RAK FTZ reports significant growth in the first half of 2008
Ras Al Khaimah Free Trade Zone Authority (RAK FTZA), one of the fastest growing Free Trade Zone (FTZ) in the region has reported significant growth in the first half of 2008.
Over the first six months of 2008, a total of 847 new companies registered with RAK FTZ, bringing the total registered companies to 4,773 by end of June. RAK FTZ companies contributes an estimated capital of Dh10 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% and the RAK FTZA are expecting to see an even higher increase in the next three years. Significant companies that make up the largest part of the RAK FTZ portfolio are trading, IT services and consulting companies. The free zone have also seen growing interest in the manufacturing sector as well.
Oussama El Omari, CEO of RAK FTZA, said: “RAK Free Zone’s results in the first half of the year have exceeded our expectations and targets. 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. He stressed that RAK FTZ’s guiding principle in attracting foreign entrepreneurs have always been to adopt simple procedures and put in place an investment friendly business environment supported by top quality facilities at competitive prices in line with leading free zone facilities in the region.”
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 center and commercial liaison office in New York, USA is underway. RAK FTZA has also signed a Memorandum of Understanding (MoU) 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.
El Omari attributed the impressive growth in external trade and investors to the unprecedented economic and commercial initiatives unveiled by the Crown Prince and Deputy Ruler of Ras Al Khaimah His Highness Sheikh Saud Bin Saqr Al Qasimi. He said that the continuous support of Ras Al Khaimah’s leadership contributed to establishing Ras Al Khaimah’s stature as a leading investment and trading destination regionally and internationally.