Ras Al Khaimah Launches New FTZ Authority
by Lorys Charalambous, Lowtax.net, Cyprus
24 April, 2017
Ras Al Khaimah, one of the seven emirates that make up the United Arab Emirates (UAE), has established a new free trade zone authority.
The new authority, Ras Al Khaimah Economic Zone (RAKEZ), will oversee, regulate, and consolidate the services, facilities, and zones of the Ras Al Khaimah Free Trade Zone (RAK FTZ) and the RAK Investment Authority (RAKIA).
Commenting on the establishment of RAKEZ, Ahmed bin Saqr Al Qasimi, Chairman of RAKEZ, RAK FTZ, and RAKIA, said: "The formation of RAKEZ marks an important milestone for the free zone landscape in Ras Al Khaimah. We have worked very hard to establish a new authority that will drive the emirate's development by diversifying its offerings to attract a broad client base and grow the number of investors."
He continued: "It is our firm belief that after nearly two decades of operating independently, the time is right to leverage the combined resources of RAK FTZ and RAKIA under one strong, unified brand. We are confident that with RAKEZ, we will start an exciting journey that will help achieve our vision for Ras Al Khaimah to become a leading global investment destination that is better able to serve our clients."
Ramy Jallad, CEO of RAKEZ, RAK FTZ, and RAKIA, said: "Bringing together RAK FTZ and RAKIA under the umbrella of RAKEZ is the first step towards taking our customer experience to the next level. It underlines our commitment to provide exceptional service delivery, simplified processes and cost-effective solutions."
RAKEZ is now one of the largest economic zones in the region, covering about 33 million square meters of land and housing, and over 13,000 companies, currently served by RAK FTZ and RAKIA.
RAK FTZ was established in 2000 and offers numerous advantages, including a tax-free investment environment, 100 percent foreign ownership, fast-track UAE visa issuance, and specialized free zone parks.
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