RAK zone reports big growth
Ras Al Khaimah, July 28, 2008
Ras Al Khaimah Free Trade Zone Authority (RAK FTZA) has reported significant growth in the first half this year, with 847 companies registered during the period.
The total of registered companies with RAK FTZ reached 4,773 by end of June, making it one of the fastest growing Free Trade Zone in the region.
RAK FTZ companies contribute an estimated capital of Dh10 billion ($2.7 billion) to Ras Al Khaimah economy. Future investments of Dh1 billion are also underway or being planned.
Since 2005, the number of companies registered in the free zone increased from 1,362 to 4,773. The growth was more than 300 per cent.
Significant companies that make up the largest part of the RAK FTZ portfolio are trading, IT services and consulting companies. The free zone has also seen growing interest in the manufacturing sector as well.
Oussama El Omari, CEO of RAK FTZA, said: ’These results can be attributed to the free zone’s reputation in the market and our satisfied clienteles as we continue our efforts to build an ideal business and industry environment at RAK FTZ.’
As part of RAK FTZA strategy to continue improving their services and remain competitive, two new liaison offices in Cologne, Germany and Istanbul, Turkey have opened in the first half of 2008 to attract more foreign businesses and strengthen trade and industrial coordination in each country.
In addition, a new business centre and commercial liaison office in New York, USA is underway.
RAK FTZA also signed a memorandum of understanding in February with Ras Al Khaimah Chamber of Commerce to enhance commercial and economic cooperation between the two departments.
The RAK Chamber of Commerce opened a branch office at the premises of the RAK FTZ to provide the zone’s clients with the highest level of service possible under one roof.
The free zone’s activities in the first half of 2008 also included receiving high ranking foreign delegations from India, Turkey, Germany, Japan, and Indonesia that approached RAK FTZA to share their expertise and explore business opportunities. The free zone also participated in strategic regional and international exhibitions to maintain visibility in the market.
Future RAK FTZ developments include Phase Two of the Industrial Park and preparation of the new Al Ghayl Industrial Park plus six flagship projects within the next three years with estimated value of Dh7.3 billion. - TradeArabia News service