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Ras Al Khaimah: RAK Free Trade Zone enjoys positive start to year - LRE - 04-29-2009 04:52 PM
By Nasouh Nazzal, Staff Reporter
Published: April 28, 2009, 22:59
Ras Al Khaimah: The Ras Al Khaimah Free Trade Zone (RAK FTZ) reported a 16 per cent increase in revenues in the first quarter of 2009, compared with the first quarter of last year.
RAK FTZ, one of the fastest-growing free trade zones globally, also reflected a four per cent increase in company registrations compared with the same period in 2008.
So far 378 new companies have registered this year, the five largest being Jamal Travel Agency, Middle East Spark Trading, Al Mohandis International, Info Seven and Aysha Trading.
Topping the list are Asian companies with 32 per cent of total registrations, followed by the European Union at 24 per cent, Middle East with 18 per cent, other European countries with 8 per cent and 3 per cent from the United States.
The RAK FTZ is home to over 5,800 companies and contributes an estimated Dh10 billion to Ras Al Khaimah's economy. Future investments of Dh7.3 billion are also under way or planned to ensure continued growth and unparalleled achievement.
Despite the global econ-omic crisis, the free zone has continued to attract new businesses in industries spanning IT, consulting, manufacturing and trading.
RAK FTZ is recognised not only regionally but globally as offering strategic and cost-effective solutions to companies that strive to reach international markets.
"Everybody at RAK FTZ works hard, and we are proud to see that hard work is paying off with a further increase in business and revenues," said Oussama Al Omari, CEO and director general of RAK FTZ.
"This success is also directly linked to our new liaison offices in New York, Miami and Hong Kong, on top of the offices in Germany, Turkey and India. We actively promote our state-of-the-art facilities with quick and friendly service.
"We participate in trade shows and conferences all over the world, making it easy for companies which are looking to expand internationally."
Al Omari said RAK FTZ is anticipating additional German investment following a productive delegation visit from the Ghorfa Arab-German Chamber of Commerce and Industry, headed by its President Dr Thomas Bach and Secretary General Abdul Aziz Al Mikhlafi.
A recent high-profile delegation to Prague, lead by Shaikh Faisal Bin Saqr Al Qasimi, generated more interest for the free zone products and services, as did an RAK FTZ presentation at the last British-Iranian Chamber of Commerce (BICC) event in London.
RAK FTZ was also invited to the third China-Arab Business Conference and Investment Seminar held in Beijing this month.
Al Omari said RAK FTZ developments show no signs of slowing down, and he believes the next three years will be marked by the ongoing development of flagship projects including the Navigator Business Campus, Academy Zone and Downtown Business Plaza.
"We have to keep our competitive edge despite the volatile business atmosphere at the moment. Both our existing and potential clients expect certain standards and we are committed to meeting those needs and expectations.
"Through these developments, we also ensure that we can cater to new businesses that will eventually contribute financially to the economy," Al Omari said.
With a positive start to the year, RAK FTZ is looking forward to more successful business liaisons, new company registrations and further increases in revenue.
http://www.gulfnews.com/business/Industry/10308617.html