RAK reports strong showing

A total of 1,145 new companies registered with RAK FTZ in H1 2012.

Tags: Ras Al Khaimah Free Trade Zone
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RAK reports strong showing Al Shehhi: RAK FTZ seeks to attract knowledge based companies.
By  ITP.net Staff Writer Published  October 14, 2012

Ras Al Khaimah Free Trade Zone has announced a 4% year on year increase in new company registrations in the first half of 2012.

A total of 1,145 new companies registered with RAK FTZ in H1 2012, up from the 1,101 companies registered in the first half of 2011. Revenues from the registrations touched AED 123.55 million, a 10.21% increase compared to the AED 112.1 million generated during H1 2011, revealed PwC in the report.

This growth has far outstripped the budgeted revenue and registration targets for the free zone this year, it said.

The new companies at RAK FTZ that registered during H1 2012 came from India, the UK, Jordan and Pakistan, among others. A vast majority (62%) of the newly registered companies represent the commercial sector, followed by consulting (28%) and general trading (9%).

“The RAK Free Trade Zone’s philosophy centres on attracting and maximising the growth of value-added, knowhow based, and technologically advanced businesses in Ras Al Khaimah,” says Maryam Al Murshedi Al Shehhi, deputy director general of RAK FTZ. “This has seen us attracting some top companies to the region over the last 12 years. The tremendous and continuous growth in our new client portfolio reflects the investors’ confidence in our transparent and business-friendly environment.
“RAK FTZ is a major contributor to the GDP growth of the emirate, and in turn the UAE. The reason we have seen amazing growth is that we not only offer unmatched benefits for our clients, but also extend a strategic hub-and-spoke destination for businesses, especially for those who wish to expand in the Middle East and Northern Africa.”

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