RAS AL KHAIMAH FREE TRADE ZONE SHARES THE STORY OF ITS SUCCESS TAKING THE EMIRATE TO NEW HEIGHTS

The Ras Al Khaimah Free Trade Zone, one of the fastest growing free zones in the region, today hosted a seminar for UAE business representatives under the patronage of RAK FTZ Chairman, H.H. Sheikh Faisal Bin Saqr Al Qassimi. The guests were made up largely of representatives from UAE-based law firms, auditors, banks and business consultants.

The event, at the Fairmont Hotel in Dubai, highlighted the investment opportunities in the UAE and Ras Al Khaimah in particular for foreign investors and businesses. In addition, RAK FTZ launched its new ‘International Companies Registry’, an ambitious project that will help widen the horizons of foreign investors.

In the opening remarks, H.H. Sheikh Faisal Bin Saqr Al Qassimi, Chairman of RAK Free Trade Zone (RAK FTZ), said: "The UAE economy has enjoyed unprecedented growth in recent years and the country is now one of the major economic powerhouses in the region attracting investment from around the globe."

"The emirate of Ras Al Khaimah has shared in this economic success story and the Ras Al Khaimah Free Trade Zone now has worldwide recognition as an attractive destination for international companies keen to penetrate regional and international markets. RAK FTZ has witnessed significant economic growth during 2006 and this success looks set to continue. We at Ras Al Khaimah Free Zone are open for joint ventures and partnerships with private investors for projects that give added value for the emirate as whole and which create more economic growth, development in real estate and employment opportunities for both nationals and expatriates."

The RAK FTZ International Companies Registry allows foreign investors to register offshore companies in the free zone. This is one of the first schemes to be introduced in the UAE with such features and will enable companies to benefit from Ras Al Khaimah’s tax free status without the need to establish a physical presence in the emirate.

Talking about the new venture, Oussama El Omari, CEO for RAK FTZ, said: "This is a great step forward for us in our ambitious plan to make the Free Trade Zone one of the best in the region with diversified investment vehicle opportunities. The scheme will help businessmen and investors to develop new business models."

"The RAK FTZ International Companies Registry gives more flexibility than other offshore company jurisdictions in the UAE. For example international companies will be able to own an interest in properties designated for free-hold sales, anywhere in the UAE and there are no restrictions on the types of business other than those set out by public policy and local regulatory requirements of the licensing authority."

"Today’s event is important as it allows us to introduce our new scheme directly to UAE-based business prompters, such as lawyers, accountants and auditors that can act as registered agents with RAK FTZ to represent the interests of those offshore companies which may be keen to take up the offer."

At today’s event Mr El Omari also outlined the general opportunities for foreign investment in the UAE and focused on the particular incentives offered by RAK FTZ and the spectacular growth the free zone has experienced since its inception.

RAK Free Zone was established in 2000 with just 15 registered companies but today has more than 2,100 companies from 70 countries around the globe. During the first three quarters of 2006 it registered 811 new companies, an increase of 160 per cent compared with the same period last year.

Clients benefit from 100% foreign ownership, 100% tax exemption, residence visas for staff plus a range of facilities including modern offices and warehouses, the latest IP communications technology, excellent sea, air and road transport links and access to promotion centres in Dubai and Abu Dhabi.

Mr El Omari said: "RAK FTZ’s success can be attributed to our top class facilities, competitive prices for set up as well as operations, dedicated aftercare services and to our location in the northernmost emirate, which is close to east west trade routes and has a distinctive landscape with beautiful mountains and a long coastline."

The Ras Al Khaimah Free Trade Zone has taken part in many projects that contribute significantly to the development of the emirate of Ras Al Khaimah. One of these projects is the expansion of RAK International Airport which will include Cargo Village, RANATA Building plus residential and commercial towers. Other upcoming projects are Dream Industrial Park and RAK Media Park, proposed by Egyptian giant Bahjat Group, which owns Dream TV. These projects will help to strengthen the industrial and the media sectors in the emirate.

The free zone’s marketing delegations visit countries around the world to attract investment and have already visited Syria, Turkey, Egypt, Jordan, Iran, India and Germany in 2006. RAK FTZ took part in the first UAE-government led trade exhibition in Turkey, the ‘UAE Trade Exhibition in Turkey’, which took place in Istanbul recently.

- Tony Lewis, Narayana Marar -