Ras Al Khaimah Free Trade Zone Reports 50pc Growth; New Licences Rise 13pc

RAS AL KHAIMAH - The Ras Al Khaimah Free Trade Zone (RAK FTZ) has registered a growth rate of more than 50 per cent, fast realising its goal to achieve global brand recognition as a premium investment agency, CEO and Director-General Oussama 
El Omari said.



By Staff Report

Published: Wed 25 Feb 2009, 12:19 AM

Last updated: Thu 2 Apr 2015, 3:56 AM

Despite the ongoing economic crunch, the free zone has continued to maximise the business growth through introduction of innovation and technology, he said, adding that: “Today, RAK FTZ is home to over 5700 companies and contributes an estimated Dh10billion to Ras Al Khaimah’s economy,” he added. According to him, future investments worth Dh7.3 billion were also being planned to ensure continuous growth.

“RAK FTZ is recognised globally as a strategic and customer-friendly solution to reaching the international market. It continues to attract and retain new trade and businessess every year, El Omari said.

RAK FTZ ranks 17th among the Top 100 Special Economic Zones of the future, according to a recently published report on ‘Middle East Cities and Special Economic Zones of the Future 2008/2009’ by FDI Magazine of The Financial Times Business Group.

The free zone which was established in 2000, has proved to be the preferred site for businesses wanting to open operations in the Gulf.

The number of new licences issued posted a growth of 13.30 per cent from 2007. Africa tops the list with 57 per cent increase from 137 licences in 2007 to 215 new licences in 2008, followed by Asia with 31 per cent increase from 479 in 2007 to 627 in 2008. The bulk of new licences in 2008 came from India (439), Egypt (102), Pakistan (104), United Kingdom (110), Germany (78), France (51), Russia (56), Iran (140), Lebanon (50) and America (40). Since 2006, the number of companies registered in the free zone increased from 2351 to 5476, a growth rate of 133 per cent.

“RAK FTZ is enjoying an increase in business. “We have to keep our competitive edge despite the current volatile business atmosphere. Our clients expect certain standards and we are committed to meeting those expectations,” El Omari said.


More news from Business