“The current global financial slowdown will not impede Ras Al Khaimah Free Zone’s (RAK FTZ) expansion projects to support existing and new investors at the zone,” says Oussama El Omari, RAK FTZ CEO.
“RAK FTZ’s continuous commitment to provide superior service and facilities in spite of the crisis is reflected in the opening of a new state-of-the art office building in the Business Park. It will meet demands from our existing clients who are looking to expand their projects and operation, and to supply new businesses coming in at the free zone,” he added.
He also mentioned that developments such as Navigator Business Campus and preparation of the Phase Two of the Industrial Park will push through, along with the flagship projects within the next three years which includes the Container Port and Dry Dock initiative, exploring water-front investment opportunities, accelerating skills provision through Education Park and Academic Center initiative, Aviation Park (Maintenance Repair Operation – M.R.O.), Al Ghayl Industrial Park and Downtown Business Plaza.
El Omari commended the UAE government's commitment to stimulate the financial infrastructure to adjust to the global requirements which will reduce the impact of the crisis and mentioned that UAE is investing in infrastructure, telecoms, and foreign investments to stimulate the economy. The UAE has a solid economic base that can withstand the effects of this crisis and has adequate resources to pump liquidity to the local banking system.
“The crisis is temporary,” El Omari emphasised, “and it would help the country shape a more robust UAE economy in the future.” The zone has reviewed its approach to foreign direct investments to assist them in their venture to the region and help them deal with the crisis.
Aside from this, El Omari also highlighted that RAK FTZ is committed to providing investors assistance to get them bank funding for their projects and to lower their costs, which lessens their exposure to crisis. All these consistent and timely efforts by the zone create a viable business environment in the region even in this time of crisis.
The zone was awarded The Leading Emerging Free Zone in the region for the second year and had registered a total of 5,476 companies by the end of 2008. RAK FTZ offers various investment opportunities and the zone's competitive advantage include 100% tax exemption and 100% foreign ownership. RAK FTZ also offers transparent laws and regulations, no restrictions on capital and profit repatriation, strategic location within proximity to Dubai, state-of-the art communication facilities and easy access to Ras Al Khaimah International Airport and Al Saqr Sea port.
© 2009 Al Bawaba (www.albawaba.com)
