Posted by Neil King
Ras Al Khaimah Free Trade Zone (RAK FTZ) remained resilient during the global economic downturn, recording revenue growth of 11 per cent last year.
RAK FTZ issued 1,935 new company registrations last year - a 10 per cent increase on 2008, Free Spirtit, the RAK FTZ newsletter reported.
India had the most new registrants with 37 per cent, followed by the UK with 12 per cent. Of the firms currently doing business in the free zone, 64 per cent are trading companies with warehousing facilities, 26 per cent are consulting and services while three per cent are industrial and seven per cent are general trading.
Oussama El Omari, head of RAK FTZ, said: "We needed to help rebuild the economy, and we could only do that by attracting new businesses and investment to the UAE. To do that, we had to be visible, both locally and internationally, and we had to be the best in our product sector."
He added that a main priority for RAK FTZ is to now support the growth of small and medium enterprises in the free zone.
Last month, a research note issued by investment bank Nomura International argued that the UAE will return to a double-digit budget surplus this year thanks to rising oil prices and the country's plentiful financial assets.