Islamabad, October 03, 2012 (PPI-OT): Ras Al Khaimah Free Trade Zone (RAK FTZ) – one of the fastest-growing and most cost-effective free trade zones in the UAE – today announced a 4% year-on-year increase in new company registrations in the first half of 2012, according to the audited reports by PricewaterhouseCoopers (PwC).
A total of 1,145 new companies registered with RAK FTZ in H1 2012, a significant increase from the 1,101 companies registered in the first half of 2011. Revenues from the registrations touched AED 123.55 million, a 10.21% increase compared to the AED 112.1 million generated during H1 2011, revealed PwC in the report.
This growth has far outstripped the budgeted revenue and registration targets for the free zone this year.
In addition, RAK FTZ’s growing reputation also received a major fillip as it was recently named as one of the Top 50 Free Zones in the fDi Global Free Zones of the Future 2012-2013 rankings, which recognised the free zone’s various attributes, including its cost-effectiveness and economic potential, on offer.
The top new companies at RAK FTZ that registered during H1 2012 came from India, the UK, Jordan and Pakistan, among others. A vast majority (62%) of the newly registered companies represent the commercial sector, followed by consulting (28%) and general trading (9%), as shown in the PwC report.
In her comments, Maryam Al Murshedi Al Shehhi, Deputy Director General of RAK FTZ, said: “The RAK Free Trade Zone’s philosophy centres on attracting and maximising the growth of value-added, know-how based, and technologically advanced businesses in Ras Al Khaimah. This has seen us attracting some top companies to the region over the last 12 years. The tremendous and continuous growth in our new client portfolio reflects the investors’ confidence in our transparent and business-friendly environment.”
“RAK FTZ is a major contributor to the GDP growth of the emirate, and in turn the UAE. The reason we have seen amazing growth is that we not only offer unmatched benefits for our clients, but also extend a strategic hub-and-spoke destination for businesses, especially for those who wish to expand in the Middle East and Northern Africa. The fDi ranking allotted to us also sends out a clear message to the global business community that RAK FTZ is indeed ‘The Home of Business’ in the Middle East,” said Al Shehhi.
She further added: “We are quite confident that RAK FTZ will achieve unprecedented growth levels by the end of 2012.”
To reinforce its growth strategy, RAK FTZ powered up its key value-added services for customers through online and offline marketing initiatives. This included a number of marketing outreach activities in the UAE and the GCC, as also reaching out to prospective investors in India, France, Turkey, Jordan, Nigeria, Russia, Pakistan, China, and other countries. In addition, RAK FTZ participated in several trade visits and conferences in India and China, organised by the UAE Ministry of Foreign Trade.
Emphasising its role as a good corporate citizen, RAK FTZ also undertook a number of Corporate Social Responsibility initiatives within the emirate and beyond in the first half of 2012. These included support to RAK Half Marathon, RAK Terry Fox Walk, RAK Traditional Rowing Regatta, Beat the Heat campaign and Iftar gatherings at labour camps.
RAK FTZ also played pivotal roles in some community initiatives in H1 2012, including the inauguration of a spa, support to the Ramadan volleyball tournament, a can collection drive, sponsorship of the Holy Quran competition and a football fiesta, among others. It also sponsored the 37th Arab Deaf Week activities, organised ‘healthy food day’ for the RAK FTZ staff and sponsored a charity Iftar, apart from extending donations to a number of charity establishments.
For more information, contact:
Public Relations and Media Officer
Ras Al Khaimah Free Trade Zone Authority (RAK FTZ)