RAK Free Trade Zone shows significant growth in the first half of 2006

Those companies specialize in media, petroleum, construction, cables, and foodstuff.

RAK FTZ has registered as many as 598 new companies during the first half of the ongoing year which means 88% growth rate in comparison with the year 2005. Those companies hailing from 55 different nationalities have already started new bases in the emirate with an investment value exceeding more than Dh 2 billion.

The zone's statistics revealed that 34 per cent of the registered companies were Asian, 31 per cent were Middle Eastern companies, 24 per cent were European companies, and others from North America and Africa.

Oussama El Omari, the Director General /CEO of RAK FTZ said the zone's results of 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. The zone's success enjoyed during the first half of the ongoing year was ground breaking and the results of the second half are expected to perfectly fulfill the goal," he said.

El Omari explained that the marketing trips zone delegations conducted during the first half of the year to Germany, India, Iran, Lebanon, Syria, Egypt, and Turkey have played a prominent role in attracting major industrial, commercial and service companies to register at the zone. He said that more of those visits will take place during the second half of the year with original marketing tactics to be implemented.

He stressed that the idea of setting up business centers in Dubai, Abu Dhabi and Ras Al Khaimah had greatly contributed to the zone's success. He said those centers have enabled the companies to monitor the markets for a year to test them and minimize their business risks.

He noted that the economic development currently enjoyed in Ras Al Khaimah has promoted the emirate as an attractive destination for increasing number of companies worldwide to get registered at the zone and start new bases to penetrate the local, regional and international markets.

El 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.

He added that the construction of new labor and staff accommodations in these parks will start in the second half of the year. In addition, two new industrial parks will be added to the zone in order to accommodate the increasing number of the industrial companies. On the other hand, a 10 storey twin building will be constructed in the Business Park to accommodate new companies granted the registration.

RAK FTZ will introduce in the coming few days even new facilities including the financial service, and legal consultancy for the registered companies. El Omari said a new nursery will also be operative for the convenience of the investors and their staff. He explained that the nursery will adopt the world's most advanced standards and experts will be recruited in it.

He said the economic growth enjoyed in Ras Al Khaimah has made the RAK FTZ a key investment centre which has attracted investments from around the globe. The unlimited support the zone gets from both Sheikh Saud bin Saqr Al Qasimi, the emirate's Crown Prince and Deputy Ruler, and Sheikh Faisal bin Saqr Al Qasimi, who heads the RAK FTZ enhances the role of the zone's performance.