As part of a $500,000 development project, the authority will help to establish new residential property in Ras Al Khaimah, in addition to providing commercial space and leisure and entertainment facilities.
Speaking exclusively to Emirates Business, Oussama El Omari, chief executive officer and director-general of RAK FTZ Authority, said that the new development project will be undertaken in three stages.
"The project is currently on stream and we have just completed the feasibility study for it. Now we are working on the final detailed engineering plan that we will complete by May," he added.
Once this has been completed, the authority will begin tendering for the extensive project.
The RAK FTZ Authority has recently extended its thanks to management, staff and corporate partners at a festival party hosted by the group at the Hilton Ras Al Khaimah Resort and Spa.