Business | Investment
New firms to bring in Dh1b investment to RAK
The Ras Al Khaimah Free Trade Zone (RAK FTZ) is currently processing the registration of seven new international companies with more than Dh1 billion investment value.
- By Nasouh Nazzal, Staff Reporter
- Published: 00:00 July 20, 2006
Ras Al Khaimah: The Ras Al Khaimah Free Trade Zone (RAK FTZ) is currently processing the registration of seven new international companies with more than Dh1 billion investment value.
These firms specialise in media, petroleum, construction, cables and foodstuff.
RAK FTZ has registered 598 new companies during the first half, which is 88 per cent higher when compared to 2005. These companies, hailing from 55 countries, have set up new bases in the emirate with investments exceeding Dh2 billion.
The zone's statistics revealed that 34 per cent of the registered companies were Asians, 31 per cent were Middle Eastern companies, 24 per cent were European companies, and others from North America and Africa. Oussama Al Omari, director-general and CEO of RAK FTZ said the zone?s results of the first half matched up with the zone's comprehensive annual marketing plan, which targeted the registration of 1,200 companies from different parts of the world.
He stressed that RAK FTZ is witnessing an unprecedented comprehensive economic growth this year. "A total of 687 new companies were registered at the zone during the entire year of 2005," he said. "The zone enjoyed resounding success in the first half and the results of the second half are expected to be better," he added.
Al Omari said the zone?s industrial park and technological park have been expanded as a part of the zone?s strategy to cope with the increasing number of companies interested in registering at the zone.
The number of new warehouses has reached 400 at both parks.
Construction of new labour and staff accommodation will start in the second half of the year. In addition, two new industrial parks will be added to accommodate the increasing number of industries. A 10-storey twin building will be constructed in the Business Park to accommodate new companies who have been granted registration.
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