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Number of New Companies Registered in RAK Free Zone Increased by 17%


UAE : 20 April 2011

First quarter sees 36 percent more licenses renewed in Free Zone.

The RAK FTZ (or Ras Al Khaimah Free Zone) made a recent announcement regarding the activity in the area for the opening quarter of this year. Registrations increased by 17 percent over the last year’s first quarter with 522 new businesses registering.

There was also an announcement stating a total figure of 970 renewed licenses, a significant jump from the 710 license renewals seen in the 2010. This represents a 36.6 percent rise. This impressive level of growth within new registrars and renewed licenses occurred despite challenges in the regional economy and gives evidence to the world-class levels of facilities, service and standards available at RAK FTZ.

Of those 522 companies that were registered from January to March of this year, most came from India. The top three nations represented include India with 140 firms, the UK with 43 and Egypt with 29. These were followed by Pakistan with 27, Turkey with 24, France with 20, 16 from Germany and 15 from the US. Both Jordan and the Russian Federation were also represented with 13 firms from each. Adding these newly registered firms to the total, at the close of Q1 2011 there is more than 5,000 registered businesses in operation within the RAK FTZ.

The CEO of RAK FTZ, Oussama El Omari stated that this massive first quarter jump in both registrations and renewals only serves to reinforce the area’s standing as one of the leading zones of investment in the Middle East region. The policy of economic development within RAK FTZ leans towards an open door and has helped boost the confidence levels of global investors. This has been made evident by these increases in new firms and license renewals. Most importantly, El Omari noted, the RAK FTZ is admired by those investing there and has an environment where growth and flourishing conditions are the norm.

This steady growth is occurring as large-scale developments begin in the Northern Emirates’ infrastructure, supported and encouraged by the federal government in the UAE. There is a link between infrastructure and logistics, which means that future growth within this industry will see support as essential projects continue developing across the nation. The plan for a Dh 159 million (or $43.3 million) main water pipeline running 36km long and providing water to Ras Al Khaimah is one of those vital developments, along with a solar island project currently being planned.

Also, there has been an announcement that Ras Al Khaimah is launching an ambitious program of development with a $822 million price tag, involving upgrades to the infrastructure of roads as well as sewage networking by the year 2015. These designs anticipate a population increase of 600,000 people and, along with other costly investments in the area’s infrastructure, will also benefit the surrounding communities and businesses. They will also provide investment opportunities for those looking to base themselves in Ras Al Khaimah.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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