RAK FTZ reports 50pc annual growth

Ras Al Khaimah Free Trade Zone (RAK FTZ) has reported that the number of companies registered in the free zone increased from 2,351 to 5,476 since 2006, averaging an annual increase of more than 50 per cent.

Ras Al Khaimah stands today as first in cities most attractive for foreign direct investment, third in most business-friendly cities, sixth in top 20 Middle Eastern Cities and while RAK FTZ ranks 17th in top 100 special economic zones of the future, according to the 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.

Despite the ongoing economic crunch, the free zone has continued to attract and maximise the growth of business through innovation and technology, to the benefit of Ras Al Khaimah and the whole UAE.

Today, RAK FTZ is home to over 5000 companies, and is recognised but globally as a strategic and customer friendly solution to reaching the international market by providing services at very competitive costs. RAK FTZ also  contributes Dh10 billion ($2.7 billion) to the city’s economy, whileh another Dh7.3 billion in investments are on way, a statement said.

In the eight years since its inception, the free zone has proved to be the preferred site for new trade and businesses wanting to open operations within the Gulf. From 2007 there has been a 13.30 per cent increase in new licenses acquired with RAK FTZ. Africa tops the list with 57 per cent increase from 137 licenses in 2007 to 215 new licences in 2008, followed by Asia with 31 per cent increase from 479 to 627.

The bulk of new licences in 2008 though came from India (439), Egypt (102), Pakistan (104), United Kingdom (110), Germany (78), France (51), Russia (56), Iran (140), Lebanon (50) and America (40). The growth was more than 133 per cent with RAK FTZ expecting to see these impressive figures to rise within the next three years.

“RAK FTZ is indeed enjoying an increase in business, which we worked hard for,” said Oussama El Omari, CEO and director general of RAK FTZ. “We actively promoted our state-of-the-art facilities that come with quick and friendly service. Of course, all these would not be possible without the extreme hard work of our employees, not only within the free zone but in our regional offices as well.”

He also pointed to the success of their new liaison offices opened last year in Cologne, Germany and Istanbul, Turkey.

In October last year, El Omari oversaw the final preparations for the zone’s business centre in New York. Designed as a one-stop-shop for US businesses expanding to the UAE market, as well as a gateway to the US market for businesses operating within UAE, the New York business centre, offers fully functional, ready-to-use offices, and flexi-facilities and serves as strategic additions to RAK FTZ’s existing international liaison offices in India, Turkey and Germany and its innovation and promotion centres and business centres in the UAE.

During Gitex 2008, RAK FTZ launched the newly-designed RAK FTZ web portal at rakftz.com. The site features a highly-improved navigability, internal search engine, and a comprehensive business FAQ section bizinfouae.com that explains everything clients need to know about setting up a business in the UAE, particularly in the emirate of Ras Al Khaimah.

It also hosts an interactive business forum where businessmen and their clients can exchange views, knowledge and advice within a special business environment.

RAK FTZ launched a new commercial building – Business Centre 4 – in 2008. The nine-story glass structure offers the latest facilities and amenities, state-of-the-art communications systems pre-installed with IP telephony and broadband connectivity as well as wi-fi access. It also offers a comprehensive IT consultation to identify and tailor each client’s needs.

Further RAK FTZ developments such as the navigator business campus and preparation for phase two of the industrial park area also show no signs of slowing down. El Omari shares that the next three years will be marked with the ongoing development of flagship projects including the container port and dry dock initiative, exploring water-front investment opportunities, accelerating skills provision through education park and academic centrer initiative, aviation park, Al Ghayl Industrial Park and the downtown business plaza.

El Omari, said: “We have to keep our competitive edge despite the volatile business atmosphere at the moment. Our clients expect certain standards and we are committed to meeting those needs and expectations. Through these developments, we also ensure that we can cater to new businesses that will eventually pump money back into the economy and nurse it back to a healthy state.”

Together with New Horizons, an e-learning service centre, RAK FTZ also started an e-Learning solution for employees and clients of the free zone. The training process is administered through RAK FTZ’s INJAZ training centre and offers more than 3,000 modules to choose from which aims to further empower free zone employees and customers.

“We value human assets above all else,” El Omari explained. “These modules give our employees and interested clients the utmost flexibility to build up their skills and knowledge. They can learn at their own convenience and we are happy to report that many are taking the time to enjoy this advantage brought to them by RAK FTZ. It is always important for people build up their skills and remain competitive in the global market.”