, share your experiences over coffee, and build not only friendships, but strategic partnerships. I look forward to more events where special topics - like compliance, what do you need to know from an accounting or regulatory perspective - can be highlighted to help small businesses.

Source and further information: RAKEZ

RAKEZ

The Ras Al Khaimah Economic Zone (RAKEZ) is a special economic zone in the United Arab Emirates. It was established in 2017 by the Ras Al Khaimah government and is one of a total of 37 such free zones in the UAE. It is currently home to over 16,500 companies from more than 100 countries operating in more than 50 industries - and the number is growing. There is talk of a projected growth of 20 percent. During the COVID-19 pandemic, RAKEZ also moved strongly toward digitalization. RAKEZ offers entrepreneurs, startups, SMEs and manufacturing companies a wide range of solutions, including free zone and non-free zone licenses, customizable facilities and various other one-stop services. In addition, RAKEZ has specialized zones tailored to the specific needs of investors: Al Nakheel and Al Hamra Business Zones for commercial and service companies; Al Ghail, Al Hamra and Al Hulaila Industrial Zones for manufacturers and industrialists; and an Academic Zone for education providers.