RAK FTZ on expansion drive

The Ras Al Khaimah Free Trade Zone (RAK FTZ) will build new building and warehouses as part of its major expansion to accommodate new clients.

The RAK FTZ plans to build a new office tower in its Business Park that will accommodate more than 700 new clients. It will also construct 100 new warehouses in its Technology Park, for clients doing business in trading and light manufacturing.

“The RAK FTZ continues to grow rapidly, attracting top companies from emerging and established markets around the world, and this is why we need to build more first-class offices and quality warehouses to accommodate them,” said Peter Fort, Chief Executive Officer of the RAK FTZ. “Our substantial increase in client registrations reflects the investors’ confidence in our cost-effective, award winning, business-friendly company setup services and high quality facilities.”

Around 2,900 new companies registered with the RAK FTZ during 2013, an increase of nearly 26% over the 2012 tally of 2,300.

The new office tower will have retail shops and restaurants on the ground floor; other floors will be outfitted with offices in a range of sizes to satisfy client demand. The tower will be designed as an environmentally responsible and resource efficient building.

Complementing the five existing business centre office buildings, the new tower will increase the overall footfall and commercial activity in the Business Park, creating a dynamic business hub that will serve the entire emirate of Ras Al Khaimah.

Last year, most of the new investors who took advantage of the RAK FTZ’s business-friendly benefits, including zero taxes and no restrictions on profits or capital repatriation, were from the Middle East, India, Pakistan, Turkey, the UK, France and the US. The clients benefit from the RAK FTZ’s ideal geographical positioning as a gateway to the sizeable markets of Africa, Europe, the Middle East and South Asia.

The total number of licence renewals at the free zone in 2013 reached 5,100, reflecting the high level of tax-free, cost-effective company set-up solutions that existing clients continue to receive.

“The secret of our rapid growth lies in the fact that we offer unmatched benefits at lower cost to our clients, including a range of facilities to suit each investor’s needs,” Fort said.

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