Ras al-Khaimah: Country and Foreign Investment
Free Trade Zone
Defying the challenging economic environment, the Ras al-Khaimah Free Trade Zone (RAK FTZ) has continued to achieve steady growth during the last few years.
In 2010, its 10th year in operation, the Zone registered 1,740 new free zone companies during the year, while its International Companies (IC) division registered a record number of 1,499 – a 14.65 percent increase in the total number of registrations compared to 2009. As of the end of 2010, the total number of actively operational registered companies in RAK FTZ stood at over 5,000.
RAK FTZ’s other achievements in 2010 included the launching of a new mobile phone website (English and Arabic), the unveiling of the new ‘Mazeed’ Service Desk at Business Centre 1 in the RAK FTZ Business Park and the opening of a new Promotion and Innovation Centre at Dubai Festival City, which offers a range of services to meet the growing business needs of its existing and prospective clients. Additionally, RAK FTZ also opened a new RAK Business Centre location in its Business Park, as part of its efforts to reach out to the investor community and corporate businesses across all markets and sectors.
A broad range of industries were represented in the new registrations including consultancy, general trading, logistics, and industrial manufacturing. RAK FTZ’s impressive growth comes amidst large-scale infrastructure development currently under way in the northern emirates, with support from the UAE Federal government. This includes a USD43.3m plan to lay a 36-kilometre main pipeline to provide Ras al-Khaimah with water, as well as a solar island project.
In addition, on 17 April 2017, the emiri government launched the Ras al-Khaimah Economic Zone. This will coordinate operations between the RAK FTZ and the RAK Investment Authority (RAKIA).