The Ras Al Khaimah (RAK) Free Trade Zone, the fastest growing Free Trade Zone in the region, celebrated its successful growth and expansion when it commemorated its seventh anniversary yesterday (May 26, 2007) at the Al Hamra Fort Hotel & Beach Resort in Ras Al Khaimah. RAK Free Trade Zone enjoyed a highly productive last year of operations that saw its total tally of international companies reach 3,186, representing an AED 4 billion (USD 1.1 billion) expansion in capital investments.
The event was attended by several dignitaries from Ras Al Khaimah, including senior government officials, Free Trade Zone companies and their employees, in addition to representative from the media.
Commenting on the success of RAK FTZ, H.H Sheikh Faisal Bin Saqr Al Qassimi, Chairman of RAK FTZ, said, "We mark another fruitful year in our continuing efforts to build an ideal environment for business and industry in Ras Al Khaimah. The emirate, with its rich culture, scenic locales and high economic activity, is establishing itself as a key business, commerce and investment destination in the region. We are looking to cement RAK as a de facto port of call and access point for investors looking to do business in the region.”
The RAK Free Trade Zone has attracted 3,186 companies from 100 countries, demonstrating exponentional growth from the initial 17 companies that signed on in 2000 when the zone was first established. At the event held to commemorate the 7th anniversary of the Free Trade Zone, companies that have supported the Free Zone since its inception were also honoured as long-term partners.
During the past year, RAK FTZ witnessed unprecedented interest from international business delegations throughout the world, boosting the Zone's investment prospects and strengthening bilateral relations with international entities. This has helped set the stage for more ambitious expansion programs.
"The Ras Al Khaimah Free Trade Zone is constantly improving its services and offerings to meet partner needs. The Business Park, Industrial Park, Technology Park & Al Ghail Industrial Park within the Free Zone are undergoing expansion work to cater to the influx of clients," said Oussama El Omari, Chief Executive Officer, RAK FTZ.
"Another key feature that has contributed to the RAK Free Trade Zone's growth is our uncompromising commitment to customer satisfaction. We have promoted a culture of camaraderie and networking within the Zone and have provided custom-built support services to help address the needs of the investors through extensive infrastructural investments and cutting-edge technology," he added.
One of the major achievements of RAK Free Trade Zone in the past year was the launch of its offshore program called “International Registry” aimed at promoting diversification in the Free Zone while maximising the options for investors. The International Registry allows foreign investors to register offshore companies in the free zone. This is one of the first schemes to be introduced in the UAE with such features and enables companies to benefit from RAK’s tax free status without the need to establish a physical presence in the emirate.
“The launch of the International Registry was a significant step forward for us in our ambitious plan to make the Free Trade Zone one of the best in the region with diversified investment vehicle opportunities,” added El Omari.
In the past year, RAK Free Trade Zone winning two prestigious awards – “The Best Emerging Free Trade Zone” and “Young Achiever Award” for HH Sheikh Faisal Al Qassimi – at the Middle East Logistics Awards 2006. The two awards were presented for performance excellence and in recognition of the industry's best practices.
RAK Free Trade Zone has been regularly participating in several international seminars and forums to share the Free Zone’s best practices and experiences with regard to providing world class facilities to diverse businesses.
Apart from its expansion strategy, the ISO 9001:2000 and 14001:2000 certified RAK FTZ is also pushing for Emiratisation, setting a target of 50 percent UAE nationals among its workforce. The Free Trade Zone has reported a plan to double the current number of employed nationals by the end of 2007.
