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: Free Zones in the UAE |
| Ras Al Khaimah Free Trade
Zone [RAKFTZ] |
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| RAK FTZ witnesses significant growth |
| Over the first six months of this year (2007), the Ras Al Khaimah Free Trade Zone (RAK FTZ), the fastest growing free zone in the region, has witnessed a significant growth in the number of companies. |
Oussama El Omari, the Chief Executive Officer of RAK FTZ and the Secretary General of the WEPZA. |
A total of 800 new companies have registered with the zone during the first half of this year with a capital investment worth of AED 1 billion, bringing the total number of registered companies to 3,450 by the end of last June.
Commenting on the zone's Semi Annual Report, Oussama El Omari, the Chief Executive Officer of RAK FTZ and the Secretary General of the WEPZA said,
"We are exerting our efforts to build an ideal environment for business and industry in Ras Al Khaimah Free Trade Zone. We are constantly upgrading our infrastructure and facilities to cater to the requirements of diverse businesses, as the emirate is establishing itself as a key business and investment destination in the
region."
RAK FTZ has attracted those 800 new companies from different countries & continents around the globe. A great deal of these companies has stemmed from Europe comprising 31 per cent of the total number of the registered companies in the first half of 2007, whereas European companies were only 23 per cent of the total number during the first half of last year (2006). He said the RAK FTZ will continue to expand its presence in Europe. Middle Eastern and Asian companies' comprise 30 per cent each of the new 800 companies, and North American companies followed with 6 per cent.
The exponential growth in the number of RAK FTZ companies during the first half of this year clearly reflects the successful international marketing campaigns that the zone conducted. 'The RAK FTZ has successfully taken part in many international economic fairs, exhibitions and conventions and reached potential investors in their homelands such as Egypt, India, Iran, South Korea, China and Germany," said El Omari.
He also attributed the zone's successful strategies to maintain an open door economic development policy which the RAK FTZ implements to gain investor confidence and encourage capital investment. He stressed that emerging business confidence is manifested in the growth of the number of companies which chose to set up operations in RAK FTZ.
El Omari said that the zone's strategy is remarkably successful and that is also evident in the number of official visits conducted by high-ranking business delegations from around the globe who approached RAK FTZ to explore the business opportunities. This created an ideal platform for more ambitious expansion programs in future.
During the first half of this year, RAK FTZ have signed some cooperation agreements and MoU's with major players in different fields, one of which was the MoU with the 'Kerala Chamber of Commerce' which plays a prominent role in the Indian economy, especially with the big number of the Indian companies in the RAK FTZ.
In addition, RAK FTZ signed an agreement with Tejari, the region's leading online market place. Commenting on this partnership, El Omari said,
"This project is a unique addition to the services offered to the zone's clients who will be provided with e-business opportunities. He added that as a result of this agreement, Tejari is creating a new online portal which offers e-business capabilities to RAK FTZ companies which can present their products and services to international customers through the
internet."
The RAK FTZ has also signed an agreement with KGL International to join forces, establish cooperation and exchange information and expertise.
In order to accommodate the increasing number of investors and to meet the growing demand on facilities, El Omari said that new warehouses have already been constructed at the Industrial Park and the Technology Park. He added that in addition to the new clients, some of existing RAK FTZ clients are currently in the process of expanding their projects & operations which requires more space and facilities. As part of the zone's development plan, El Omari said the RAK FTZ is currently working on the infrastructure of the zone's new park in Al Ghail area.
He said that the RAK FTZ is also in process of opening Clients' Support Offices in the different parks to spare the clients time and effort, where the various services will be provided to them in these new offices without the need to approach the headquarter of the RAK FTZ. This move was made in line with RAK FTZ strategy to enhance customer satisfaction by exceeding customers' expectations.
As the zone is committed to providing the clients and the community with innovative and customized solutions, RAK FTZ has inaugurated its 'Centre of Business Excellence' which organizes regular professional training courses in English language, Arabic Language for non-Arabic Speakers, computer skills, and career development for the zone's staff, the RAK FTZ companies, government departments' employees and the public.
El Omari concluded, 'The unlimited support that we receive from the government of Ras Al Khaimah & from H.H Sheikh Faisal bin Saqr Al Qasimi, RAK FTZ Chairman, has been the key factor of the RAK FTZ success in order to position Ras Al Khaimah Emirate as a key international investment hub. |
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Courtesy AME Info FZ LLC
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