The Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the fastest growing free trade zones in the region, attracted 800 new companies in the first half of 2007.

It is currently home to 3,450 companies from 100 countries, demonstrating exponential growth from the initial 17 companies that signed on in 2000 when the zone was first established.
Sheikh Faisal Bin Saqr Al Qassimi, chairman of RAK FTZ, says: “The emirate of Ras Al Khaimah, with its rich culture, scenic locales and high economic activity, is establishing itself as a key business, commerce and investment destination in the region. We are looking to cement RAK as a de facto port of call and access point for investors looking to do business in the region, and RAK Free Trade Zone is one of the key players who have been contributing greatly to achieve this objective.”
Ras Al Khaimah is currently implementing a comprehensive master plan for development which would enable the emirate to attain rapid and sustainable growth in all sectors. RAK FTZ has a strategic plan based on attracting commercial and industrial investments. The zone offers tremendous opportunities for investors in diverse sectors such as IT, tourism, industry, health care and education.
One of the factors in the international exposure of RAK FTZ is the number of the international marketing campaigns that the zone conducted. More than 23 such campaigns were launched last year. “The zone’s strategic plan, which is based on reaching out to potential investors and companies all around the world to promote state-of-the-art services and facilities, has proved to be a real success,” Oussama El Omari, chief executive officer of RAK FTZ, says.
The free zone witnessed unprecedented interest from international business delegations throughout the world, boosting its investment prospects and strengthening bilateral relations with international entities. This has helped set the stage for more ambitious expansion programmes.
Most of the companies registered with the free zone hail from Europe, their number comprising 31 per cent of the total presence. Asia and the Middle East came second with 30 per cent, followed by North America and other parts of the world.

International Registry
RAK Free Trade Zone has also been regularly participating in international seminars and forums to share its best practices and experiences with regard to providing world-class facilities to diverse businesses. One of its major achievements lately was the launch of its offshore programme called “International Registry” aimed at promoting diversification in the free zone while maximising options for investors. The International Registry allows foreign investors to register offshore companies in the free zone. This is one of the first schemes of its kind to be introduced in the UAE and enables companies to benefit from RAK’s tax-free status without the need to establish a physical presence in the emirate.
“The launch of the International Registry was a significant step forward for us in our ambitious plan to make the free trade zone one of the best in the region with diversified investment vehicle opportunities,” says El Omari.

Camaraderie and networking
“Another key feature that has contributed to the RAK Free Trade Zone’s growth is our uncompromising commitment to customer satisfaction. We have promoted a culture of camaraderie and networking within the free zone and provided custom-built support services to help address the needs of the investors through extensive infrastructural investments and cutting-edge technology.” he says. RAK FTZ is constantly improving its services and offerings to meet partner needs, he adds.
 As part of RAK FTZ’s commitment to customer satisfaction and introducing new services, it signed an agreement with Tejari, the region’s leading online market place, to create a new online portal, which would offer e-business capabilities to tenants. The portal will create an online free zone, where members can match trade opportunities and leads with other companies in the enclave and with members of Tejari
Meanwhile, the free zone recently signed an MoU with Business Software Alliance (BSA), the world’s foremost organisation dedicated to promoting a safe and legal digital world, to ensure a piracy-free environment within the hub through the use of only genuine software.
“The MoU will leverage the combined resources of the RAK Free Trade Zone and BSA to reinforce anti-piracy initiatives involved with strategically important, high-value operations. We cannot afford to jeopardise our projects due to faulty software or pirated products, which is why all our systems are implemented with safe and legal software,” a statement said.
Apart from its expansion strategy, the ISO 9001:2000 and 14001:2000 certified free zone is also pushing for Emiratisation. It wishes to see UAE nationals making up 50 per cent of its workforce before long. The Free Trade Zone has reported a plan to double the current number of employed nationals by the end of 2007.
The free zone has been receiving recognition. It won two prestigious awards - “The Best Emerging Free Trade Zone” and “Young Achiever Award” for HH Sheikh Faisal Al Qassimi - at the Middle East Logistics Awards 2006. The two awards were presented for performance excellence and in recognition of best practices.