The headquarters of RAK FTZ

The headquarters of RAK FTZ

RAK FTZ building tower for offices

April 2014

THE Ras Al Khaimah Free Trade Zone (RAK FTZ) Authority plans to build a new office tower and warehouses to cater to rising demand which saw registrations surging last year.

Some 2,900 registrations of new companies were accomplished in 2013, reflecting an increase of nearly 30 per cent over the 2012 tally of 2,300.

To accommodate the rising demand for its award-winning services and world-class facilities, the RAK FTZ plans to build a new office tower in its Business Park that will accommodate more than 700 new clients. It will also construct 100 new warehouses in its Technology Park, for clients doing business in trading and light manufacturing.

“The RAK FTZ continues to grow rapidly, attracting top companies from emerging and established markets around the world, and this is why we need to build more first-class offices and quality warehouses to accommodate them,” said Peter Fort, chief executive officer of RAK FTZ.

“Our substantial increase in client registrations reflects investors’ confidence in our cost-effective, award winning, business-friendly company setup services and high quality facilities.”

The new office tower will have retail shops and restaurants on the ground floor; other floors will be outfitted with offices in a range of sizes to satisfy client demand. The tower will be designed as an environmentally responsible and resource efficient building.

Complementing the five existing business centre office buildings, the new tower will increase the overall footfall and commercial activity in the Business Park, creating a dynamic business hub that will serve the entire emirate of Ras Al Khaimah.

Last year, most of the new investors who took advantage of RAK FTZ’s business-friendly benefits, including zero taxes and no restrictions on profits or capital repatriation, were from the Middle East, India, Pakistan, Turkey, the UK, France and the US. Clients benefit from RAK FTZ’s ideal geographical positioning as a gateway to the sizeable markets of Africa, Europe, the Middle East and South Asia.

The total number of licence renewals at the free zone in 2013 reached 5,100, reflecting the high level of tax-free, cost-effective company set-up solutions that existing clients continue to receive.

“The secret of our rapid growth lies in the fact that we offer unmatched benefits at lower cost to our clients, including a range of facilities to suit each investor’s needs,” Fort said.

“Not only do we offer cost-effective, tax-free and easy to set up business packages, but we also extend ongoing support services to our clients, to help them set up and operate their businesses in a profitable manner.

“This year, we aim to make the RAK FTZ customer experience even better, with expanded facilities and an enhanced customer relations department that will provide even more services. These improvements, combined with the anticipated economic growth resulting from the Expo 2020, have prompted more enquiries from investors who want to maximise their profits in the RAK Free Trade Zone,” he added.  

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