RAK FTZ continues impressive growth; 413 companies register in Q3

Further reinforcing its impressive success in 2011, Ras Al Khaimah Free Trade Zone (RAK FTZ) – one of the fastest-growing and most cost-effective free trade zones in the UAE – today announced that 413 new companies registered in the third quarter of 2011. This represents a significant increase of 38.6% over the same period last year, when 298 new companies registered.

The tremendous growth achieved by the free zone is reflected in year-to-date figures with a a total of 1,509 companies registered in the period January-September 2011, compared to 1,173 companies registered in the same period last year - a 28.65% year-on-year increase.

According to recently released statistics, licence renewals also showed impressive growth – with 828 licences renewed between July and September 2011, compared to 753 renewals in the same period last year. The exceptional growth in new registrations and renewals amidst the challenging economic climate re-emphasises the world-class standards, facilities and services on offer at RAK FTZ.

The vast majority of the new companies originate from UAE and India, with other new partners hailing from Afghanistan, France, the Netherlands and Pakistan. Together with new registrations, the total number of registered companies operational at RAK FTZ by the end of Q3 2011 has reached in excess of 5,000.

Commenting on performance, Oussama El Omari, RAK FTZ CEO, said: “The tremendous increase in new registrations and licence renewals in the third quarter of 2011 reflects investor confidence in our business model. We have always believed in offering a transparent and open door investor-friendly environment at RAK FTZ and this has helped us build our reputation as one of the most attractive investment zones in the region.”

“The fact that this achievement came amidst a volatile business atmosphere, and covered the traditionally slow summer months, is even more commendable. We are looking ahead confidently to achieve record growth in our registrations by the end of this year. More importantly, we are thrilled and privileged to be playing a pivotal role in contributing to the economic growth of the emirate, 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 a series of new online and offline marketing initiatives. As part of this, the free zone is planning to officially launch its ‘Home of Business’ campaign this month, which will supported by a strong publicity drive across the print and radio media. To further reinforce its popularity, RAK FTZ was a strong participant at the recent GITEX 2011 event.

The free zone also plans to host a number of business delegations in the coming months, as well as actively participating in key exhibitions in France, in November. RAK FTZ also attracted a significant amount of global interest following recognition from fDi Magazine and Financial Times Business where it was ranked the fourth best overall Middle East Free Zone of the Future by in the publication’s 2011-2012 listing.

With optimistic plans to assist and encourage entrepreneurs, especially SMEs, the multi-award winning RAK FTZ continues to live up to its reputation of ‘best emerging free trade zone' in the region.