The U.A.E emirate of Ras Al Khaimah announced the inauguration of its first startups incubator with the aim of registering 40 companies.
The new incubator will focus on innovation and technology, and will target establishing 10 Emirati companies, 20 local companies and 10 international startups, with a future plan to focus on tourism accelerators.
Applying entrepreneurs will be given the choice to either register as locally-established companies or register with the Ras Al Khaimah Economic Zones (RAKEZ) as a free zone entity.
The inauguration announcement was made in the presence of H.E Sheikh Mohammed bin Kayed Al Qasimi, Chairman of Ras Al Khaimah Department of Economic Development (DED), during the emirate’s startup weekend challenge on Thursday.
“This is a true partnership between public sector represented by DED and RAKEZ and a group of entrepreneurs to start an eco-system in the Emirate of Ras Al Khaimah,” Dr. Hisham Safadi, Co-Founder and CEO, Ras Al Khaimah Incubator and Accelerator, says.
The Startup Weekend witnessed the participation of more than 100 entrepreneurs, who competed on a 54-hour challenge to build eight startups.