RAK FTZ reports annual growth of more than 50%
Established in the year 2000, Ras Al Khaimah Free Trade Zone (RAK FTZ) has quickly proven itself to be one of the fastest growing and most cost-effective free trade zones globally, making true its goals to achieve global brand recognition as a premium investment agency.
Despite the ongoing economic crunch, the free zone has continued to attract and maximise the growth of business through innovation and technology, to the benefit of Ras Al Khaimah and the whole UAE. Today, RAK FTZ is home to over 5000 companies and contributes an estimated capital of AED 10 billion to Ras Al Khaimah’s economy. Future investments of AED 7.3 billion are also underway or being planned to ensure continuous growth and unparalleled achievement.
It is recognised not only regionally, but globally, as a strategic and customer friendly solution to reaching the international market by providing services at very competitive costs. As such it continuous to attract and retain new trade and business every year, in industries spanning IT, Consulting, Manufacturing and Trading.
Ras Al Khaimah stands today as 1st in Cities Most Attractive for Foreign Direct Investment, 3rd in Most Business-friendly Cities, 6th in Top 20 Middle Eastern Cities and while RAK FTZ ranks 17th in Top 100 Special Economic Zones of the future, according to the recently published report on ‘Middle East Cities and Special Economic Zones of the Future 2008/2009’ by FDI Magazine of The Financial Times Business Group.
In the eight years since its inception, the free zone has proved to be the preferred site for new trade and businesses wanting to open operations within the Gulf. From 2007 there has been a 13.30% increase in new licenses acquired with RAK FTZ. The bulk of new licences in 2008 came from India (439), Egypt (102), Pakistan (104), United Kingdom (110), Germany (78), France (51), Russia (56), Iran (140), Lebanon (50) and America (40). RAK FTZ has witnessed tremendous growth with an average annual increase of more than 50%. Since 2006, the number of companies registered in the free zone increased from 2351 to 5476. The growth was more than 133% with RAK FTZA expecting to see these impressive figures to rise within the next three years.
“RAK FTZ is indeed enjoying an increase in business, which we worked hard for,” says Oussama El Omari, CEO and Director General of RAK FTZ. “We actively promoted our state-of-the-art facilities that come with quick and friendly service. Of course, all these would not be possible without the extreme hard work of our employees, not only within the free zone but in our regional offices as well.” He also points to the success of their new liaison offices opened last year in Cologne, Germany and Istanbul, Turkey.
In October last year, El Omari oversaw the final preparations for the zone’s Business Centre in New York City, USA. Designed as a one-stop-shop for US businesses expanding to the UAE market, as well as a gateway to the US market for businesses operating within UAE, the New York Business Centre, boasted fully functional, ready-to-use offices, and flexi-facilities and served as strategic additions to RAK FTZ’s existing international liaison offices in India, Turkey and Germany and its Innovation and Promotion Centres and Business Centres in the UAE.
At the same time, talks with Leslie M. Schweitzer, Senior Trade Advisor for the US Chamber of Commerce, and Carolina Rendeiro, President and CEO of Business Centres International also gave way for other trade opportunities between the two establishments.
During Gitex 2008, RAK FTZ launched the newly-designed RAK FTZ web portal at www.rakftz.com. The site features a highly-improved navigability, internal search engine, and a comprehensive business FAQ section www.bizinfouae.com that explains everything clients need to know about setting up a business in the United Arab Emirates, particularly in the emirate of Ras Al Khaimah. It also hosts an interactive business forum where businessmen and their clients can exchange views, knowledge and advice within a special business environment. Rakftz.com has evolved into a virtual one-stop shop for everyone interested in or already doing business in the UAE.
In no way stalled by the economic storm that has hit the region hard, RAK FTZ continues with construction and improving its services. It launched the brand new commercial building – Business Centre 4 – before the year 2008 ended. The nine-story glass structure offers the latest facilities and amenities, state-of-the-art communications systems come pre-installed with IP telephony and broadband connectivity as well as WIFI access. It also offers a comprehensive IT consultation to identify and tailor each client’s needs.
Further RAK FTZ developments such as the AED 1.84 billion Navigator Business Campus which will be completed in three phases and the preparation for Phase Two of the Industrial Park area also show no signs of slowing down. El Omari shares that the next three years will be marked with the ongoing development of flagship projects including the Container Port and Dry Dock initiative, exploring water-front investment opportunities, accelerating skills provision through Education Park and Academic Centre initiative, Aviation Park (Maintenance Repair Operation – M.R.O.), Al Ghayl Industrial Park and Downtown Business Plaza.
El Omari, said, “We have to keep our competitive edge despite the volatile business atmosphere at the moment. Our 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 pump money back into the economy and nurse it back to a healthy state.”
Together with New Horizons, an e-learning service centre, RAK FTZ also started an e-Learning solution to employees and clients of the free zone. The training process is administered through RAK FTZ’s INJAZ Training Centre and offers more than 3,000 modules to choose from which aims to further empower free zone employees and customers.
“We value human assets above all else,” El Omari explains. “These modules give our employees and interested clients the utmost flexibility to build up their skills and knowledge. They can learn at their own convenience and we are happy to report that many are taking the time to enjoy this advantage brought to them by RAK FTZ. It is always important for people build up their skills and remain competitive in the global market.”
RAK FTZ has undeniably enjoyed success after success. El Omari comments, “A company must always be well prepared for any eventuality. This turbulent time is a concrete test of good management and resource allocation but we are bamboos swaying with the wind, not against it. We ride this one through and slowly but steadily, we are working towards steady progress and success.”
