Ras Al Khaimah developing revolutionary USD1 billion free zone concept

Work has already begun on the Jazirat Al Hamrah project that will include the five-star Al Hamrah Fort Hotel, an 18-hole golf course, beaches, lagoon and over 300 properties that can be purchased freehold by non UAE-nationals. There are also plans to add a smaller version of Dubai's Palm Islands.

The 500-hectare Jazirat Al Hamrah scheme and its associated Technology Park are part of Ras Al Khaimah's 'Three Park' system showcased at the International Investment Summit Network Marketing Exhibition, at the Grand Hyatt Dubai Conference Centre. The other two zones are the Business Park and the Industrial Park.

"We are developing what we call a 'Millenium' free zone at Jazirat Al Hamrah," said Oussam El Omari, Project Director General, Ras Al Khaimah Free Trade Zone

"We are no longer in the business of providing conventional labour intensive industrial areas. Instead, we are looking to our natural resources, the mountains, beaches and sea, to offer investors and their families a wide range of lifestyle and leisure choices as well as a first class business location.

"Our aim is to provide modern facilities that will appeal to diverse investors in capital intensive value added businesses, particularly pharmaceutical, I.T. and environmentally friendly companies.

"We are committed to developing a clean, productive, truly positive and stress free business environment within which companies, large or small, can profitably develop and investors can enjoy a five-star lifestyle," said El Omari.

The International Investment Summit Network Marketing Exhibition, organised by IIR on behalf of the Dubai Development and Investment Authority (DDIA), has brought together investment authorities and promotion boards, multinational corporations, major property developers, international and regional non-governmental organisations, free zone representatives and financial institutions.

Major overseas institutions participating include Jordan's Aqaba Special Economic Zone Authority; Algeria's Blanky Group; Bahrain Economic Development Board; Bahrain Financial Harbour; Solidere and the Investment Development Authority, Lebanon; Saudi Arabian General Investment Authority (SAGIA) and Shell.

Among exhibitors from the UAE are the DDIA; Dubai International Financial Centre; the Technology E-commerce and Media Free Zone (Tecom); Jebel Ali Free Zone Authority; Al Tamimi & Company; Jumeirah Beach Residence and SHUAA Capital.

The exhibition, that closes today, is being held alongside the International Investment Summit. The conference attended by leading decision-makers, academics and key stakeholders from government and the private sector, aims to map out a blue print for attracting Foreign Direct Investment (FDI) into the GCC and the wider Middle East and North Africa (MENA) region.