If the UAE is fast emerging as the Switzerland of West Asia with a billing of being a safe destination for business and recreation while providing ample job avenues for the world Diaspora, unshaken by the recent people’s uprisings elsewhere in the continent, the Free Trade Zone (FTZ) in Ras Al Khaimah is adding synergy to it with a record exponential growth than other FTZs in the region.
Among the 7,000 active companies that had set up business in the RAK FTZ since its inception in 2000, about 1,575 are owned by Indians. Among the big names operating in the RAK FTZ include RAK Ceramics, RAK White Cement, Streit Security,one of the world’s largest armoured vehicle manufacturer, Ashok Leyland and Mahindra and Mahindra, prominent Indian vehicle manufacturers.
Located in the northern-most emirate of the UAE, the FTZ offers cost-effective and business-friendly investment platform for investors with 100% ownership, unlike enterprises across the Gulf nations, where it could be run only with local sponsorship.
“This is indeed a major attraction which is beckoning entrepreneurs apart from a host of other incentives for which they are eligible. One can set up business like consultancy services with a minimum $5000,” said Peter J Fort, CEO of RAK FTZ, while interacting with a visiting Indian media delegation recently.
Hoping that the number of Indian companies is bound to reach 3,000 shortly, Fort, who is also the Senior Economic Adviser to the Ruler’s Court of the government of Ras Al Khaimah said, “Low business cost with substantially lower leasing prices is another USP of the RAK FTZ.”
“Warehouse and land lease rates are offered by the RTZ at up to 50% lower than in the other emirates. Also, the overall cost of living in Ras Al Khaimah is substantially lower by 30% than the UAE average,” Fort said.