As part of its mandate to boost investment into Ras Al Khaimah, a top-level trade delegation from the Ras Al Khaimah Free Trade Zone [RAK FTZ] – one of the fastest-growing and most cost-effective free trade zones in the UAE – recently visited Moscow on a strategic business mission.
During the visit, the trade delegation identified potential investors in Moscow and other parts of Russia. The delegation held interactive sessions and consultative meetings with potential investors at the Hotel Baltschug Kempinski Moscow. As part of its efforts to attract more investment, RAK FTZ partnered with HSBC and other trade consultants during the mission. RAK FTZ and HSBC has recently signed a strategic cooperation covering a wide range of partnership initiatives.
Among the investment opportunities offered were promotional packages including the Flexi facility for less than US$5,000 for investors, as well as Standard Offices, which were promoted for less than US$7,000.
In his comments on the successful mission to Moscow, Oussama El Omari, CEO of RAK FTZ, said: “The Government of Ras Al Khaimah and the RAK FTZ has always supported pro-investment policies which are firmly rooted in the principles of free trade and promoting entrepreneurship. RAK FTZ has enjoyed a steady increase in its client base since it was born 10 years because of its continued diligence to keep abreast of the needs of today’s businesspeople; and the trade visit to Russia was a major step in this direction.”
El Omari stressed that RAK FTZ is committed to enhance the trade relationships between UAE and Russia; and the visit was a pivotal step in attracting more companies from around the world. “The RAK FTZ offers tremendous opportunities for Russian investors in diverse sectors; and the visit was aimed at identifying potential investments. Our delegation had a very fruitful mission and we are already witnessing very positive signs,” he said.
The increasing number of Russian companies registered with the RAK FTZ is a clear indication of the strong business cooperation between Ras Al Khaimah and Russia. “There are over 300 companies from Russia and the former Soviet Republics registered with the free zone since 2004. Of these, nearly 200 companies are from Russia alone; and the list is growing. We are determined to boost this trade exchange between the two countries,” he added.
Nick Levitt, Head of Commercial Bank, HSBC UAE, commented “The success of these road shows clearly demonstrates that there is a healthy international appetite to learn more about the mechanics of doing business in the UAE. Cross-border trade presents a huge opportunity for UAE businesses, and we believe that encouraging inward investment through the development of free zones such as RAK FTZ, will continue to be a major contributing factor to the growth of the commercial sector in the Emirates. HSBC will continue to support our partners at RAK FTZ both within the Emirates and as they continue to proactively drive international business development.”
In 2009, RAK FTZ registered 10% growth year on year, and is aiming to register over 2000 companies by the close of 2010, with particular focus on the SME sector.
