Rak FTZ Posts 70% YoY Increase in New Company Registrations

Ras Al Khaimah Free Trade Zone (RAK FTZ) - one of the most cost-effective and business-friendly freezones in the UAE - reported a 70 per cent year-on-year (YoY) increase in new company registrations for the first half of the year ended June 30, 2013.

A record-breaking 1,994 new companies have joined RAK FTZ in the first six months of 2013, a substantial increase over the 1,170 companies registered in the same period in 2012. Revenues from the new company registrations have increased by 23 per cent year-on-year in the period under review.

The number of licences renewed in first half of 2013 has also increased from 2,298 in the first half of 2012 to 2,696 in the comparable period this year, registering a year-on-year growth of 17 per cent.

New companies at RAK FTZ registered during H1 2013 included business from United Kingdom, India, Turkey, and Germany, among others. A broad range of industries were represented in the new registrations including consultancy, general trading, logistics, and industrial manufacturing.

Peter Fort, CEO, RAK FTZ, said, "We are extremely happy that RAK FTZ has achieved such an exceptional growth in new company registrations in the first half of 2013. This growth reflects investor confidence from across the globe in our cost-effective freezone and business-friendly approach and re-emphasises the world-class facilities and services we offer.”

"Businesses are increasingly realising that RAK FTZ is less than an hour from the logistical hub of Dubai and offers the same advantages as other freezones in the UAE. Our full commitment to quality, excellence and customer satisfaction will, as usual, be the driving force for our continued growth this year,” Peter Fort added.

He also said, "To maintain the high levels of growth, we will require substantial investment over the coming months to expand our facilities. To cater to this on-going demand, we are developing new warehouses and office towers, as well as master-planning expanded freezones.”

In line with its growth strategy, RAK FTZ has also launched a bevy of new client services in first half to enhance the freezone's already business-friendly environment. These include the re-launch of the Government e-Services Portal with more features such as the Arabic language option and easier transaction flow; the introduction of the pre-approval applications online through e-Services; providing Establishment Cards for the companies in the freezone through the RAK FTZ office, among others.

RAK FTZ also successfully promoted the cost-effective value proposition for clients through various online and offline marketing initiatives. These include a number of marketing outreach activities in the UAE and GCC, participation in exhibitions and events, hosting the business delegations from across the globe, and reaching out to the prospective investors around the world.