RAK FTZ Posts 17% Increase in New Company Registrations in Q1 2011
18 Apr, 2011, 08:47 ET
RAS AL KHAIMAH, UAE, April 18, 2011 /PRNewswire/ --
- Licence Renewal up by 36% Compared to Previous Year Q1 Results
The Ras Al Khaimah Free Trade Zone (RAK FTZ) - one of the fastest-growing and most cost-effective free trade zones in the UAE - has announced that 522 new companies registered with the free zone in the first quarter of 2011, a 17% increase in registrations over Q1 2010.
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RAK FTZ also announced that a total of 970 licences were renewed during Q1 compared to 710 licences renewed in the corresponding period in 2010, representing an increase of 36.6%. The phenomenal growth in new registrations and licence renewals achieved in the extremely challenging economic environment in the region reflects the world-class standards, facilities and services on offer at RAK FTZ.
Among the 522 companies that registered between January and March, the majority - including the top 10 - are from India (140), followed by United Kingdom (43), Egypt (29), Pakistan (27), Turkey (24), France (20), Germany (16), USA (15), Jordan (13) and the Russian Federation (13). With the new entrants, the total number of registered companies operational at RAK FTZ by the end of Q1 2011 was well over 5,000.
Commenting on the growth, Oussama El Omari, RAK FTZ CEO, said: "The tremendous increase in new registrations and licence renewals in the first quarter of 2011 reinforces our reputation as one of the most attractive investment zones in the Middle East. Our open door economic development policy has gone a long way towards gaining investor confidence from across the globe, as is evident from both the new registrations and the renewals. More importantly, the environment to grow and flourish has become a hallmark of RAK FTZ that is greatly admired by our investors."
"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 - a positive outlook that will do Ras Al Khaimah, as well as the whole UAE, a world of good. That this achievement came amidst a volatile business atmosphere is even more commendable. Our existing and potential clients expect certain standards, and we are committed to meeting those needs and expectations. With some leading companies making their way to RAK FTZ, we are, ultimately, contributing to the economic growth of Ras Al Khaimah and the UAE as a whole," he added.
Since the start of 2011, RAK FTZ has focused on powering up its key value-added services for customers through online and offline marketing initiatives. Some of the marketing activities undertaken in Q1 include RAK FTZ's participation in the Partner Middle East Roadshow organised by UK Trade & Investment in the UK. RAK FTZ also organised a seminar in close cooperation with the London-based Middle East Association.
In addition, RAK FTZ took an active part in the 3rd Mondissimo International Mobility Conference in Paris in March, where El Omari made a presentation on 'Growth Opportunities in the Gulf Region'. This was a great opportunity for RAK FTZ to showcase the key facilities and services on offer at the zone and tap the potential of the French market.
Further emphasising the growing significance of the Indian market and investments from the country, RAK FTZ also organised four road shows in India, in Ludhiana, Mumbai, Bangalore and Ahmedabad, as well as welcoming an inward business delegation from India. Representatives from RAK FTZ also participated in the World SME Conference in India and the Polish-Arab Investment Forum in Poland, as well as participating in a series of networking events in the US and Turkey.
RAK FTZ's impressive growth comes amidst large-scale infrastructure development currently under way in the Northern Emirates, with encouraging support from the UAE Federal government. Logistics and infrastructure are inextricably linked, and future industry sector growth is supported by the ongoing development of vital projects across the country.
This includes a USD 43.3 million plan to construct a 36-kilometre main pipeline to provide Ras Al Khaimah with water, as well as a solar island project.
Additionally, Ras Al Khaimah has announced an ambitious development programme, valued at USD 822 million, to upgrade its road infrastructure, in addition to its sewage networks, by 2015. Designed to accommodate a projected population increase to 600,000 residents, the various multi-million dollar infrastructure investments will benefit businesses and communities, and create opportunities for investors planning to make Ras Al Khaimah their base.
About the Ras Al Khaimah Free Trade Zone Authority:
Ras Al Khaimah Free Trade Zone (RAK FTZ) is one of the fastest-growing and most cost-effective free trade zones in the United Arab Emirates (UAE). With a reputation for affordability, flexibility and broad geographical reach, RAK FTZ is rapidly emerging as the preferred business hub in the region, from which investors can easily access and branch into the emerging markets.
2010 marks RAK FTZ's 10th year in operation, and in the past decade, it has gone from strength to strength, garnering accolades and awards along the way. Since its establishment in 2000, with only a handful of staff and a few offices, the free zone has grown by leaps and bounds and is now home to some 5,000+ active companies from 106 countries around the globe, employs more than 350 fulltime staff, operates business and promotion centres in four locations in the UAE and has an expanding international presence, with liaison offices in Germany, Turkey, India and the USA.
To learn more about the RAK Free Trade Zone, visit: http://www.rakftz.com For further information, please contact: Cleo Eleazar Public Relations and Media Officer Ras Al Khaimah Free Trade Zone Authority (RAK FTZA) Phone: +971-7-2077173 E-mail: [email protected]
SOURCE RAK Free Trade Zone
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