Franke LLC announce a second lucrative investment in Ras Al-Khaimah
- United Arab Emirates: Tuesday, September 25 - 2012 at 12:15
- PRESS RELEASE
In testament to the lucrative opportunities made possible with Ras Al-Khaimah Investment Authority (RAKIA), the government entity responsible for attracting investments to its free zones and industrial parks through a complete range of solutions to local and foreign investors; Franke LLC has announced that it will be making a second investment of Dhs30m in Ras Al-Khaimah (RAK).
Three successful years later and Franke LLC continues to grow strong, in turn motivating the company to invest bigger and looking to increase its workforce to 80 employees.
Alexander Pieper, Managing Director Franke LLC, "We initially got in touch at the Big 5 Exhibition in 2006, where it became obvious that we had found the best business partner for our international expansion. Since then, everything from setting up operations, to expanding, has been made possible - and easier - with the help of RAKIA."
The company's name has also been linked with many prestigious projects in the region including Cidra Medical Centre in Qatar (for Qatar Foundation), Military Camp Oman - Royal Guard of Oman, Novotel & Ibis Hotel Abu Dhabi, Al Hamra Palace Hotel in RAK, 360 mall in Kuwait, Princess Noura's University in Saudi and King Abdullah University Hospital.
The Dhs30m investment is spent to expand the existing facilities including a new and energy efficient building. The expansion comprises a production site with new technologies, a new logistic center, new training facilities, a new showroom and new offices.
RAKIA has enjoyed a steady stream of Swiss ventures since its inception. The government authority also lists over 60 companies from Switzerland that have landed in RAK including CSEM, EPFL Middle East, Swiss International Chocolates and Falcon Technologies.
Karam Al Sadeq, Deputy CEO of RAKIA, commented, "We are proud to be host to many international names that continue to make the emirate their home with us as their guide. Franke LLC has already established its place as a highlight in our portfolio; the new development propels its position even further."
RAKIA continues to draw in investors who appreciate a distinct list of benefits that include zero corporate or personal taxes, no VAT, single window clearance, no restriction on hiring of expatriates, 100% ownership of companies, along with low setup and lease costs.
RAKIA has witnessed a rapid pace of development right since its inception, attracting over $3.5bn in private investments. It is now recognized as one of the world's 10 best economic potential free zones, according to FDI Magazine's global ranking of economic zones.
Foreign direct investments have been invaluable in the steady rise of RAK as an industrial hub, with non-resident investors who come from India (28%), Europe (21%), Asia/SE Asia (9%), USA (3%), Russia/CIS (3%) and others (8%); that continue to seek licensing in Industrial (13%), Trading (37%), Commercial (14%), Consulting and Services (29%) and Media (7%).
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