News

The headquarters building of the RAK Free Trade Zone

The headquarters building of the RAK Free Trade Zone



PGS new tenant at RAK free zone

July 2014

RAS Al Khaimah Free Trade Zone has welcomed its newest tenant, a subsidiary of wooden pallets manufacturer PGS Group.

The French- and Belgian-based company said it had selected RAK Free Trade Zone after reviewing its strategic geographical location, top-notch facilities, award-winning business set-up services and substantially lower company set-up costs.

PGS Middle East said this move will allow the business to maximise its return on investment.

“We selected the Ras Al Khaimah Free Trade Zone because it is ideally located less than an hour’s drive from Dubai and between Mena, Europe and South Asia, giving us easy access to trade flows between East and West, as well as close interaction with our current clients, and an opportunity to attract more clients,” remarked Michael Modugno, the VP and founder of the PGS Group.

“By choosing to operate in a free zone that provides less expensive warehouse space but with the same quality as others in the region with labour accommodation on site and a full range of business support services, all free of taxation, and by providing our customers around the world with innovative solutions on the management of their packaging flows, we have assured ourselves of strong potential for development in the coming years,” he added.

Peter Fort, the CEO of RAK FTZ, welcomed the latest entry into Ras Al Khaimah’s industrial sector.

“We are pleased to host PGS Middle East at the industrial park, which is specifically tailored to meet the needs of our clients such as PGS, which do heavy manufacturing,” noted Fort.

“RAK FTZ is the prime choice for investors because we offer a business-friendly investment environment, better services, world-class facilities, and 100 per cent foreign ownership, all for lower costs than our competitors,” he added.

Founded in France in 1993 with a share capital of €25  million ($34.1 million), PGS, now has six factories, 13 manufacturing sites and 28 pallet reconditioning sites, with an annual production of over 25 million new and reconditioned pallets

RAK FTZ, meanwhile, has brought a notary public on site to help clients authenticate documents that they need to set up their companies.

Announcing this, Fort said: “The addition of notary services, combined with the ability to pay for free zone services by credit card, as well as getting fast-tracked visas and applying for Emirates ID cards without ever leaving the building, demonstrates clearly that the RAK Free Trade Zone is constantly finding new ways to provide value-added services to its clients.

“Instead of going to court to get their business documents notarised, to the Emirates ID office to get their legally required identification cards or to the immigration office to wait in line for visas, the free zone’s clients can take care of everything they need to set up their companies in a one-stop shop at the free zone.”

“This significant support system means that investors can spend less of their valuable time sifting through bureaucratic red tape and more on establishing profitable businesses.”

There are over 7,500 international companies that have set up shop in the free trade zone.




More Stories



Tags