The downswing in the world’s economy has not impeded interest in Ras Al Khaimah Free Trade Zone (RAK FTZ), the hub having reported a growth of 22 per cent in new registrations over the previous year.
Total registrations at the free zone have reached more than 7,000 while companies actually operating exceed 4,000, it said.

RAK FTZ also said it achieved a 11 per cent surge in revenues but provided no figure for the collection.
In terms of new registrations there were 1,935 in 2009 against 1,585 in the previous year.

Among those signing up in 2009, India led the way with 37 per cent, followed by the UK, 12 per cent. Among Middle East states, Egypt topped the list with 6 per cent.

Top investors among new companies in 2009 were Dolphin International FZC (RAK Duty Free), Balistic Solutions Emirates, Capdec Paints, Middle East Spark Trading, Thermal Ceramics and Max Marine.

Some 64 per cent of companies in the free zone are engaged in trading with warehousing facilities, 26 per cent are involved in consulting and services, seven per cent in general trading and 3 per cent in industry.

“The progress we made in 2009 can be attributed to the fact that we knew the financial reality we were facing and strategised based on that reality. We drew and implemented action plans that saw us through the crisis,” commented.

Chief executive officer of RAK FTZ Oussama El Omari said one of the main focuses of the hub was supporting small and medium establishments “because a blooming SME industry is one of the most vital signs of a flourishing economy.”
He said the company was visible both locally and internationally in order to attract new businesses.

Cultivating key markets
The company recorded 158 activities in 2009 to target key markets including Jordan, Syria, Lebanon, Egypt, India and Pakistan.

One of the free zone’s brand-strengthening activities in 2009 was the holding of camaraderie-building events such as Business Breakfast and RAK FTZ Golf & Networking Day. It also introduced a number of value-added services in 2009, such as a dedicated German desk. Manned by German-speaking personnel, the desk aids clients with everything from visa processing to setting up offices at the RAK FTZ Business Centre.

It re-launched ‘Free Spirit’ and established a presence on Facebook, LinkedIn and Twitter.