RAK in talks to develop $1bn maritime city
Discussions are underway between Ras Al Khaimah and potential Indian partners to create a $1bn maritime city according to the CEO of the Ras al Khaimah Free Trade Zone (RAKFTZ).
Speaking at the World Free Zone Conference in Hydrabad, Oussama El Omari said the planned maritime city development would be around 5 million square metres and require investment in the region of $1bn.
According to an article in the Indian newspaper Business Standard, RAKFTZ are also in talks with the Tata Group with a view to developing an IT park and GMR group about setting up an aircraft maintenance and repair unit in RAKFTZ.
Already home to 7,000 companies, 950 companies have joined RAKFTZ this year according to Omari and this latest news is further evidence of RAK’s growing reputation as a business hub. Last month, Arabian Business reported that RAKFTZ was the most popular free zone for businesses looking to set up base in the UAE.
Source: Arabian Business and Business Standard
- 14th Dec 2009
- Overseas Property News