8,600 businesses from over 100 countries now make up RAK’s FTZ following a year of major infrastructure developments.
- “Unstoppable growth” has increased the number of businesses in Ras Al Khaimah’s Free Trade Zone to over 8,600 from over 100 countries
- High levels of foreign investment is also driving future growth plans, including international education institutions and more industrial facilities
- In addition, 820,000 tourists are expected to visit Ras Al Khaimah, highlighting the emirate’s emergence as both a top investment and holiday destination
High levels of foreign investment are driving the growth of Ras Al Khaimah’s Free Trade Zone (RAK FTZ).
The economic zone now has over 8,600 active companies from over 100 counties and 50 industries, according to new figures announced by the authority’s Acting CEO.
It follows a 2015 of significant milestones for the RAK FTZ, including the opening of 101 new warehouses, the launch of the District Cooling Plant and the official opening of its business centre in Downtown Dubai, increasing its accessibility for investors in neighbouring emirates.
“It is truly incredible how RAK FTZ has grown over a short period of time,” declared Ramy Jallard, Acting CEO of RAK FTZ. “The past year has been very rewarding for RAK FTZ. Our unstoppable growth motivates us to launch more projects and developments in order to offer more advantages and innovative business solutions to our existing and potential clients.”
Some of those new projects include the master planning of a new Academic District containing international education institutions, and further facilities in the Technology Park to keep pace with investor demand for industrial space.
While RAK is quickly establishing itself as a key global centre for commerce, it’s also fast becoming one of the world’s fastest growing tourist destinations. Around 820,000 tourists are expected to visit the emirate in 2016, an 8% year-on-year increase.