Business | General

4773 companies in RAK FTZ contribute Dh10 billion to economy

Ras Al Khaimah Free Trade Zone Authority (RAK FTZA), one of the fastest growing free trade zones (FTZ) in the region has reported significant growth in the first half of 2008 with some 847 new companies registered, bringing the total companies to 4,773 by end of June.

  • Staff Report
  • Published: 23:49 July 27, 2008
  • Gulf News

Ras Al Khaimah: Ras Al Khaimah Free Trade Zone Authority (RAK FTZA), one of the fastest growing free trade zones (FTZ) in the region has reported significant growth in the first half of 2008 with some 847 new companies registered, bringing the total companies to 4,773 by end of June.

RAK FTZ companies contribute an estimated capital of Dh10 billion to the Ras Al Khaimah economy. Future investments of Dh1 billion are also underway or being planned.

Since 2005, the number of companies registered in the free zone increased from 1,362 to 4,773. The growth was more than 300 per cent and the RAK FTZA are expecting to see an even higher increase in the next three years. Making up the largest part of the RAK FTZ portfolio are trading, IT services and consulting companies. The free zones have also seen growing interest in the manufacturing sector as well.

Oussama El Omari, CEO of RAK FTZA, said: "RAK Free Zone's results in the first half of the year have exceeded our expectations and targets. These results can be attributed to the free zone's reputation in the market and our satisfied clienteles as we continue our efforts to build an ideal business and industry environment at RAK FTZ."

El Omari stressed that RAK FTZ's guiding principle in attracting foreign entrepreneurs has always been to adopt simple procedures and put in place an investment friendly business environment supported by top-quality facilities and competitive prices in line with leading free zone facilities in the region.

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